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Stocks to watch: Sunlight, Jaya, SingPost, S i2i
SCRAPPED deals and a scrapped retirement offer investors something to chew on early Tuesday.
Catalist-listed Sunlight Group said on Tuesday that it was not going through with the acquisition of Alexander Resource Ltd as the vendor, Alexander Resources Pte Ltd, has become "technically insolvent". The extended term sheet for the acquisition has expired accordingly.
It said it had given an advance S$6.34 million to the vendor "for exploration and evaluation activities" and had been told this had been fully utilised. Given the significant uncertainty over the amount which may be recovered, Sunlight intends to expense that sum for its half-year ending Sept 30.
Sunlight shares last traded at 2.1 Singapore cents on Tuesday.
Jaya Holdings has failed to acquire an oil palm and timber business, giving the cash company until Dec 3 to find an operating business or face delisting from the Singapore Exchange (SGX), the company announced early Wednesday.
"The company will continue to pursue appropriate opportunities to acquire a new business with a view to meeting the requirements for a new listing," the company announced.
Jaya shares last traded at 3.3 Singapore cents on Tuesday.
At least Singapore Post delivered. The postal service provider completed the acquisition of local self-storage facility operator Store Friendly Self Storage Group for S$12 million in cash, it said late Tuesday. It may pay another S$4 million to the seller, Store Friendly Asia (BVI) Holdings, if certain conditions are met, it said, adding that the net asset value of the Singapore unit was about S$418,000 after adjusting for shareholder loans.
SingPost shares closed at S$1.755 on Tuesday.
S i2i founder BK Modi is back as non-executive chairman of the handset maker and telco two years after handing the reins to his son, the company announced late Tuesday.
Dr Modi, who holds a combined deemed interest of about 26.5 per cent in S i2i with his children, resigned from the board of S i2i in November 2013. He handed the chairmanship of the company to his son, Dilip Modi, at that time as part of the company's succession planning. Mr Dilip Modi resigned in March 2015, citing tax purposes.
S i2i last traded at 31 Singapore cents a share on Tuesday.