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Stocks to watch: Sarine, Wee Hur, Perennial Real Estate Holdings
SARINE Technologies has clarified that it expects its Q4 2014 revenues to be in line with, or slightly better than those of Q4 2013. It added that the management "strongly believes" Sarine will be profitable for the quarter, which will allow it to recommend a final dividend for the year.
Sarine had, on Dec 22, responded to a query by the SGX regarding the unexplained trading of its shares on Dec 22. In its response it stated that the diamond industry has been and will likely continue to be affected by credit shortage, increase in polished diamond inventories and divergence in prices of rough stones and polished diamonds. This response has raised "unwarranted concerns" regarding the company's fourth quarter financial results.
WEE Hur Holdings has acquired a plot of land in Brisbane for approximately A$51.3 million (about S$55.2 million) through its wholly-owned Australian subsidiary, Wee Hur (Buranda) Pty Ltd, marking the group's first foray into property development in Australia said the group on Wednesday.
To complete the land acquisition, the group will need to, at a later date, acquire an additional 2,194 square metres of land for A$5.2 million (approximately S$5.6 million), bringing the total acquisition amount to A$56.5 million (approximately S$60.8 million) and the total land area to 1.91 hectares.
PERENNIAL Real Estate Holdings (PREH) was transferred to the SGX Main Board with effect from Friday. It has obtained approval from the SGX-ST for the setting up of a temporary odd lot counter to trade in board lots of 10 consolidated shares. The temporary odd lot counter will be maintained for a period of one month.