The Straits Times Index (SGX: ^STI) did better than yesterday?s 0.7% drop. It climbed by 0.5% today.
Yesterday, transport, logistics and warehousing company Cogent Holdings (SGX: KJ9) suffered a 4.6% fall to S$0.21. But, it more than recovered the losses by climbing 11.9% to S$0.235 today.
Nothing new has happened at the company since Tuesday evening when it said that it planned to sell one of its properties for S$10m. So, it would seem that less than 24 hours ago the market didn?t like the move and now it does.
The Straits Times Index (SGX: ^STI) did better than yesterday’s 0.7% drop. It climbed by 0.5% today.
Nothing new has happened at the company since Tuesday evening when it said that it planned to sell one of its properties for S$10m. So, it would seem that less than 24 hours ago the market didn’t like the move and now it does.
Ley Choon Holdings (SGX: Q0X) was another significant gainer today. Shares in the underground-piping and construction-materials company jumped 13.5% to S$0.21. On Tuesday evening, the company requested a trading halt and asked for the halt to be lifted yesterday night.
In that time, Ley Choon made a couple of important announcements. First, the company revealed that it had bagged contracts worth S$63.9m from the Land Transport Authority for expressway and road maintenance. The work started last month and is expected to be completed by July 2015.
Ley Choon also announced that it had sold a total of 98.7m new shares to Hiap Hoe Limited (SGX: 5JK) and Teo Kian Huat for S$0.1642 a share via a private placement. Hiap Hoe acquired the bulk of the new shares – 88.3m shares, to be exact – and views the investment as “central to [Hiap Hoe’s] strategy of growing [its] investment activities, enlarging and diversifying [its] revenue streams over the next few years.”
Ley Choon was “delighted to have Hiap Hoe on board as [a] strategic investor which will strengthen [its] shareholder base.” The private placement of shares represented a 20% dilution of existing shareholders’ stakes in the company. Ley Choon intends to use the proceeds of S$15.6m for general working capital and capital expenditures in a 4:6 ratio.
Elsewhere, Lion AsiaPac (SGX: L08) slipped 4.7% to S$0.162. The company, with interests in electronics, limestone processing, and automotive trading, issued a profit warning on Monday. It expects to make a net loss in the fourth quarter results due to a decline in fair value for some of its financial assets that are earmarked for sale. The official date for the company’s earnings release is still unknown, so investors will have to wait a little longer before getting a better idea of its profit situation.
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