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Stocks to watch: Vard, ASL Marine, Metro
THE following companies had announcements that may affect trading on Tuesday:
Vard Holdings has received a 24 Singapore cent per share privatisation offer from majority shareholder Fincantieri Oil & Gas S.p.A., which already holds a 55.63 per cent stake in the shipbuilder.
The offer price represents an 11.63 per cent premium to Vard's one-month volume weighted offer price. Vard shares closed at 24.5 Singapore cents on Monday.
Vessel owner and shipbuilder ASL Marine has lined up a new S$99.9 million five-year club term loan facility, giving the company a cash buffer as the offshore and marine industry downturn continues.
The company said that it will also undertake a consent solicitation exercise later this month to push back the repayments on S$150 million of notes due in 2017 and 2018.
Retailer and real estate developer Metro Holdings' net profit fell 12.6 per cent to S$16.2 million in the fiscal second quarter ended Sept 30 as a result of closing two retail stores in earlier periods.