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Stocks to watch: SembMarine, Marco Polo, SIIC Environment, Keppel T&T
SHARES in Sembcorp Marine declined on Wednesday on market fears that a developing legal spat with customer Marco Polo Marine over a S$214.3 million jack-up contract undertaken by PPL Shipyard could hit its bottom line.
The stock was trading at an intraday low of S$2.17 before closing down 5 cents or 2.22 per cent at S$2.20. Not helping was a broad market fall.
Marco Polo Marine also ended Wednesday's session down 7.6 per cent or 1.6 cents to S$0.194.
The contract is set for cancellation with either party calling for its termination, citing contractual breaches.
SHANGHAI government-backed water-treatment specialist, SIIC Environment Holdings, had more than 106.9 million shares traded at the end of Wednesday's session, making it the most active counter for the day.
Its counter closed down S$0.055 cents at S$0.785.
Last week, the group was among the 10 most active stocks on the FTSE ST Mid Cap Index, which now includes Straits Times Index stocks.
Keppel Telecommunications & Transportation (Keppel T&T) has appointed Tan Eng Hwa as chief financial officer and Desmond Gay Kah Meng as chief executive officer of Keppel Logistics in a move to boost its management team.
Ms Tan, who is currently general manager of group internal audit at Keppel Corporation, will assume the role of CFO from Jan 1 next year and will report to the CEO of Keppel T&T. She is taking over from Chan Shui Har, who will remain as deputy CEO of Keppel T&T.