Stocks to watch: No Signboard, Ace Achieve Infocom, Soilbuild, Jumbo, Banyan Tree, AA Reit

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

SINGAPORE - The following companies made announcements which could affect trading of their shares on Thursday (Nov 22).

No Signboard Holdings: In a filing with the Singapore Exchange on Thursday, No Signboard said it had undertaken a review on the recoverability of the group's goodwill and intangible asset of its beer business, and has decided to impair the asset in accordance with Singapore Financial Reporting Standards. Therefore, it is expected to record accounting losses for Q4 FY18 and FY18. "Such impairment is primarily attributable to the fact that the beer business had not performed as anticipated," it added. It is expected to release its results on or before Nov 29.

Ace Achieve Infocom: Ace Achieve Infocom plans to acquire a 36 per cent stake in a blockchain online trading and payment solutions business for $1.9 million, according to filings with the Singapore Exchange late on Wednesday. The Beijing-headquartered telecommunications company is also taking a concurrent S$500,000 loan from the seller of that stake to fund the cost and expenses required to complete its audit for financial year 2018 and convene the annual general meeting for FY2018.

Soilbuild Construction Group: The group on Wednesday said that it plans to buy Sembcorp EOSM - an associated firm of Sembcorp Industries that designs and makes building materials in Singapore, Malaysia and India - for some $12.3 million. The purchase involved buying the 60 per cent stake held by Sembcorp Industries' unit, and the remainder from a collection of sellers including Thye Chuan Engineering Construction and several individuals. Soilbuild said that the acquisition would "benefit the group by further realising its vision to deliver optimal construction and management solutions to clients and to enhance shareholders value".

Jumbo Group: Chilli crab restaurant chain Jumbo Group on Wednesday reported a 23.8 per cent fall in net profit for its fiscal 2018, as the group digested its expansion of the Jumbo Seafood chain in China, and an addition of the franchise to operate Hong Kong's Tsui Wah Cha Chaan Teng in Singapore. Net profit for the 12 months ended Sept 30, 2018 stood at $11 million, down from $14.5 million a year ago. This comes despite a 5.5 per cent lift in revenue to $153 million, as expenses rose at a quicker pace. Earnings per share stood at 1.7 cents, down from 2.3 cents.

Banyan Tree Holdings: A unit of resort operator Banyan Tree Holdings plans to sell 18.6 per cent of its stake in a joint venture (JV) with China Vanke, Banyan Tree Assets (China) Holdings (BTAC), to China Vanke for $78.6 million. BTAC is a JV company formed between Banyan Tree Holdings and Vanke for holding mainly all of the hotels and real estate assets of the JV in China. The stake was sold through its unit, Banyan Tree China (BTC), which had owned 22.8 per cent of the shareholding in BTAC prior to the proposed sale.

AA Reit: AIMS Financial Service Group - a Sydney-based fund manager - plans to buy out its partner that owns the other half of the management entities of AIMS AMP Capital Industrial Reit (AA Reit). No acquisition amount was disclosed. The partner, AMP Capital, owns 50 per cent of interest in the management entities of AA Reit and a 10.26 per cent stake in the units in AA Reit. The sale is expected to close in December.