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Stocks to watch: SingPost, Ying Li International, Swee Hong, Eneco Energy, Metech International
THE following companies saw new developments that may affect trading of their shares on Thursday:
SingPost: Mainboard-listed mailman Singapore Post (SingPost) will sell off its struggling e-commerce units in the United States, in a board decision that was announced on Wednesday. The planned divestment of Jagged Peak and TradeGlobal puts an end to a tale of woe that began in 2015, when SingPost made a play for both companies amid "aspirations of building an end-to-end e-commerce logistics network and technology platform", as it put it at the time. SingPost ended flat at S$0.995 on Wednesday before the sale plans were announced.
Ying Li International Real Estate: A unit of Hong Kong-listed China Everbright Limited, called State Alpha, is making a mandatory unconditional cash offer for Singapore-listed property developer Ying Li International Real Estate at S$0.14 per share. The offer was triggered after the offeror bought about 767.1 million shares, representing about 30 per cent of the shares in the company, from Newest Luck Holdings on Wednesday. Ying Li International shares last traded at S$0.139 on Wednesday, up 0.1 Singapore cent. It called for a trading halt on Thursday morning.
Swee Hong Limited: Swee Hong said on Wednesday that its supplier, Hock Hin Leong Timber Trading, on March 29 filed a winding-up application in the High Court against the company. Swee Hong owes Hock Hin Leong Timber Trading money for supplies that it purchased. Swee Hong's operations are not expected to be materially affected by the application, said the firm. Shares of the company closed flat at S$0.003 on Thursday.
Eneco Energy: Eneco Energy Limited must now convene its annual general meeting (AGM) by May 31, 2019, after it was granted an extension of time to hold the AGM by the Singapore Exchange. Eneco said it made the application for the extension because its external auditors, Ernst & Young Indonesia, need more time to complete the audit of its financial results for FY2018. Eneco Energy shares ended at S$0.09 on Wednesday, down 0.6 Singapore cent.
Metech International: Metech International's board of directors has appointed Chay Yiowmin as a lead independent director with effect from April 3, 2019. He will also be appointed chairman of the audit committee and a member of the remuneration and nominating committees. Mr Chay is currently chief executive officer of corporate advisory firm Chay Corporate Advisory, a role he has been in since March 2019. Shares of the company closed at S$0.090 on Wednesday, up 0.5 Singapore cent.
Trading halt: Anchor Resources requested a trading halt on Thursday morning, pending the release of an announcement. Shares in Anchor Resources closed at S$0.017 on Wednesday, down 0.1 Singapore cent.