SINGAPORE - The following companies saw new developments which may affect trading of their shares on Friday (April 27):
Trek 2000 International: The Singapore Exchange (SGX) said it has "serious concerns" about Trek 2000's chief executive Henn Tan continuing in his role, and has demanded that the company hold an extraordinary general meeting as soon as possible to vote on his continued appointment and that of other key executives implicated in a recent forensic review of the company's dealings. The bourse also instructed the company to appoint independent professionals to undertake a review of its corporate governance practices, and added that it will object to Mr Tan being appointed a director or executive officer in any listed company for the next three years.
Yangzijiang (YZJ) Shipbuilding: The mainboard-listed company recorded a 10.9 per cent fall in net profit to 595.1 million yuan (S$124.9 million) for the first quarter mainly due to the appreciation of Chinese renminbi against the US dollar and the increase in raw material prices, it said late Thursday. Earnings per share shrank to 14.99 fen from 17.42 fen in the preceding year. Despite the fall in YZJ's net profit for the quarter, revenue expanded 6 per cent to 4.96 billion yuan from the preceding year.
GuocoLand: Third-quarter net profit at property firm GuocoLand rose 7 per cent to S$31.5 million despite a revenue decline, largely due to non-controlling interests' share of the results. Revenue for the three months ended March 31 decreased 15 per cent from a year earlier to S$230.6 million and gross profit fell by 5 per cent to S$60.1 million.
BRC Asia: The Competition and Consumer Commission of Singapore has approved steel prefabrication company BRC Asia's voluntary conditional cash offer to buy fellow steel player Lee Metal Group. This means that all preconditions for the offer have been satisfied. BRC Asia is offering to buy Lee Metal at an offer price of 42 Singapore cents for each share, with the aim of delisting the company if it achieves the requisite acceptances.
Jardine Cycle and Carriage: Fair-value losses claimed their pound of flesh in first-quarter earnings at Jardine Cycle & Carriage (Jardine C&C), the company said on Thursday. Net profit sank to US$135.4 million for the three months to March 31 - a 36 per cent plunge against the same period the previous year - despite a 12 per cent rise in revenue to US$4.64 billion.