Singapore stocks are expected to open lower this morning as data from US showed consumer spending slowing as incomes unexpectedly dropped, damping the earnings outlook for Asian exporters. Last Friday, the Straits Times Index fell 1.2% to 2,675.16 at the close. Here are some stocks to look out for:
Neptune Orient Lines, the container shipper, says Ng Yat Chung will take over as CEO from Ron Widdows starting Oct 1. NOL says the change in leadership will permit the company to accelerate succession plans in the midst of a difficult operating environment for transportation and logistics providers.
Tiger Airways says it has received a complaint from the Civil Aeronautics Board of the Philippines (CAB) suggesting the carrier’s suspension in Australia in July raises similar questions about its operations in the Philippines. Meanwhile, Tiger also says it has been informed by the Australian Competition and Consumer Commission (ACCC) that the latter had received a complaint against Tiger Airways Australia Pty. Ltd. for sending out a marketing email which contained certain alleged inaccuracies to its subscriber customers.
Raffles Education Corporation, the private education provider in the Asia Pacific region, says it has set up of a new subsidiary company in Malaysia known as Raffles K12 Sdn. Bhd. to operate an American System school that will enrol students from Kindergarten to Grade 12 level.
Millennium & Copthorne Hotels plc, a unit of City Developments, says one of its subsidiaries has entered into a conditional sale and purchase agreement with Cosmos Initia Co. to acquire a property in the Ginza district in Tokyo. The new development will consist of a hotel premises which will be managed by Mitsui Fudosan under a fixed-term master lease.
Global Palm Resources says Chief Operating Thomas Agap Lim is taking a leave of absence from his duties for 2 months from Oct 1 for medical reasons. Chief Executive Officer Dr Suparno Adijanto will take over his duties in his absence.
Cosco Corp Singapore, the China-based ship builder, says it has set up a 2b yuan ($409.7 million) medium term note programme.
Eastern Holdings says it expects to post lower profit for the six months ending Sept. 30 due to the disposal of the business and assets of subsidiary, Eastern Directories Pte Ltd, as previously announced on 11 June 2010.
Surface Mount Technology says it is still in talks with potential investor and now expects that definitive agreements will be entered into in October 2011.
Teledata (Singapore) is planning a renounceable non-underwritten rights issue of up to 610.8 million new shares at $0.005 each, on the basis of one rights share for every two existing shares held by shareholders of the company for working capital purposes. If the rights issue is fully subscribed, the estimated net proceeds will amount to roughly $2.9 million.
United Engineers says it has appointed Wong Hein Jee as its Chief Financial Officer on Oct 1. He will take over from Jessie Peh, 64, who is retiring.
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