SINGAPORE - The following companies saw new developments that may affect trading of their shares on Friday (March 8):
Singtel: The telco is subscribing to 170 million new shares at 220 rupees apiece, or 37.5 billion rupees (S$726.5 million), in the latest rights issue by its regional associate - India's Bharti Airtel (Airtel). This represents 15 per cent of the 250 billion rupee rights issue. Singtel will remain the largest shareholder post-rights issue. Assuming the rights issue is fully subscribed, its shareholding will dilute to about 35.2 per cent from 39.5 per cent.
8Telecom International: The telecom company has been served with an originating summons taken by Top Capital Securities to put the company into judicial management for not paying back a share subscription consideration of about $1.7 million. The Singapore Exchange, on Feb 10, 2019, had rejected 8Telecom's applications to issue new shares for various purposes, including payment to vendors for its acquisition of a 51 per cent stake in China Commodity Market and China Commodity Centre. 8Telecom shares closed flat on Thursday at $0.054.
China International: The water services company on Thursday said there has been a lapse in internal controls in conducting its various share buybacks from Dec 21, 2017 to Oct 16, 2018, which led the company to inadvertently breach listing rules of the Singapore Exchange (SGX). The board has since conducted a review of its internal control policies and taken rectification measures to ensure that similar breaches will not occur again, it said. Its shares closed flat at $0.55 on Thursday.
A-Smart Holdings: The company on Thursday said it has inked a joint-venture (JV) agreement with a group of private investors to develop a 14 to 16-storey mixed development, comprising luxurious residential apartments, retail and office property units, in Timor-Leste. The project would cost about US$22.8 million, including construction, land, selling and administrative costs; the JV partners will contribute up to US$20 million as shareholder loans to the JV company. A-Smart shares closed up 2.5 cents, or 6.02 per cent, at $0.44 on Thursday.