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Stocks to watch: Sembcorp Marine, IPC, Rowsley
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Sembcorp Marine Limited (SembMarine): A subsidiary of yard group SembMarine has signed a letter of intent (LOI) with Houston-based SeaOne Caribbean LLC that may mark the design and construction of the first pair of compressed gas liquid (CGL) carriers in Singapore. Shares in SembMarine closed five Singapore cents up at S$1.63 on Monday.
IPC Corporation Limited: IPC on Monday said that it has signed a non-binding heads of agreement to sell its Grand Nest Hotel Zhuhai to Xinyuan (China) Real Estate, a unit of New York-listed Xinyuan Real Estate, for an indicative price of about 200 million yuan (S$41 million). Separately, IPC also said that it has signed a non-binding heads of agreement with the same subsidiary of Xinyuan Real Estate to acquire a 51 per cent equity interest in Beijing iJourney Technology Development Co, for an indicative purchase price of about US$5.1 million. IPC resumes trading today.
Rowsley Limited: Mainboard-listed Rowsley has appointed a new chief executive officer with immediate effect. The real estate developer announced on Monday that Tan Wee Tuck will lead Rowsley's existing portfolio of real estate businesses with a "focus on growth, innovation and renewing the leadership of its design and engineering business". Rowsley closed 1.6 per cent up at S$0.127 on Monday.