Stocks to watch: Olam, Nutryfarm, Ascott Residence Trust, Miyoshi, Fragrance

Tan Nai Lun

Published Thu, Sep 9, 2021 · 08:29 AM

THE following companies saw new developments that may affect trading of their securities on Thursday:

Olam International: O32 The mainboard-listed group has named Unilever's former chief executive and chairman Niall FitzGerald as the first chair of Olam Food Ingredients' (OFI) board of directors. Olam on Thursday said the appointment is effective Sept 9, and that it comes as an important step in its ongoing preparations for the concurrent listing and demerger of OFI. Shares of Olam ended Wednesday down S$0.02 or 1.2 per cent at S$1.59.

Nutryfarm International: AZT The durian distributor was on Wednesday issued a notice of compliance by the Singapore Exchange Regulation, to appoint a suitable independent reviewer to investigate two issues: a significant refundable deposit of HK$91.4 million (S$15.8 million) for the proposed acquisition of tech company First Linkage, and the significant advances of 26.8 million yuan (S$5.6 million) made to Chengdu Meili Tianyuan Agriculture Co. Nutryfarm's shares closed at S$0.35 on Wednesday, down S$0.02 or 5.4 per cent, before the announcement.

Ascott Residence Trust (ART): HMN : HMN 0% The hospitality trust will acquire a freehold student accommodation asset located in Texas, United States, for US$70 million. To partially fund the acquisition, the managers has proposed a private placement to raise S$150 million at an issue price of between S$0.983 and S$1.014 for each new stapled security. ART called for a trading halt on Thursday before the announcement. The counter closed flat at S$1.04 on Wednesday.

Miyoshi Limited: M03 The components manufacturer announced on Wednesday that a customer, the group's major revenue contributor, will delist its registered activity with the Philippines Economic Zone effective from Nov 30, mainly due to the business directive of the customer to consolidate its production line. Miyoshi's shares closed at 3.7 Singapore cents on Wednesday, down 0.1 Singapore cent or 2.6 per cent, before the announcement.

Fragrance Group: F31 The Catalist-listed property developer announced on Wednesday that it has made an application to the Singapore Stock Exchange to delist. This comes after its founder and chief executive Koh Wee Meng's acquisition of the company was completed. Fragrance Group's shares closed flat at 13.7 cents on Wednesday, before the announcement.