Stocks to watch: Jardine C&C, Vard, Procurri, APTT

The majority shareholder of Vard Holdings is offering 25 Singapore cents for each share that it does not own in a bid to take the shipbuilder private.
The majority shareholder of Vard Holdings is offering 25 Singapore cents for each share that it does not own in a bid to take the shipbuilder private.PHOTO: VARD HOLDINGS

SINGAPORE - The following stocks made announcements that could affect their trading when the market opens on Monday.

Jardine Cycle & Carriage: J C&C has agreed to acquire 5.53 per cent interest in dairy producer Vietnam Dairy Products Joint Stock Company (Vinamilk) for US$616 million cash.

The acquisition, to be funded by JC&C through internal resources and external borrowings, will be done through the market and its successful participation in an auction by the State Capital Investment Commission of Vietnam (SCIC) last Friday. SCIC is the largest shareholder of Vietnam-listed Vinamilk.

The acquisition is in line with the JC&C group's strategy of investing in market-leading companies in Southeast Asia and will increase its exposure to the Vietnamese economy, said the company in an announcement on Monday morning.

Vard Holdings: The majority shareholder of Vard Holdings is offering 25 Singapore cents for each share that it does not own in a bid to take the shipbuilder private.

Italy's Fincantieri SpA, though a wholly owned unit, holds a 79.34 per cent stake in Vard. Its bid is being made in the form of an exit offer as part of a proposed voluntary delisting.

Its offer price is set at Vard's last traded price of 25 Singapore cents per share on Friday. It also represents a 0.9 per cent discount to the one-month volume-weighted average price of the stock, and a 0.5 per cent premium to the net tangible asset per share as at Sept 30.

Procurri Corp: Procurri Corp released its earnings score card on Monday morning that showed a return to profitability in the third quarter of 2017. It posted net earnings of S$14,000, or about 0.01 Singapore cent per share, from a S$178,000 loss a year ago.

For the nine months to Sept 30, 2017, however, the data-centre maintenance and equipment provider continues to face a net loss of S$1.5 million, or 0.53 Singapore cent per share, largely due to a S$1.7 million net loss recorded in the second quarter of the year.

Revenue for the third quarter rose 60.9 per cent to S$51.3 million with higher contributions from both key business segments.

Asian Pay Television Trust: Asian Pay Television Trust's (APTT) distribution per unit (DPU) for the second quarter ended June 30, 2016, fell to 1.625 Singapore cents from two Singapore cents in the same quarter a year ago.

Total revenue slipped 5.4 per cent to S$78.21 million from S$82.68 million previously."Foreign exchange contributed to 3.7 per cent of the negative variance for the quarter compared to the prior corresponding period," said APTT in a press release on Friday.

Equity attributable to unitholders of the trust inched up to S$1.343 billion from the earlier S$1.339 billion.