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Stocks to watch: Yangzijiang, SPH, Accordia Golf Trust, Fu Yu, USP Group
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Yangzijiang Shipbuilding: The shipbuilder's executive chairman Ren Yuanlin has stepped down and made way for his son and company chief executive Ren Letian to take over as executive chairman of the group, it said on Tuesday. Shares in Yangzijiang ended trading up 3.5 Singapore cents or 3.98 per cent at 91.5 Singapore cents on Tuesday, before the announcement was made.
Singapore Press Holdings (SPH): The media and property group on Tuesday posted a 5.5 per cent rise in net profit to S$31.3 million for the quarter ended February and a 9.3 per cent fall in net profit to S$77.6 million for its first-half period as newspaper print advertisement revenue took a hit. SPH closed up S$0.05 or 3.2 per cent at S$1.60 on Tuesday, before its results were released.
Accordia Golf Trust (AGT): The independent committee’s review of AGT's proposed disposal of its interests in its golf courses will be completed on or around June 2020. AGT units rose 2.5 Singapore cents or 5.2 per cent to close at 51 cents on Tuesday, before the announcement.
Fu Yu Corporation: The precision plastic components maker on Tuesday said it will continue its Singapore operations during the "circuit-breaker" period imposed by the government, as it provides manufacturing services that are part of the essential supply chain. Shares in the company closed up 1.1 Singapore cents or 5.5 per cent at S$0.21 on Tuesday, before the announcement was made.
USP Group: A substantial shareholder of watch-listed USP Group has applied for the company to be wound up. USP on Wednesday said it will be resisting this application, and has commenced legal action against the shareholder. The counter last traded on March 17 at 7.8 Singapore cents.