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Stocks to watch: Trek 2000, CapitaLand Commercial Trust, mm2 Asia, ST Engineering
THE following companies saw new developments which may affect trading of their shares on Tuesday:
Trek 2000 International: Forensic accountants from RSM Corporate Advisory have found potential breaches of various Singapore laws at Trek 2000 International and the involvement of current and former senior company officers, including current chairman and chief executive Henn Tan. Among other things, RSM raised issues involving possible round-tripping transactions, fabrication and alteration of transaction documents, as well as possible fraudulent and erroneous claims under the Productivity and Innovation Credit (PIC) tax scheme.
CapitaLand Commercial Trust: CapitaLand Commercial Trust (CCT) posted a lower distribution per unit of 2.12 Singapore cents for the first quarter from 2.40 Singapore cents the year before. This was due to an enlarged number of CCT units arising from the issue of new units from a rights issue, conversion of convertible bonds in fiscal 2017, and the issue of units for management fees.
mm2 Asia: Singapore businessman Ron Sim's R3 Asian Gems fund is putting up S$2 million to become a pre-listing investor in mm2 Asia's virtual reality and visual effects studio. R3's investment will give it a two-year mandatory convertible note in mm2's Vividthree Holdings, mm2 announced on the Singapore Exchange on Monday night.
ST Engineering: A Singapore Technologies Engineering (ST Engineering) subsidiary, JHK, has filed a bankruptcy petition in China. JHK is a road construction equipment joint venture between ST's land systems unit ST Kinetics and China's state-owned Jiangsu Huatong Machinery, and was placed under members' voluntary liquidation in late 2016. The bankruptcy petition - filed in Zhenjiang city, in the province of Jiangsu - was to avoid further cash outlay, according to ST Engineering's exchange announcement.