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Stocks to watch: OCBC, Keppel Corp, Jaya, Tung Lok, Wilton Resources
THE following companies saw new developments that may affect trading of their shares on Thursday:
OCBC Bank: OCBC on Thursday reported a 12 per cent increase in net profit for the third quarter compared to a year ago, on "sustained momentum" across the group's banking, wealth management and insurance businesses in its key markets of Singapore, Malaysia, Indonesia and Greater China. Net profit for the three months ended Sept 30, 2017 stood at S$1.06 billion, up from S$943 million a year ago. OCBC closed at S$11.55 apiece on Wednesday.
Keppel Corporation: Keppel has divested its subsidiary Keppel China Marina Holdings (KCMH) to Delight Prime Limited for 2.9 billion yuan (S$597.4 million). The deal is expected to yield an approximate divestment gain of S$290 million upon the deal's completion. Keppel closed at S$7.45 per share on Wednesday.
Jaya Holdings: Jaya on Thursday said it is seeking voluntarily liquidation, with the remaining cash to be distributed to shareholders. The company has submitted a proposal on the proposed voluntary liquidation to the Singapore Exchange (SGX). As at June 30, 2017, Jaya had net cash of S$1.51 million. Trading of Jaya's shares will continue until 5.05pm on Nov 1, after which trading will remain suspended until completion of the delisting. Jaya last traded at S$0.035 per share.
Tung Lok Restaurants: Tung Lok expect to report a net loss for the half-year ended Sept 30. The loss is "mainly attributable to the decrease in the group's revenue as a result of the challenging economic environment which has affected overall sales", the group said. The company's unaudited financial results will be out on, or before Nov 14. Tung Lok last traded at S$0.255 per share.
Wilton Resources Corporation: Catalist-listed Wilton Resources has requested a trading halt, pending the release of an announcement. Wilton is an investment holding company that engages in the exploration, mining and production of gold ores in Indonesia. The counter last traded at S$0.068 apiece on Wednesday.