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Stocks to watch: PropNex, Vard Holdings, China Aviation Oil
THE following companies saw new developments that may affect trading of their shares on Monday:
PropNex: Homegrown real estate services group PropNex will make its trading debut at 9am on Monday. BT reported over the weekend that PropNex's initial public offering (IPO) closed with its public offer tranche 24.6 times subscribed. The 2.125 million shares that it offered for public subscription at S$0.65 apiece, drew 1,796 valid applications for roughly 52.24 million shares. The public offer closed at noon on June 28. Its 40.375 million placement shares at the same price were also fully placed out. All in all, the offering was about 2.2 times subscribed based on the total 42.5 million shares offered. Four parties received at least 5 per cent of the shares offered: Tokio Marine Life Insurance Singapore, Principal Global Investors (Singapore), Pheim Asset Management and Qilin Wealth Fund.
Vard Holdings: Vard shareholders will meet on July 24 to vote again on a proposed delisting after a new circular overcame initial concerns by Singapore Exchange Regulation (SGX Regco), the shipbuilder announced on Monday. The exit offer for shareholders of Vard by Italy's Fincantieri Oil & Gas has also been extended to Aug 7 from July 20. Fincantieri is offering to buy the remaining Vard shares that it does not already own at 25 Singapore cents apiece with an aim to take Vard private. As at June 29 2018, Fincantieri held a 87 per cent stake in Vard. The counter last traded at 26 Singapore cents apiece on Friday.
China Aviation Oil Singapore Corp (CAO): CAO has acquired a private-owned jet fuel supply and trading outfit based out of the UK for about US$8 million. The company on Friday said it has completed the acquisition of Navires Aviation for a consideration of about US$8 million from Castleton Commodities Merchant Trading LP. It added that the acquisition of Navires will allow it to strengthen its foothold in the European aviation market, leveraging Navires’ jet fuel supply network and operations backbone to drive the aviation marketing business in the Amsterdam-Rotterdam-Antwerp region and beyond. The counter last traded at S$1.48 apiece, down 1.3 per cent.