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Stocks to watch: Rex International, SK Jewellery, Sinjia Land
THE following companies saw new developments that may affect trading of their shares on Monday:
Rex International: Oilfield services firm Rex International Holding on Monday said it has about US$70.8 million comprising cash, cash equivalents and quoted investments as at June 30, 2019, and plans to monetise its Oman asset by the end of the year. The Catalist-listed firm recorded a net profit of US$23.6 million for its latest quarter ended June 30, but is buying back shares after its executive chairman said the market is not pricing in the value of its assets. Rex shares last traded at 6.8 Singapore cents, up 1.5 per cent, or 0.1 cent.
SK Jewellery Group: Catalist-listed SK Jewellery's dormant, loss-making bullion unit was put into liquidation after shareholder and creditor meetings on Friday, the board has disclosed. Lim Soh Yeh and Lynn Ong of Acutus Advisory have been appointed as the liquidators for the creditors' voluntary liquidation process involving 70 per cent-owned SK Bullion. SK Jewellery has said that the liquidation of SK Bullion is not expected to have a material impact on the net tangible assets or earnings per share of the group for the year to Dec 31. SK Jewellery shares last traded at 10.5 Singapore cents, up 1.9 per cent, or 0.2 cent.
Sinjia Land: Catalist-listed hostel operator Sinjia Land inked a deal on Aug 6 to sell a property in the American city of Killdeer, North Dakota at a loss, according to a bourse filing on Friday night. Sinjia Land has agreed to sell the property, now run as a Barons Lodge Hotel, to third-party US buyer Trinity Investments for US$750,000. The price tag is well below the S$2.54 million book value - which would result in a disposal loss of about S$1.58 million. But Sinjia Land noted that it came into the property as payment for a convertible loan, and has tried to sell the project to recover its investment. The counter last traded flat at two Singapore cents.