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Stocks to watch: Vard, Vibrant Limited, SIIC Environment, Nordic Group
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Vard Holdings: CIMB Bank, which is advising on the bid by Fincantieri to delist shipbuilder Vard Holding, laid out its reasons on Wednesday morning for precedent transaction and price benchmark decisions in its latest independent financial adviser (IFA) letter. It had already drawn flak for certain inaccuracies in the original IFA letter, which accompanied a circular on April 13, but raised more eyebrows over comments in the updated July 9 version.
Vibrant Limited: The Singapore-listed company on Wednesday morning said its auditors, KPMG, were unable to complete an audit of the company's financial statements for the year ended April 30 as they found irregularities and discrepancies in coal mining and coal trading receipts, and sales invoices in certain units of subsidiary Blackgold International Holdings.
SIIC Environment Holdings: The company on Tuesday announced that its chief financial officer Tan Kai Teck has resigned with effect from July 17. In a statement, the water treatment and environmental protection company said Mr Tan confirmed that he has no disagreement with the board and there is no other matter in relation to his resignation that needs to be brought to the attention of the shareholders of the company.
Nordic Group: It recently clinched S$13 million of contracts from its various divisions, the oil and gas engineering contractor announced late Tuesday. Repeat customers awarded the company's scaffolding and insulation division S$4.3 million of maintenance service contracts for scaffolding and insulation works and an ad-hoc contract of S$1.0 million.