Stocks to watch: Sembcorp, Olam, SIA Engg, Frasers Prop, Micro-Mechanics, Koufu
THE following companies saw new developments that may affect trading of their securities on Monday:
Sembcorp Industries (SCI): The conglomerate has concluded multi-million-dollar legal proceedings over its pollution offences in China. SCI stated in a regulatory filing to Singapore Exchange on Friday after trading hours that its joint-venture wastewater treatment unit had received the final mediation document from the Chinese court. Separately, SCI's shares were sold down on Friday after it issued a profit guidance overnight, flagging an impairment of S$245 million for its fourth quarter ended Dec 31. SCI shares closed 13 Singapore cents or 6.02 per cent lower at S$2.03 on Friday.
Olam International: The agri-food giant announced on Monday that it will post a one-time net gain of about S$72 million for its fiscal fourth quarter as a result of various restructuring initiatives under its ongoing strategic plan. Olam shares ended trading at S$1.82 on Friday, down S$0.01 or 0.5 per cent.
SIA Engineering: The group on Friday said its third-quarter net profit surged 63.1 per cent to S$54 million, helped by contributions from associated and joint-venture companies. This came despite revenue dipping 1.5 per cent to S$252.1 million, weighed down by a decline in airframe and line maintenance revenue. The counter closed at S$2.61 on Friday before the results announcement, down 1.88 per cent.
Frasers Property: Its unit Frasers Property Retail will acquire property manager AsiaMalls Management for an undisclosed sum, Frasers Property announced on Monday. AsiaMalls manages a portfolio of five malls in Singapore, as well as a 20-storey office tower. Shares of Frasers Property fell S$0.02 or 1.2 per cent to close at S$1.65 on Friday.
Micro-Mechanics (Holdings): The mainboard-listed company, which makes high-precision tools and parts used in process-critical applications for the semiconductor industry, on Saturday posted a 14.4 per cent increase in net profit to S$3.6 million for the second quarter ended Dec 31, 2019. Micro-Mechanics shares ended four Singapore cents lower at S$1.81 on Friday.
Koufu Group: The food and beverage operator plans to expand its domestic footprint with a focus on hospitals, malls, tertiary institutions and new housing estates, according to chief executive officer Pang Lim. Koufu shares closed at S$0.73 on Friday, down 1.5 cents or 2 per cent.
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