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Stocks to watch: Sunpower, Grand Venture, Tee International, Spackman, Memories

THE following companies saw new developments that may affect trading of their securities on Wednesday:

Sunpower Group: The environmental protection solutions provider is buying four sets of boilers for 100 million yuan (S$20.5 million) from a Chinese textile company, said its board on Tuesday. In a related steam supply right contract, its wholly-owned subsidiary will then become the exclusive steam supplier to vendor Hebei Sanli Group for 25 years, unless the subsidiary cannot provide the volume or quality needed. Shares of Sunpower closed 10 Singapore cents or 11.7 per cent higher at 95.5 cents before the announcement.

Grand Venture Technology: The Catalist-listed manufacturing service provider has entered into a conditional placement agreement with a subsidiary of private equity fund, Novo Tellus PE Fund 2. It is proposing to raise S$23.6 million by issuing 71.5 million new shares in the company at S$0.33 apiece. Following this announcement, the company on Tuesday night requested the lifting of a trading halt it called for earlier in the day before market open. Grand Venture shares last traded at S$0.39 on Monday.

Tee International: The group returned to the black for the second quarter, on the absence of losses from discontinued business operations. It reported a net profit of S$547,000 for the three months to Nov 30, 2020, reversing the loss of S$35.9 million in the year before. Shares of Tee International ended Tuesday flat at S$0.03 ahead of the results release.

Spackman Entertainment Group: In a response to the Singapore Exchange, the Catalist-listed company has said that former interim chief executive Richard Lee should stay on as a non-executive director. Its move came amid a question over whether Mr Lee, the company's interim chief executive officer (CEO) from January 2018 to February 2019, had been the nominee of Yoo Shin Choi, also known as Charles C Spackman, who left as CEO in 2017. Spackman shares closed flat at 0.7 Singapore cent on Tuesday.

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Memories Group: While the group faces material uncertainty over whether it can continue as a going concern amid the Covid-19 pandemic, its board believes that a going-concern assumption remains appropriate. The Catalist-listed tourism operator on Tuesday said it is in talks to issue up to US$10 million in convertible loans. It has also shifted its marketing focus to the domestic tourism market, which the board said is expected to generate "some cash flow from operating activities" in the next financial year. The counter closed flat at 2.6 Singapore cents, before the announcement.

Manhattan Resources: Former Sembcorp Industries chief Tang Kin Fei is now non-executive, non-independent chairman of the coal mining group, said its board on Tuesday. Mr Tang, 70, is chairman of SIA Engineering Co and Singapore LNG Corp. He is the father-in-law of the sister of the spouse of the managing director, CEO and controlling shareholder of Manhattan Resources. Prior to the announcement, the counter closed 0.2 Singapore cent or 3 per cent lower at 6.5 cents.

Hong Leong Asia: The trade and industry arm of Hong Leong Group on Tuesday named the daughter of chairman Kwek Leng Peck its head of sustainability and corporate affairs. Kwek Pei Xuan, 29, filled the role on Jan 1. She was previously senior business development manager. Shares of Hong Leong Asia closed flat at S$0.81 before the announcement.

Enviro-Hub Holdings: The group will invest US$5 million in a 25 per cent stake in a rubber glove maker, said its board in a Tuesday aftermarket filing. The investment includes an interest-free shareholder loan of nearly US$4.9 million to Malaysia-incorporated Pastel Glove Sdn Bhd, which has not yet started operations. Shares of Enviro-Hub closed on Tuesday up 0.3 Singapore cent or 3.1 per cent higher at 10.1 cents.

Trading halts: Aspen Holdings requested a trading halt with immediate effect on Wednesday morning, pending the release of an announcement. The Malaysia-based real estate developer closed flat at S$0.24 on Tuesday.

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