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Stocks to watch: UEL, GLP, ISOTeam, Triyards, Vallianz, Cacola
THE following companies made announcements after market close on Thursday that could affect trading of their shares on Friday:
UNITED Engineers Ltd (UEL), one of Singapore's most venerable property companies, is said to be on a beauty parade and has pulled in a strong line-up of suitors looking to acquire it. OCBC Bank and Great Eastern Holdings also said they have appointed a financial adviser to review their combined stakes in United Engineers and WBL Corporation. A trading halt in place on Thursday afternoon has been lifted.
GLOBAL Logistic Properties Limited (GLP) confirmed that it was in preliminary discussions with various parties on a possible sale of the company. The discussions are part of the company's strategic review, which was announced on Dec 1, and no definitive transaction has been entered into. The stock, which stopped trading on Thursday afternoon, will resume trading on Friday.
ENGINEERING firm ISOTeam on Thursday said that it plans to acquire Rong Shun Engineering & Construction for S$6.45 million. Rong Shun provides building construction as well as renovation related services and electrical works.
LOWER profit margins due to a different mix of products eroded results for Triyards Holdings in its first quarter despite a higher topline. Net profit nosedived 66 per cent to US$2.1 million from the previous year, while revenue increased 17 per cent to US$91.2 million.
OFFSHORE marine solution provider Vallianz Holdings is streamlining its operations in response to the challenging marketing conditions in the offshore and marine industry. The group has ended its businesses of providing crew management services to external parties and travel services to the offshore oil and gas industry, to focus its resources on the core vessel chartering business.
CACOLA Furniture International on Thursday said that it would place out S$638,000 worth of new shares to four private investors. These refer to 142 million new shares at S$0.0045 apiece, with the subscription price representing a premium of about 12.5 per cent to the volume average weighted price of Cacola shares traded on Thursday.