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Stocks to watch: Olam International, Hatten Land, Sunright
THE following companies saw new developments that may affect trading of their shares on Monday:
Olam International: Olam said on Friday it has sold 5,100 acres (2,060 hectares) of its farmland assets to Farmland Partners Inc (FPI), a listed US farmland real estate investment trust, for US$110 million in cash. Upon completion of the transaction, Olam will also reduce its invested capital, thereby improving its return on invested capital, it said. Olam International last traded at S$2.01 a share on Friday.
Hatten Land: The Catalist-listed firm on Friday said it has entered into a convertible loan agreement with Haitong International Financial Products (Singapore) and Tan June Teng Colin, under which Haitong has agreed to extend a convertible loan of US$20 million. Mr Tan, the company's executive chairman and managing director, will provide a personal guarantee. Hatten Land last traded at S$0.197 a share on Sept 19.
Sunright: The company which provides burn-in and test services for the semiconductor industry reported a sharp rise in net profit to S$9.2 million from S$1.4 million last year. Earnings per share rose to 7.5 Singapore cents from 1.1 cents previously. The company has recommended a final dividend of 0.3 cent a share, up from 0.2 cent last year. Sunright shares ended 6.2 per cent higher at S$0.60 on Friday.