Update: Singapore stocks to watch Monday: Noble, China Kunda, Chip Eng Seng, City Developments, Blackgold

Singapore one dollar bill

These are the Singapore stocks which may be in focus on Monday, 17 September 2018:

Noble

Noble’s senior creditors, represented by the ad hoc group, or AHG, wrote a letter to the troubled commodity trader’s executive chairman, which was filed to SGX on Monday, outlining its support for the restructuring and its review of accounting practices.

The AHG noted in the letter, which was dated last week, that the restructuring deal calls for senior creditors and certain other stakeholders to commit US$800 million of new capital and reinvest US$250 million of company cash balances from asset sales into the trading arm of “New Noble,” which will be the post-restructuring entity.

Read more: Noble senior creditors: US$800 million investment follows accounting due diligence

China Kunda Technology

China Kunda Technology said on Friday that it agreed to sell its entire 57 percent interest in subsidiary Beijing Baiju Automobile Component Co., or BBJ, to Beijing Bo Hai Xing Ye Investment Co. for 2.04 million yuan, or around S$406,735, in cash.

BBJ, which mainly engages in the manufacture, assembly and maintenance of automobile component parts, no longer has any significant business activity after the closure of its production facility in Beijing, it said in a filing to SGX after the market close on Friday. China Kunda began closure of the facility in August 2017 due to changes in government policies, with the facility dormant since the fulfillment of outstanding customer orders in November 2017, it said.

BBJ was money-losing, wasn’t likely to be profitable in the foreseeable future and selling it will minimize group losses, while not impeding or hampering core activities, China Kunda said.

China Kunda Technology plans to use the net proceeds for general working capital, it said. It added that there would be no significant gain or loss on the sale, but noted it would have a net positive impact on the earnings/loss per share, with a negative impact on net tangible assets.

A China state-owned enterprise holds the remaining 43 percent of BBJ, it said.

Chip Eng Seng

Chip Eng Seng said on Friday that it proposed investing up to the U.S. dollar equivalent of 100 million yuan, or around US$14.6 million, in China-based Guangzhou Yuanda Information Development, which is involved in education software, online K-12 education, education training and consulting services.

The proposed investment in Guangzhou Yuanda will be via the subscription of new ordinary shares of up to 35 percent of the share capital in a special-purpose vehicle, which will be called Yuanda Cayman and will be incorporated in the Cayman Islands, Chip Eng Seng said in filing to SGX after the market close on Friday.

The size of the investment will be determined by the “level of satisfaction” of certain key performance indicators at the time of the subscription, it said.

Chip Eng Seng said the proposed investment will allow it to expand its education business in China and to benefit from the expertise of Guangzhou Yuanda’s management team in the online education business.

City Developments

City Developments said on Friday that it bought back 200,000 shares in the market at S$8.66 to S$8.83 each for a total consideration, including other costs, of around S$1.76 million.

Since the April 2018 beginning of the buyback mandate, City Developments has bought back 1.3 million shares, or 0.143 percent of the issued shares excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Friday.

Roxy-Pacific Holdings

Roxy-Pacific Holdings said on Friday that it bought back 200,000 shares at S$0.40 each for a total consideration, including other costs, of S$80,248.

Since the April 2018 beginning of the buyback mandate, Roxy-Pacific has bought back 6,982,400 shares, or 0.5867 percent of the issued shares, excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Friday.

Stamford Land

Stamford Land said on Friday that it bought back 314,500 shares in the market at S$0.49 each for a total consideration, including other costs, of S$154,336.

Since the July 2018 beginning of the buyback mandate, Stamford Land has bought back 6,416,100 shares, or 0.743 percent of the issued shares excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Friday.

Synagie

Han Seng Juan acquired 883,300 shares of Synagie for S$170,477, bringing his direct stake in the company to 0.72 percent from 0.38 percent previously, it said in a filing to SGX after the market close on Friday. That followed his purchase of 1 million shares on Wednesday of last week, which raised his direct stake to 0.38 percent from zero.

Han also holds a deemed interest in Synagie via Agate Investments of 11.6 percent, or 30.37 million shares, it said. Agate Investments is wholly owned by Centurion Equity Private Ltd. (CEPL), which is in turn wholly owned by Centurion Global Ltd. (CGL). Han owns a 50 percent stake in CGL. CEPL was a seed investor in Synagie.

Centurion Corp.

Centurion Corp. said on Monday that it planned to acquire Castle Gate Haus, a student accomodation asset, in Nottingham, U.K., for 10.2 million British pounds, or around S$18.25 million.

The asset is freehold with 69 studios and 64 en-suite rooms, it said in a filing to SGX before the market open on Monday.

Blackgold Natural Resources

Blackgold Natural Resources said late on Sunday that three employees, including the CEO, have been called by Indonesian authorities as witnesses in the investigation of bribery allegations related to the Riau-1 project.

“For the avoidance of any doubt, the company has consulted legal counsels and wishes to clarify that based on Law of the Republic of Indonesia Number 8 Year 1981 regarding The Law of Criminal Procedure, a witness is a party believed of knowing a criminal act done by a suspect, but is not suspected of committing a crime,” Blackgold Natural Resources said.

Read more: Blackgold Natural Resources CEO, CIO called as witnesses in Riau-1 probe

Q&M Dental Group

Q&M Dental Group said on Monday that its associated company, China-listed Aidite (Qinhuangdao) Technology, announced last week it was proposing to delist its shares to “explore certain strategic business development opportunities.”

Aidite is proposing to put the proposed delisting to the consideration of shareholders at a second extraordinary general meeting, it said in a filing to SGX before the market open on Monday.

Q&M Dental said it has agreed to support the delisting

Rex International

Rex International said on Monday that it received unsolicited, non-binding indications of interest in the portfolio of licences held by its 90 percent-owned subsidiary, Lime Petroleum, from unrelated third parties.

It said in a filing to SGX before the market opened on Monday that it was carefully considering the interest.

Q&M Dental Group

Q&M Dental Group said on Friday that it bought back 604,000 shares at S$0.475 to S$0.49 each for a total consideration, including other costs, of S$291,014.

Since the April 2018 beginning of the buyback mandate, Q&M Dental has bought back 8,136,100 shares, or 1.02 percent of the issued shares excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Friday.

This article was originally published on Monday, 17 September 2018 at 7:52 A.M. SGT; it has since been updated to add items on Noble, Q&M Dental and Rex International. 

 

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