Singapore stocks to watch Friday: Yangzijiang, Venture, Keppel, ComfortDelGro, Wilmar, Sunpower

Singapore five-dollar note Photo by Leslie Shaffer

These are the Singapore stocks to watch on Friday, 22 June 2018:

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding said its wholly owned subsidiary Jiangsu New Yangzi Shipbuilding acquired a 10.6 percent equity stake in Suzhou Jiumei Fiber Glass, or JFG, for a total consideration of 60 million yuan.

JFG specializes in the development and production of glass fiber reinforced plastics, which are among the most widely used composite materials in the shipbuilding industry, Yangzijiang said in a filing to SGX after the market close.

“The board believes that the acquisition of shares in JFG will be a good opportunity for the group to penetrate into the upstream industry in order to better secure the supply of the shipbuilding materials and better control the costs of shipbuilding business,” the filing said.

The shares were purchased on China’s National Equities Exchange and Quotations (NEEQ), it said. The investment wasn’t expected to have a significant impact on earnings per share or net tangible assets for the current financial year, it said.

Venture Corp.

Venture Corp. said it bought back 54,000 shares in the market on Thursday at S$18 each for a total consideration including expenses of S$974,579.

That brought to 468,000 shares, or 0.163 percent of the issued shares excluding treasury shares, purchased since the late April buyback mandate began, it said in a filing to SGX after the market close on Thursday.

Keppel Corp.

Keppel Corp. said it bought back 215,000 shares in the market on Thursday at S$7.10-S$7.15 each for a total consideration of S$1.53 million, including other costs.

That brought to 1.811 million shares, or 0.0997 percent of the shares issued excluding treasury shares, the total bought back since the late April start of the buyback mandate, the company said in a filing to SGX after the market close on Thursday.

ComfortDelGro

BlackRock’s deemed interest in ComfortDelGro rose to 7 percent from 6.96 percent earlier this week, according to a filing to SGX after the market close on Thursday. PNC Financial Services, which owns more than 20 percent of BlackRock, saw its deemed interest rise by the same amount, the filing said.

Wilmar International

Kuok Khoon Hong, CEO, chairman and co-founder of Wilmar International, saw his deemed interest in the company rise on Wednesday to 12.3112 percent from 12.3103 percent, according to an SGX filing after the market close on Thursday.

That brought his total interest in the company to 12.3269 percent, up from 12.3103 percent previously, it said.

Two companies in which Kuok has a deemed interest, Longhlin Aisa and Hong Lee Holdings, acquired a total of 55,200 shares in Wilmar in open market purchases at S$3.10 a share, the filing said.

Sunpower Group

Sunpower Group and its consortium partners won a 105 million yuan flue gas desulphurization (FGD) tender from Shanxi Taigang Stainless Steel, one of the world’s largest stainless steel manufacturers, the company said in a filing to SGX after the market close on Thursday.

The contract, Sunpower’s fourth FGD contract this year, is to provide FGD engineering, procurement and construction for Shanxi Taigang’s coking plant, it said. Sunpower will undertake around 60 percent of the project, including project design, procurement and equipment supply.

“With this tender win, Sunpower has successfully expanded its FGD EPC services to the steel industry, further widening its industry reach and increasing its customer base,” it said.

The project is expected to be delivered by end-year, with a positive impact on the current year’s financial performance, it said.

China Environment

China Environment said that it met with the management of wholly owned subsidiary Anhui Dongyuan Environmental Protection (AHDY) as part of its effort to take back the company seals due to its suspicions that the subsidiary was misappropriating rental income.

At the meeting which was arranged to “amicably resolve the issue” after AHDY had previously refused to hand over the seals, the subsidiary’s management claimed they hadn’t misappropriated any rental monies, China Environment said in a filing to SGX on Thursday.

AHDY management, however, also said it wouldn’t allow China Environment to take control of its funds due to pressure from a mainland China creditor Li Qun Bin, to which AHDY allegedly owes a loan of 6.47 million yuan, the filing said.

China Environment said it was seeking advice on its next course of action.

It had highlighted in a May SGX filing that its auditors and management believed that rental income might have been misappropriated and that the seals’ return had been requested pending the resolution of the issue; AHDY management had refused to hand over the seals and had escorted the Singapore management off AHDY’s premises, the May filing said.

In that same May SGX filing, China Environment had noted that at another wholly owned subsidiary, Xiamen Gongyuan Environmental Protection Technology, ex-employees had refused to provide accounting records or hand over company seals pending the resolution of their unpaid salaries and retrenchment benefits.

The stock has been suspended since 2016.

Civmec

Civmec will officially list on the Australian Securities Exchange on Friday, giving it dual-listing status with its Singapore Exchange listing.

The Australian listing will allow the company to broaden its shareholder and capital base, Civmec said in a filing to SGX after the market close on Thursday. Civmec is an Australia-based construction and heavy-engineering provider, with projects in oil & gas, metals and infrastructure, it said.

“With our past and current projects predominately delivered by our Australian workforce on Australian soil and our growth prospects mainly focused on the Australian market, we see this as a natural move to exhibit our home identity,” Civmec CEO Patrick Tallon said in the statement.

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