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Stocks to watch: Poh Tiong Choon, Addvalue, SembMarine, Genting HK
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Poh Tiong Choon: Mainboard-listed Poh Tiong Choon Logistics said before trading hours on Wednesday, Ernst & Young Corporate Finance has been appointed as the independent financial adviser to its directors for the purpose of a proposed buy-out offer valuing the firm at S$275.5 million. Poh Tiong Choon last traded at S$1.295, up 0.5 Singapore cent.
Addvalue Technologies: Addvalue Technologies is not aware of any explanation for a spike in trading activity on Tuesday, but noted previously announced plans to spin off a subsidiary, the mobile satellite communications company said in reply to regulatory queries. Addvalue has requested the lifting of a trading halt. It last traded at 4.5 Singapore cents on Tuesday.
Sembcorp Marine: Sembcorp Marine said before Wednesday trading hours its rig-building unit, PPL Shipyard Pte Ltd, has terminated contracts with Integradora de Servicios Petroleros Oro Negro, SAPI de CV and its subsidiary Oro Negro Vastus Pte Ltd for three jack-up rigs. SembMarine last traded at S$1.76.
Genting Hong Kong: Genting HK is ending its long history with the Singapore Exchange, pulling out of its secondary mainboard listing and returning to a single primary listing in Hong Kong, the cruise operator announced on Tuesday after the market closed. Genting HK closed flat at US$0.25 on Tuesday.