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Stocks to watch: TSH Corp, SingPost, Best World, Global Palm Resources
THE following companies saw new developments that may affect trading of their shares on Friday:
TSH Corporation: TSH Corporation on Friday said it has completed the acquisition of Sloshed! Pte Ltd, a company in the business of operating pubs and bars and import, export and distribution of spirits, wines and liquors, for about S$19.4 million in a reverse takeover (RTO) deal. The former consumer electronics and homeland security devices firm had become a cash company in August 2016 under Catalist rules. On Friday, it also announced the appointment of Chua Khoon Hui as the chief executive officer and executive director of the company with effect from Feb 7, 2019. Mr Chua is one of the three vendors in the sale. He founded Sloshed! and its subsidiaries in November 2005 when he started The Whisky Store. Separately, the group also appointed Ng Kim Chew as the group chief financial officer with effect from Feb 7, 2019. The counter closed flat at S$0.38 on Thursday, after adjusting for the share consolidation.
Singapore Post (SingPost): The Infocomm Media Development Authority has fined SingPost S$100,000 for not meeting quality of service (QoS) standards on delivery of local basic letters and registered mail in 2017. Under the Postal QoS framework, SingPost is required to deliver 99 per cent of local basic letters to an address within the Central Business District (CBD), and 98 per cent of local basic letters to destinations outside the CBD areas by the next working day. SingPost shares closed at S$0.955 apiece on Thursday, up 0.5 per cent, or 0.5 Singapore cent.
Best World International: Best World shares gained 6 per cent within the first hour of Thursday's trading session, prompting the Singapore Exchange (SGX) to issue a query citing the unusual price movement. But shares in the skincare maker and distributor continued to make gains, eventually closing up 24 Singapore cents or 8.6 per cent to hit a 52-week high of S$3.04. In its response to the SGX after the market closed, Best World said that it was not aware of any information not previously announced that might explain the unusual price movement. But it added that it previously noticed an upward price movement in the firm's shares following the announcement of the expected date of release of its financial results for the nine months ended Sept 30, 2018. The company said on Jan 31 that it expects to report its earnings for fiscal 2018 after the market closes on Feb 26.
Global Palm Resources Holdings: The group on Thursday flagged that it is expected to report a net loss for FY2018, following a preliminary review of its unaudited financial statements for the financial year ended Dec 31, 2018. This is mainly due to a decrease in sales volume and the average selling prices of crude palm oil and palm kernel, the company said. The group is still in the process of finalising its unaudited financial results for FY2018, and further details is expected to be released on or before March 1. The counter last traded at S$0.19 on Jan 25.