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Stocks to watch: Sembcorp Industries, AEM, Mencast
IN what could be a listless trading session in Singapore following a mixed showing on Wall Street last Friday and continued geopolitical uncertainties, investors could look out for some positive leads among Singapore corporates.
Sembcorp Industries: Sembcorp Industries said before market opened on Monday that it has hired Contact Energy chief financial officer (CFO) Graham Cockroft to be its new group chief financial officer with effect from Sept 3, 2018. Sembcorp's current CFO, Koh Chiap Khiong, has moved on to head the group's utilities business in Singapore, South-east Asia and China within Sembcorp's Senior Leadership Council. Mr Koh has also been named chief transformation officer for the group.
AEM Holdings: AEM gave an update on Saturday on the lawsuits in China faced by its wholly owned subsidiary AEM Microtronics (Suzhou) Co (AMSZ), saying the Suzhou court has passed its verdict on two legal cases in favour of the subsidiary. In announcements dated Feb 2, 2016 and Feb 23, 2017, it had announced previously that it was divesting its plating business and its entire shareholding interest in AEM (Suzhou) Co (ASZ) to Yunyi Electric Co, for 6.63 million yuan (S$1.39 million). It went on to set up a new subsidiary to take over the non-plating business of ASZ, as this portion of the business was not purchased by Yunyi. This new subsidiary was formed as AMSZ. Yunyi and the group then transferred the assets and liabilities of the non-plating business of ASZ to the newly formed AMSZ. However, ASZ later on claimed some one million yuan for non-payment of property, plant and equipment transferred from ASZ to AMSZ, and 2.7 million yuan in salaries and purchases which ASZ made payment on behalf of AMSZ.
Mencast: Mencast executive chairman and CEO Glenndle Sim told The Business Times in an interview that it has plans to release land used to store inventory, divest existing properties and generate cash to pare down loans. The Mencast CEO has been transforming the maintenance, repair and overhaul-focused (MRO-focused) business. In the second half of this year, Mencast and its partner, HTC Asia, expect to roll out their first MRO projects to be performed using a digital twin technology that Mencast has helped incubate since February 2017.