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Stocks to watch: Sapphire, Transcorp, ISR Capital, Charisma Energy, OUELH
THE following companies saw new developments that may affect trading of their shares on Monday:
Sapphire Corp: Mainboard-listed infrastructure design and construction group Sapphire Corp has proposed to undertake a non-renounceable non-underwritten rights issue, on the basis of one rights share for every four existing shares in the company. The issue price of S$0.128 represents a discount of 11.11 per cent to the last traded price of S$0.144 per share on Dec 24. The issue price also represents a discount of 9.09 per cent to the theoretical ex-rights price of S$0.1408 per share. Sapphire Corp expects to receive net proceeds of between S$2.46 million and S$9.98 million from the rights issue. Shares of Sapphire Corp have been halted for trading since Dec 26. The company has requested that its trading halt be lifted from Monday.
Transcorp Holdings: Catalist-listed Transcorp Holdings saw its net loss widen by 35 per cent to S$7.22 million for the 2018 financial year, from a loss of S$5.35 million for the year before. Revenue for the 12 months ended Oct 31 was S$3.82 million, a fall of 37.2 per cent from the prior year. This was due largely to a reduction in the number of cars sold, from 52 in the 2017 fiscal year to 25 this year. Loss per share was 2.90 Singapore cents for the 2018 fiscal year, widening from a loss per share of 2.23 Singapore cents for 2017. Transcorp shares last changed hands at S$0.015 on Dec 21.
ISR Capital: ISR Capital's long-drawn out S$3 million acquisition of a rare earth mine in Madagascar will finally come to fruition as the company announced completion of sale would take place "on or around" Monday. This came as the company waived conditions precedent to the sale that ISR and the seller REO Magnetic agree on the project’s cash flow budget and liquidity plan. The counter closed flat at 0.3 Singapore cent apiece on Friday.
Charisma Energy: Catalist-listed Charisma Energy Services is exiting the electricity retailing business. Charis Electric, a joint venture company that is 50 per cent owned by Charisma, had obtained an electricity retail licence in Singapore in July 2016, but was never profitable, the group said on Sunday. Shares in Charisma Energy doubled to close at 0.1 US cent apiece on Friday.
OUE Lippo Healthcare (OUELH): A joint venture company of Catalist-listed OUELH has inked contracts to manage three hospitals in Shanghai, Chongqing and Nanjing. Shanghai Changhang Hospital, Chongqing Changhang Hospital and Nanjing Youyun Hospital are operated by member companies of China Merchants Group, the China state-owned conglomerate based in Hong Kong. Under the new management agreements, China Merchants Lippo Hospital Management (Shenzhen), which is owned 50:50 by OUELH and CMG, will manage the hospitals for one year commencing on Feb 1, 2019. OUELH shares last traded at 6.3 Singapore cents last Friday, up 0.2 Singapore cent.