SINGAPORE - The following companies saw new developments that may affect trading of their shares on Friday (April 5):
Kingboard Copper Foil Holdings: Excel First Investments on Thursday made a repeat takeover-cum-privatisation offer for shares in Kingboard Copper Foil Holdings at $0.60 each in cash. This follows its earlier attempt two years ago which failed after independent financial advisers and company independent directors advised shareholders to reject the offer at $0.40 a share because they deemed it "not fair and not reasonable". Kingboard shares closed at a nine-year high of $0.55 before its trading halt on Monday. It has requested for resumption of trading on Friday morning.
SLB Development: The Catalist property player has obtained regulatory approval for its controlling shareholder Lian Beng Group to be given a one-year extension to dispose of competing business in Australia and Singapore. SLB, in a regulatory filing on Thursday, announced that unfavourable property market conditions Down Under and in the city-state have resulted in its parent company Lian Beng not being able to divest competing business by April this year. The deadline was a year from SLB's Catalist debut in April 2018. Its shares last traded on Wednesday up $0.005 at $0.145.
SMJ International Holdings: The company on Friday announced it will rename itself HealthBank Holdings Limited following the disposal of its core carpet furnishing business, SMJ Furnishings, and its subsequent new focus on hospitality and tourism. SMJ International sold subsidiary SMJ Furnishings on Jan 16, 2018. On Aug 8 last year, the company's indirect wholly-owned subsidiary, Beijing Zuoyue Tiancheng Business Management Co, subscribed for 52 per cent of equity interest in Beijing Shengyan Commercial Management Co. The latter owns five subsidiaries in China which mainly provide hospitality facilities management, including the management of hotels, resorts and provision of consultancy services on hotel and resorts management, investment, development and branding. SMJ International shares last traded flat at $0.052 on March 25.
Nam Cheong Limited: The offshore vessel builder on Thursday said it is still able to operate as a going concern, despite its independent auditors reporting that they cannot conclude whether the group can be assessed on a going concern basis. The auditors, Foo Kon Tan LLP, said Nam Cheong's statements for the financial year ended Dec 31, 2018, were prepared on a going concern basis, premised on a key assumption that there are no claims from creditors, primarily the Non-Fujian Group Shipyards. Its shares closed 0.1 cent, or 14.29 per cent, up at $0.008.
Oceanus Group: The abalone producer is reviewing its financial statements for FY2017 to ensure alignment with Section 202A of the Companies Act and relevant accounting standards. As part of the revision exercise, the group will engage independent auditors and valuers. It is targeting to complete the exercise within the next two months. The review will affect the company's FY2018 statements. As a result, it has applied for an extension of time to hold its annual general meeting (AGM) by June 28, 2019, instead of by April 30, 2019. Oceanus shares closed flat at $0.004 on Thursday.
