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Stocks to watch: UMS Holdings, ISR Capital, United Food
THE following companies saw new developments that may affect trading of their shares on Tuesday:
UMS Holdings: Its offer of S$0.15 per share and S$0.074 per warrant for JEP Holdings lapsed on Monday. As a result, the mainboard-listed precision engineering firm now holds 47.4 per cent of JEP shares and 43.4 per cent of JEP warrants, it said on Monday night. Settlement of the consideration for the warrants offer is expected to be made by June 28. The independent financial adviser for JEP had said on June 10 that the financial terms of the offers were "not fair and not reasonable". Shares of UMS closed down one Singapore cent at 63 cents on Monday, on a cum-dividend basis.
ISR Capital: The watch-listed company has started negotiations with a Chinese state-controlled firm regarding potential developments for ISR’s 75 per cent-owned rare-earth mining concession located in Madagascar, east Africa. ISR said on Monday evening that it had inked a non-binding memorandum of understanding with the China Nonferrous Metal Industry’s Foreign Engineering and Construction Co for the project. Shares of ISR Capital ended trading on Monday down 0.1 Singapore cent to 0.3 cents.
United Food Holdings: Its independent auditor gave a qualified opinion on its financial statement for the 15 months ended March 31, the watch-listed firm said on Monday evening. United Food recorded a loss of 17.1 million yuan (S$3.4 million) on discontinued operations for the five months before it disposed of four subsidiaries, and also recorded a 27.2 million yuan gain on the disposal. But the independent auditor, Foo Kon Tan LLP, could not determine the extent of the loss on discontinued operations and gain on disposal because the buyers denied it access to the relevant financial information and management accounts. Shares of United Food last traded on June 19 at 7.5 Singapore cents.