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Stocks to watch: Sakae, OCBC, Hiap Seng, Mirach, HMI, Singapura Finance, Miyoshi, Acesian
THE following companies saw new developments that may affect trading of their securities on Monday:
Sakae Holdings: The sushi restaurant operator has applied for an extension of time to hold its annual general meeting originally scheduled for Oct 29. Sakae also said on Monday that its board is still in the process of resolving differences and exploring options available, including commissioning an independent review of its auditor’s disclaimer opinion on its results for the year ended June 30. Shares of Sakae last traded at S$0.09 on Oct 8. The company called for a trading halt on Oct 17 and requested that trading resume on Monday morning.
OCBC: The bank has built a team of five to focus on sustainable financing and is looking to add bankers, said Mike Ng, OCBC’s head of structured and sustainable finance. OCBC wants to build a sustainable finance portfolio of S$10 billion by 2022, and is almost halfway toward that goal, Bloomberg reported on Monday. The counter closed at S$10.74 on Friday, down 11 Singapore cents or 1 per cent.
Hiap Seng Engineering: The mainboard-listed mechanical engineering firm is cancelling its proposed rights issue due to unfavourable market conditions and its deteriorating share price, it said on Friday after trading hours. Specifically, Hiap Seng's share price has fallen below the S$0.05 issue price of the rights. The share price dipped below S$0.05 in early September, and has since fallen another 40 per cent to close at S$0.03 on Friday.
Mirach Energy: The mainboard-listed firm on Monday morning said it is unaware of any possible explanation for the trading activity in its shares on Oct 18 which was flagged by the Singapore Exchange (SGX). The counter had climbed 38.89 per cent or seven Singapore cents to S$0.25 at Friday’s close, with 775,600 shares changing hands. The SGX sent a query to the watch-listed firm after trading hours on Friday on its “unusual” price movements.
Health Management International (HMI): Shareholders have approved the mainboard-listed hospital operator’s joint bid with PanAsia Health to privatise the company via a scheme of arrangement. Some 99.9 per cent of votes cast at the scheme meeting were in favour of the privatisation. Shares of HMI last traded at 72.5 Singapore cents on Thursday, before a trading halt was called on Friday morning. On Friday after trading hours, HMI requested to lift its trading halt.
Singapura Finance: The mainboard-listed firm on Friday night told the Singapore Exchange (SGX) that it arrived at a US$295 million pre-money valuation of Matchmove based on the startup's current and future sales pipeline. On Wednesday, Singapura Finance had said it will pay US$5 million in cash for a 1.6 per cent stake in Matchmove. Shares of Singapura Finance were unchanged at S$0.89 on Friday.
Miyoshi: The electronic components manufacturer expects to report a loss for fiscal 2019 ended August, as opposed to its S$1.3 million net profit the previous year. In a filing on Friday night, Miyoshi said that the loss is mainly due to its Thailand and Malaysia subsidiaries being in the red. The counter was unchanged at 3.5 Singapore cents at Friday’s close.
Acesian Partners: The company warned on Friday that it expects to make a S$988,000 provision related to legal proceedings, in its financial results for fiscal 2019 ending December. This is expected to hit its bottom line. Shares of Catalist-listed Acesian Partners closed flat at 1.1 Singapore cents on Friday.
Kori Holdings: The Catalist-listed construction services firm Kori Holdings has secured four contracts since April worth a collective S$68.3 million, it announced on Friday evening. The largest contract was awarded by Lum Chang Building Contractors. Kori shares closed flat at 29.5 Singapore cents on Friday, before the announcement.
Intraco: Intraco International Pte Ltd (IIPL), a unit of mainboard-listed Intraco, has acquired an additional 20 per cent stake in KA Group for S$4.8 million in cash, due to third parties exercising put options granted by IIPL. IIPL now owns 90 per cent of KA Group, which provides building construction and fireproofing services. Shares of Intraco were flat at S$0.22 on Friday.
Trading halts: Ascott Residence Trust, Ascendas Hospitality Trust and Keppel Corporation have each requested trading halts on Monday morning. Keppel Corp on Friday evening also announced it is adding three new independent directors to its board.