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Stocks to watch: Oxley, Noble, Vibrant Group, Ipco, Yanlord Land
THE following companies saw new developments which may affect trading of their shares on Thursday:
Oxley Holdings: Property developer Oxley Holdings on Thursday morning requested a trading halt pending a proposed placement of its ordinary shares. The proceeds from the placement, if undertaken, will go towards funding project development, working capital and general corporate purposes.
Noble Group: In response to queries by the Singapore Exchange (SGX), embattled commodities trader Noble Group has clarified that it did not fully disclose remuneration details of its key management personnel due to competitive industry conditions, and the sensitivity and confidentiality of such matters. It noted that many of its competitors are privately owned, and do not publish remuneration information. Noble also issued a separate clarification to queries from the SGX on its full-year results ended Dec 31, 2017. For discontinued operations, the group said that "other emoluments" of US$16.7 million and share-based payments of US$3.5 million incurred in FY2017 were related to termination arrangements made in respect of the former CEO of Noble Americas Corp (NAC), Jeff Frase, who resigned in November last year.
Vibrant Group: Vibrant Group's profits surged in the third quarter, on the back of higher revenue - but shareholders may want to hold off popping the bubbly. While profits swelled to S$2.29 million for the three months to Jan 31 - from S$262,000 previously - most of it went to non-controlling interests, the integrated logistics solutions provider said on Wednesday. Net profit attributable to owners of the company in fact sank by 88.6 per cent on the previous year, to S$146,000, amid unrealised foreign exchange loss and higher finance costs.
Ipco International: Ipco International interim chief executive Goh Hin Calm voluntarily resigned from his post on Wednesday. The move comes shortly after James Blythman, who became an Ipco shareholder after taking a placement last year, replaced Carlson Smith as chief financial officer on March 2. Goh, together with Ipco's former CEO Quah Su-Ling, faces trial for charges relating to the 2013 penny stock crash.
Yanlord Land: S&P Global Ratings has raised its long-term corporate credit rating on China-based real estate developer Yanlord Land Group from 'BB-' to 'BB', citing an improved financial position and good profitability. It also raised its long-term issue rating on the company's outstanding senior unsecured notes to 'BB-' from 'B+'.