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Stocks to watch: Tiong Seng, Ocean Sky, GuocoLand, oil and gas counters
THE following companies saw new developments that may affect trading of their shares on Monday:
Tiong Seng Holdings Limited, Ocean Sky International Limited: TSky Development has entered into a deal last Friday to buy Sloane Court Hotel and lot 99899P of town sub division 26 for S$80.5 million. In a filing with the Singapore Exchange on Monday morning, Ocean Sky International - which holds a 40 per cent stake in TSky Development - said the proposed acquisition is conditional upon the approval of the shareholders of the vendors of the sites. Tiong Seng Holdings holds the other 60 per cent interest in TSky. Tiong Seng closed at S$0.295, while Ocean Sky closed at S$0.076 on Friday.
GuocoLand Limited: The property developer's net profit for its fourth quarter leapt S$205 million to S$244.8 million from the preceding year, the group said in a Singapore Exchange filing on Sunday morning. A first and final one-tier exempt ordinary dividend of seven Singapore cents per share was declared for FY2017. GuocoLand shares last closed S$0.01 or 0.4 per cent higher at S$2.29 on Friday.
Oil and gas counters: Houston, the capital of the US oil and gas industry, and one of the country's busiest ports, has been hit by deadly flooding due to Tropical Storm Harvey. The storm meant that 430,000 barrels per day of oil production in the the Gulf of Mexico was shut off, which is about 24 per cent of the region's total output, says S&P Global Platts. Some 900,000 barrels per day of oil refining capacity was also closed on Saturday.