Stocks to watch: Top Glove, UG Healthcare, SingPost, Thomson Medical, mm2 Asia

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

Top Glove Corporation: Malaysia's government said it had opened an investigation and would take legal action against Top Glove, after finding that the firm did not comply with standards for worker accommodations. Separately, mainboard-listed Top Glove said it is cooperating with the Malaysian authorities on investigations into its worker dormitories. The counter closed S$0.09 or 3.9 per cent lower at S$2.25 on Tuesday, before its announcement.

UG Healthcare: The Catalist-listed glove maker will carry out Covid-19 testing on its employees in its upstream manufacturing operations in Malaysia, it said in a bourse filing. UG Healthcare shares closed at S$0.68, down S$0.01 or 1.5 per cent, before the announcement.

Singapore Post (SingPost): The India unit of Quantium Solutions, the e-commerce logistics business of SingPost, has been placed under voluntary liquidation, SingPost said in a bourse filing. Shares of mainboard-listed SingPost closed at 72 Singapore cents on Tuesday, up 0.5 cent or 0.7 per cent.

Thomson Medical Group: The mainboard-listed healthcare player has set up a new unit, Thomson X, to partner healthtech startups and international associations to deliver innovative solutions, it said in a bourse filing. Shares of Thomson Medical closed at five Singapore cents on Tuesday, down 0.1 cent or 2 per cent, before the announcement.

mm2 Asia: The owner of Cathay Cineplexes is evaluating a spin-off of its cinema business onto the Catalist board. A spin-off would enable the cinema business to be "financially independent" and raise the funds required for new growth opportunities without relying on mm2, it said. Shares of mainboard-listed mm2 closed at 15.7 Singapore cents on Tuesday, up 0.2 cent or 1.3 per cent, before the announcement.

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OCBC: It said it has adopted the Equator Principles, an internationally recognised risk-management framework for financial institutions worldwide. The framework guides banks on how to determine, assess and manage environmental and social risks in large-scale development projects. OCBC shares closed at S$9.99 on Tuesday, down S$0.09 or 0.9 per cent.