The Straits Times Index (STI) ended -7.78 points lower or -0.24% to 3,269.02 on Thursday, taking the year-to-date performance to +3.29%. The top active stocks were SingTel (-1.04%), ST Engineering (-0.26%), DBS (+0.12%), Global Logistic (unchanged) and Yangzijiang Shipbuilding (+3.17%). Here are some stocks to watch this Friday morning:
Singapore-based rubber firm Halcyon Agri Corp said on Thursday it has offered to buy rubber processing plants in Indonesia for $450 million. Halcyon said shareholders of Anson Group, which owns and operates a total of 9 crumb rubber factories in Indonesia, have accepted the firm's interest to acquire the assets. Lee Rubber owns the Anson Group.
Privately-held Raffles United has, on June 19, issued a mandatory unconditional cash offer for Kian Ho Bearings. Raffles United is offering 23.5 cents in cash for each share it does not own. It does not intend to increase the offer price, and will not extend the offer beyond the closing date of July 17. Raffles United intends to carry on the existing business and maintain Kian Ho’s listing status. Raffles United owns 52.65% of the listed entity together with its concerted parties.
Geo Energy Resources announced it will be acquiring two coal concessions in South Kalimantan, Indonesia for $55 million. The first concession is for a 194.9 hectare area and expires in March 2015, while the second is for an area of 41.2 hectare and expires in May 2022. The consideration will be paid in cash and will be funded through external financing.
Vibrant Group, the company formerly known as Freight Links Express Holdings, announced that its wholly-owned subsidiary has acquired a 51% equity interest in Shentoncil. The latter in turn is planning to buy Cecil House, an 11-storey property with a leasehold term of 99 years starting from Aug 20, 1981. Vibrant said the purchase consideration of the property is at $110 million less the aggregate outstanding liabilities as at completion date of around July 1, 2014.
Darco Water Technologies said that the former general manager of Darco Engineering (Taiwan) was found guilty of criminal breach of trust and embezzlement and sentenced to six years’ imprisonment. Meanwhile, the administration manager was found guilty of embezzlement and was sentenced to a three years and eight months jail term. The 16 suppliers that were charged for alleged complicity were dealt with separately.
KS Energy announced that a subsidiary of its 80%-owned unit has entered into a sale and purchase agreement to sell the rights and obligations under a construction contract for a jack-up rig for US$84.88 million ($106.1 million).
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