You are here

Stocks to watch: Oxley Holdings, Oceanus, SingHaiyi, Food Empire

THE following companies saw new developments that may affect trading of their shares on Wednesday:

Oxley Holdings: The property developer's subsidiary has taken a 25.5 per cent stake in an Australian firm that has acquired a site in the centre of Broadbeach and Mermaid Beach on Gold Coast for residential development purposes. The mainboard-listed group on Wednesday said Oxley Australia Pty Ltd subscribed for over 4.8 million fully paid shares in Pindan Capital Mermaid Beach Pty Ltd (PC Mermaid Beach), which has an issued share capital of A$19 million (S$19.7 million).

In a separate filing, Oxley Amethyst, a wholly owned subsidiary of Oxley Holdings, has exercised the option to purchase a freehold property along Balestier Road for S$38 million from Owen Pte Ltd, in which the former's chief executive is a significant shareholder.

Oceanus Group: The abalone company has completed its debt restructuring exercise, putting the group in a debt-free and "net cash positive" position by the end of its financial year 2017. The debt restructuring proposal was announced earlier this month, and was approved by its shareholders last week.

SingHaiyi Group: Property developer SingHaiyi Group is looking to raise net proceeds of up to about S$143.16 million for property investments through a rights issue. It had announced on Monday that it is proposing a renounceable non-underwritten rights issue of up to about 1.44 billion new shares at S$0.10 each, to be issued on the basis of one rights share for every two existing shares to shareholders.

Food Empire: Its 51 per cent owned subsidiary has entered into an agreement that extends it the option to redeem in cash the remaining balance of a 11.06 billion won (S$13.8 million) loan extended to Caffe Bene Co (Caffebene). Food Empire said that the agreement dated Tuesday provides its subsidiary, Hallyu Ventures Pte Ltd, to redeem - in whole or in part - the balance of the loan in cash or conversion into new common stocks in Caffebene. The loan has been partially repaid through a conversion of new common stocks in the capital of Caffebene on June 30, 2017.