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Stocks to watch: Sembcorp Marine, Lum Chang
THE following companies made announcements before the market opened on Monday that could affect the trading of their shares:
SEMBCORP Marine said that a standstill agreement between its unit Jurong Shipyard and North Atlantic Drilling has been further extended to July 6, 2017. The agreement is for the delivery of a semi-submersible drilling rig, the West Rigel.
Sembcorp said that during the standstill period, North Atlantic Drilling will continue to market the West Rigel for an acceptable drilling contract and Jurong Shipyard will have the right to sell the rig at an acceptable price.
LUM Chang Holdings said that its unit Lum Chang Orion has completed the disposal of interest in two subsidiaries. Lum Chang Orion had on Friday sold 11.4 million shares in Pembridge Palace Holdco (PPHL) to ITC Investment & Technology Group Companies. PPHL, through its unit Pembridge Palace Propco Limited, owns the freehold interest in a London hotel located at 52 to 57 Princes Square.
According to an announcement last month, the sale was for £13.78 million (about S$24.47 million). The transaction was expected to generate a net gain of £2.6 million.
Following the completion of the sale, PPHL and Pembridge Palace Propco Limited are no longer subsidiaries of Lum Chang Orion and Lum Chang Holdings.