SINGAPORE - The following companies saw new developments that may affect trading of their shares on Monday (March 11):
Hyflux: Hyflux is making a tweak to its restructuring scheme that will allow retail perpetual and preference shareholders to ride more upside in the recapitalised water treatment firm. This comes after unhappy perp and pref holders, represented by the Securities Investors Association (Singapore) or SIAS, complained that they are not agreeable to the "paltry" recovery rate of 10.7 per cent on their original investment that Hyflux needs them to accept in order to return to solvency.
Keppel Telecommunications & Transportation (Keppel T&T): The independent financial adviser for Keppel T&T has found a buyout offer by Keppel Corp to be "fair and reasonable". Rothschild & Co has recommended that Keppel T&T shareholders vote in favour of the scheme at the scheme meeting or sell their scheme shares in the open market if they are able to obtain a price higher than the scheme consideration. The meeting will convene on April 2, 2019, 3pm. Shares for Keppel T&T last closed at $1.88 apiece on March 8.
DLF Holdings: DLF Holdings, a mechanical and electrical engineering services firm, has entered into a joint venture (JV) agreement with Prosper Environmental & Engineering (PEE) to collaborate on a work order through a JV company. The work order was awarded to PEE on July 2, 2018 by a leading player in the marine engineering industry in relation to the complete fabrication, erection and installation of all structural and associated steelwork for building the living quarters of a marine admiralty yard, said DLF. The counter last traded at $0.195 apiece.
Metech International: E-waste management company Metech International on Friday said that it has decided to hold an extraordinary general meeting (EGM) to seek shareholders' approval for the proposed disposal of the company's electronic waste management business in the US and Malaysia. This decision came after the Catalist-listed firm, through its sponsor, consulted the Singapore Exchange on the application of Catalist rules for the proposed disposals and the requirements, including the need to hold an EGM. The counter last traded at $0.094 apiece.
Ryobi Kiso: Ground engineering solutions firm Ryobi Kiso on Friday said that the High Court, after hearing the interim judicial managers' applications, has ordered the company and its subsidiary, Ryobi Kiso (S) Pte Ltd, to be placed under interim judicial management, pending the determination of the judicial management applications. Goh Thien Phong and Chan Kheng Tek from PricewaterhouseCoopers Advisory Services were appointed the joint interim judicial managers of the company and its subsidiary until the applications are determined, or until further order.
