Stocks to watch: Atlantic Navigation, Keppel Corp, Stamford Tyres, 8Telecom

The Singapore Exchange Centre along Shenton Way.
The Singapore Exchange Centre along Shenton Way.PHOTO: AFP

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Tuesday (June 26):

Atlantic Navigation: Atlantic Navigation Holdings (Singapore) narrowed its losses for the first quarter ended March 31 with a net loss of US$63,000, compared to a net loss of US$2.44 million, on the back of a surge in revenue from its marine logistics services. Revenue more than doubled to US$12.25 million as the marine logistics services segment recorded a turnover of US$11.9 million, an increase of US$6.6 million or 124.4 per cent from a year ago. But higher income tax expenses during the quarter kept the group in the red. The counter last traded flat at 12 cents apiece on June 13.

Keppel Corp: Keppel Land is looking to sell a 30 per cent stake in Vietnamese developer Quoc Loc Phat Joint Stock Company (QLP) for 702 billion Vietnamese dong (S$41.2 million), and eyeing to offload its remaining 15 per cent stake "at a later stage". Keppel Corp made the disclosure on Monday evening, saying that Keppel Land has signed a sale and purchase agreement with Pham Quang Hung, a shareholder of QLP, for the divestment. The sale is expected to be completed by the end of this month, and Keppel Corp expects to recognise a gain of about $13 million. Shares of Keppel Corp closed 10 cents higher at $7.15 on Monday.

Stamford Tyres Corp: Mainboard-listed Stamford Tyres reported a near 36 per cent year-on-year drop in net profit to $5.19 million for FY18 on the back of higher costs. This was despite total revenue rising 3.6 per cent to $247.86 million for the financial year under review, while earnings per share fell to 2.2 cents, down from 3.44 cents previously. Total expenditure increased by about 4.8 per cent to $241.27 million, owing partly to higher cost of goods sold. It has declared a final dividend of one cent per share, down from 1.5 cents a year ago. The counter last traded flat at 33 cents on June 11.

8Telecom International Holdings: Mainboard-listed 8Telecom International Holdings has entered into two subscription agreements to issue 22.48 million new shares at 10.3 cents apiece to raise some $2.3 million. The subscription price represents a 2.5 per cent discount to the counter's volume-weighted average price of 10.56 cents per share on June 25. The two subscribers are Top Capital Securities, an investment holding company; and Tai Yang Technology, a firm engaged in the development of e-commerce applications. The counter last traded at 11.3 cents apiece on Monday, up 0.9 per cent, or 0.1 cent.