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Stocks to watch: SIA Engg, ARA H-Trust, Chip Eng Seng, Gallant, Stamford Tyres
THE following companies saw new developments that may affect trading of their shares on Friday:
SIA Engineering: The company announced on Friday that it has signed a 10-year agreement to provide engine maintenance services to French engine manufacturer Safran Aircraft Engines. To support these services, SIA Engineering will set up a dedicated facility which is expected to start operations in 2020. Its shares closed on Thursday at S$2.81, up one Singapore cent or 0.4 per cent.
ARA US Hospitality Trust (ARA H-Trust): The stapled group has taken out US$75 million in unsecured loans to partially fund its US$84.5 million acquisition of three US hotels. These comprise a US$66 million term loan and a US$9 million revolving credit facility, it said on Friday morning. Stapled securities of ARA H-Trust closed at 87 US cents on Thursday, up 0.6 per cent, or 0.5 US cent.
Chip Eng Seng: The mainboard-listed company's subsidiary CES Education has acquired Raffles Campus (Malaysia) for S$24.4 million, it announced on Thursday evening. Raffles Campus (Malaysia) is the holding company of two wholly-owned entities in Malaysia, one of which owns a freehold 79,760 square metre site in Bandar Seri Alam, Johor Bahru, while the other owns and operates Excelsior International School on the site. Chip Eng Seng shares closed flat at S$0.615 on Thursday before the announcements were made.
Gallant Venture: The mainboard-listed firm on Friday proposed to issue S$10.3 million worth of new shares to Irwan Atmadja Dinata, managing director of Catalist-listed Moya Holdings Asia, at S$0.118 apiece. The 87.3 million new shares will make up about 1.61 per cent of Gallant's enlarged share capital, excluding treasury shares. The counter closed up S$0.001 or 0.9 per cent to S$0.116 on Thursday.
Stamford Tyres: Despite cutting expenditure, its revenue for the second quarter did not manage to cover costs, causing the mainboard-listed tyre and wheel distributor to sink into the red. On Thursday, the company reported losses of S$867,000 for the second quarter ended October. The counter closed flat at S$0.22 on Thursday before the results were announced.
Trading halt: Addvalue Technologies on Friday requested a trading halt pending an announcement. Its shares closed flat at S$0.025 on Thursday.