UPDATE: Singapore stocks to watch Wednesday: Kimly, Sunpower, Hyflux, Accordia Golf Trust

Singapore street sceneSingapore street scene

These are Singapore stocks which may be in focus on Wednesday 5 December 2018:

Kimly

Singapore-style coffee shop operator Kimly said on Tuesday that Executive Chairman Lim Hee Liat and Executive Director Chia Cher Khiang were arrested by the Commercial Affairs Department (CAD) for being concerned or reasonably suspected  of being involved in an offence under the Securities and Futures Act section 199, which relates to making false or misleading statements.

The two were released on bail, Kimly said in a filing to SGX after the market close on Tuesday.

Read more: Kimly: Executive directors arrested by Singapore CAD

Sunpower Group

Sunpower Group said on Tuesday that two substantial shareholders had obtained an interim injunction to halt lender America 2030 from selling or otherwise dealing in company shares which were used as collateral for personal loans.

The company also said that the two shareholders had lodged a report with the Commercial Affairs Department (CAD) of the Singapore Police Force over the loan agreement with America 2030.

America 2030 did not immediately respond to Shenton Wire’s emailed request for comment, which was sent outside of office hours.

Read more: Sunpower: Substantial shareholders obtain injunction to prevent dealing in collateral shares

Hyflux

Hyflux said on Tuesday that it obtained Maybank’s approval to further extend the deadline to 28 December to execute a binding agreement with a bidder or investor. That was on condition that terms of its deal with Maybank continued to apply, including the Malaysian bank’s right to terminate the deal if the new deadline is breached.

In May, Hyflux had filed for court protection, saying the oversupply of gas in Singapore’s market had resulted in depressed electricity prices, which hit earnings in 2017 and drove losses in the first quarter. The company said in May that its plan to divest the Tuaspring project in Singapore and the Tianjin Dagang plant in China have taken longer than expected, adding stress to the business.

Maybank is the Tuaspring project’s main creditor.

In October, consortium SM Investments entered a binding agreement to invest S$530 million for a 60 percent stake in troubled water-treatment and power generation company Hyflux.

Accordia Golf Trust

Goldman Sachs Group ceased to be a substantial shareholder in Accordia Golf Trust as its holding dropped below 5 percent after shares were sold in an off-market transaction, Goldman Sachs (Asia) said in an SGX filing on Tuesday.

Read more: Goldman Sachs funds sell shares in Accordia Golf Trust

Golden Energy and Resources

Golden Energy and Resources, or GEAR, said on Tuesday that it completed the acquisition of a 19.9 percent stake in ASX-listed Stanmore Coal from Greatgroup Investments.

It added that Golden Investments (Australia), which is owned by GEAR and Ascend Global Investment Fund SPC, have dispatched to Stanmore Coal shareholders an offer for to acquire all of the the Australian company’s shares.

Kingsmen Creatives

Kingsmen Creatives said on Tuesday that its indirect wholly owned subsidiary, NAX Singapore, will be using Marina Square Shopping Mall in Singapore as the venue for an 18,000 square-foot NERF-dedicated family entertainment center, set to open in the second half of 2019.

The Marina Square NERF experience will be the first concept attraction for Hasbro International and the NERF toy brand, and the first location globally, it said in a filing to SGX on Tuesday.

“With families constantly on the lookout for things to do together, we are confident that our offering of adrenaline-filled fun, coupled with enriching experiences will be a hit,” Andrew Cheng, group CEO of Kingsmen, said in the statement.

Parkson Retail Asia

Parkson Retail Asia said on Tuesday that its shares would be placed on the Watch-list for failing to meet the minimum trading price requirements.

The company must take active steps to meet the listing rule within 36 months or SGX-ST will delist its shares or suspend their trading with a view to delist them, it said in a filing to SGX after the market close on Tuesday. This excludes the time it has spent on the Watch-list for financial entry criteria, it said.

The department store operator had said in October it obtained an undertaking from Parkson Holdings Bhd. to provide financial support for around a year after its auditor issued a “going concern” note.

It can be removed from the Watch-list if it has a volume-weighted average price of at least S$0.20 and an average daily market capitalization of S$40 million or more over the preceding six months, the filing said.

SunMoon Food

SunMoon Food said on Tuesday that Singapore Exchange Securities Traading (SGX-ST) has placed the company on the Watch-list due to its shares failing to meet the minimum trading price criteria.

The company must take active steps to meet the listing rule within 36 months or SGX-ST will delist its shares or suspend their trading with a view to delist them, it said in a filing to SGX after the market close on Tuesday.

It can be removed from the Watch-list if it has a volume-weighted average price of at least S$0.20 and an average daily market capitalization of S$40 million or more over the preceding six months, the filing said.

This article was originally published on Wednesday, 5 December 2018 at 8:04 A.M. SGT; it has since been updated to add an item on Kingsmen Creatives. 

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