Stocks to watch: Moya, Spackman, Cordlife, Tiong Seng

The Singapore Exchange (SGX) Centre at Shenton Way. PHOTO: ST FILE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Tuesday (May 22):

Moya Holdings Asia: Water treatment company Moya Holdings has launched a rights issue that could raise up to $132.5 million in net proceeds, if the rights are fully subscribed. Moya has proposed to issue up to 1.4 billion new rights shares at $0.095 each, on the basis of one rights share for every two existing ordinary shares. The issue price represents the last closing price of $0.095 per share as at May 21. Tamaris Infrastructure, Moya's largest shareholder with a 68.9 per cent stake, has undertaken to fully subscribe for its entitlement under the rights issue.

Spackman Entertainment Group (SEG): SEG has agreed to buy another 7.52 per cent stake in associated company Spackman Media Group (SMG) for US$6.9 million, from certain existing SMG shareholders. Upon completion, SEG's interest in SMG will increase to 41.28 per cent. SEG will pay for the acquisition by issuing new SEG shares worth U$6.9 million to the existing SMG shareholders. The issue price of $0.09 is at a premium of 26.8 per cent over the volume-weighted average price of $0.071 for trades in SEG done on the Catalist board of the Singapore Exchange on May 18, being the last market day preceding the signing of the agreement.

Cordlife Group: Cordlife on Monday night said the company is in talks on corporate development opportunities in response to a Singapore Exchange (SGX) query on unusual price movements in its shares. The counter had earlier risen 28 per cent, or $0.21 to close at $0.95 apiece on Monday. In the filing, the private cord-blood banker said it constantly explores corporate development opportunities that are in line with its growth strategy. Nonetheless, no definitive agreements have been reached as at now, and there is no certainty that any of them will materialise, Cordlife said.

Tiong Seng Holdings: Construction and property developer Tiong Seng announced on Monday that it has bagged a $47.68 million contract with the Ministry of Health to build a 10-storey polyclinic and long-term care facility at Balestier and Serangoon Roads. Construction will commence in June 2018, using the company's in-house "prefabricated pre-finished volumetric construction" (PPVC) building techniques. The project will swell Tiong Seng's order book to some $641.7 million to 2020, the group said. The counter fell 1.24 per cent to close at $0.40 on Monday.

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