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Stocks to watch: SembMarine, Rex, Olam, Parkson Retail Asia, Jubilee Industries, Hock Lian Seng
THE following companies saw new developments that may affect trading of their shares on Thursday:
Sembcorp Marine (SembMarine): It has secured two offshore platform contracts worth over S$550 million to carry out redevelopment work at two fields, it said in a bourse filing on Thursday. The first contract will see it working with its customer North Oil Company (NOC) to fabricate two well-head platforms for the NOC-operated Al Shaheen oil field in Qatar. For its second contract, SembMarine will fabricate certain platforms and bridges in the Danish North Sea for Total E&P Danmark. Shares of SembMarine closed unchanged at S$1.28 on Tuesday.
Rex International: Rex's subsidiary Masirah Oil Ltd (MOL) has entered into preference share subscription agreements with Rex Oman, Schroder & Co Banque SA and management member John Pringle to raise some US$17 million, the company said on Thursday. Rex Oman will subscribe for 29,015 preference shares, Schroder for 6,354 preference shares and Mr Pringle for 210 preference shares - all at an issue price of US$477.70 apiece. Rex shares closed at S$0.189 on Tuesday, up 0.3 Singapore cent or 1.6 per cent.
Olam International: The commodity trader will book a one-time gain of US$27 million from divesting part of its stake in a Gabon joint venture, it said on Tuesday. The divestment is part of the reorganisation of joint-venture company Gabon Special Economic Zone, which mixes the interests of Olam with the Gabonese Republic and the African Finance Corporation. Olam shares rose one Singapore cent or 0.56 per cent to S$1.80 on Tuesday.
Parkson Retail Asia: PKNS-Andaman Development Sdn Bhd has served Parkson Corporation Sdn Bhd (PCSB), a subsidiary of Parkson Retail Asia, with a writ and statement of claim in relation to premises let to PCSB within the EVO shopping mall in Malaysia, the company said on Thursday. Shares in Parkson Retail Asia last traded at 0.8 Singapore cent on Dec 19, up 14.3 per cent, or 0.1 cent.
Jubilee Industries: The Catalist-listed firm plans to dispose of its 13.77 per cent stake in electronic manufacturing services firm EG Industries to chairman and chief executive officer Terence Tea Yeok Kian for S$5.37 million in cash, it said on Tuesday. Mr Tea is also the group executive chairman of EG Industries, which is listed on Bursa Malaysia's second board. Jubilee Industries shares rose 2.2 Singapore cents or 27.5 per cent to S$0.102 on Tuesday.
Hock Lian Seng: The mainboard-listed company's deputy chief executive officer, David Chew Tuan Dong, will resign to pursue other opportunities with effect from Dec 31, the civil engineering group said on Tuesday. Mr Chew, 63, has been an executive director of Hock Lian Seng since August 2014. Hock Lian Seng shares rose half a Singapore cent or 1.33 per cent to S$0.38 on Tuesday.