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Stocks to watch: SembMarine, Cosco, Global Yellow Pages, Lifebrandz
THE following companies had announcements that may affect trading on Wednesday:
Sembcorp Marine, Cosco: SembMarine is planning to sell its 30 per cent stake in Cosco Shipyard Group (CSG) for 1.06 billion yuan (S$220.68 million) to China Ocean Shipping (Group) Company, also known as Cosco.
After deducting capital gains tax and realising foreign currency translation reserves, the net proceeds will represent a gain of about S$48.32 million over the S$180.10 million that SembMarine has valued the investment on its books. SembMarine will use the net proceeds for working capital. Following the transaction, it will not have any interest in CSG except through its 4.98 per cent shareholding in Cosco Corporation (Singapore), which has a 51 per cent equity stake in CSG.
Global Yellow Pages: The publisher said that Remarkables Residences, an indirect wholly-owned subsidiary, had completed the purchase of a 38,400 square metre plot of freehold land located at Eastern Access Road in Queenstown, New Zealand. The vendor is Queenstown Central Limited. In May, GYP said its subsidiary had entered into a deal to buy the land for NZ$19.2 million (S$19.1 million) and had intended to develop it into residential properties for sale.
Lifebrandz: Former nightlife entertainment behemoth Lifebrandz Ltd has requested for a trading halt for its shares, pending the release of announcements. In October, Lifebrandz's auditors flagged concerns over the group's ability to continue.