Stocks to watch: Nam Cheong, HG Metal, iFast, Singtel

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

SINGAPORE - The following companies saw new developments which may affect trading of their shares on Thursday (AUG 23):

Nam Cheong: Shares of the offshore support vessel-focused group will resume trading after a year-long suspension following a debt restructuring exercise. On Wednesday, Nam Cheong reported a net profit of RM34.74 million (S$11.6 million) for the second quarter ended June 30, versus a loss of RM2.02 billion a year ago, mainly due to a foreign exchange gain and the absence of asset impairments and write-downs.PricewaterhouseCoopers Corporate Finance was appointed lead financial adviser in the hunt for institutional and/or other investors.

HG Metal Manufacturing: The steel product maker will pay US$2 million to take a majority stake in and to capitalise a joint venture in Myanmar, according to details of an agreement announced by the steel products maker on Thursday before the market opened. Under the terms of the agreement, HG Metal will pay US$95,700 to Singapore-incorporated holding company Fortune Peak Investments for a 51.04 per cent stake in First Fortune International Co, a company that will undertake cut and bend, and fabrication services in Myanmar. Upon completion, HG Metal will inject a further US$1.95 million of capital into First Fortune.

iFast Corp: The wealth management firm is looking for investors to raise capital for its Greater China business, and has appointed PricewaterhouseCoopers Corporate Finance to lead the hunt. The new investments could dilute iFast's stake in the Greater China business diluted by 15 per cent. The proceeds of the investments will be used to grow the Hong Kong and China business, such as through a planned virtual banking business in Hong Kong, the company's board said on Tuesday. iFast had earlier disclosed that it has applied for a virtual banking licence in that territory.

Singtel: The telco has hired Bank of America to assess options for a possible bid for Amaysim Australia, the Sydney-based wireless service provider, according to Bloomberg. A deal for Amaysim, which leases the wireless network owned by the Singapore carrier's local subsidiary, would give Singtel access to the operator's more than 1.1 million mobile subscribers.

Spackman Entertainment Group: The South Korea film and television producer said that it is paying a premium to net asset value to raise its stake in an associate company because of the target's growth prospects, and that it will assess whether it needs to consolidate the associate's financials for fiscal 2018. Spackman Entertainment provided that information in response to queries by the Singapore Exchange.

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