The Straits Times Index (SGX: ^STI) is in a rather cheery mood as it moved up 0.2% to 3,134 points. 19 of the index?s 30 constituents had ended the day with gains while eight others weren?t as unfortunate as they made losses.
That said, even the ?unfortunate? ones only endured minor setbacks as the biggest loser was commodities trader Olam International (SGX: O32) with a 0.66% drop to S$1.51. The largest winner among the blue chips was beverage maker Thai Beverage (SGX: Y92), which climbed 1.9% to S$0.525.
With such moves, it…
The Straits Times Index (SGX: ^STI) is in a rather cheery mood as it moved up 0.2% to 3,134 points. 19 of the index’s 30 constituents had ended the day with gains while eight others weren’t as unfortunate as they made losses.
That said, even the ‘unfortunate’ ones only endured minor setbacks as the biggest loser was commodities trader Olam International (SGX: O32) with a 0.66% drop to S$1.51. The largest winner among the blue chips was beverage maker Thai Beverage (SGX: Y92), which climbed 1.9% to S$0.525.
With such moves, it seems fair to say that the intra-day movement within the index’s constituents has been rather tame. So, what were some of the shares that had moved big today? Let’s take a look at them.
Financial services outfit Malacca Trust (SGX: 5TH) is up 13.5% to S$0.295. On Monday evening, the company had announced that a group of investors wished to take it private.
The investor-group, which includes the majority owner of Malacca Trust, Star Malacca Pte Ltd, collectively controls around 98.3% of Malacca Trust as of 23 Dec 2013. The group would be offering S$0.30 for each share that it does not yet own, and they “[do] not intend to revise” their offer price.
Rex International Holding (SGX: 5WH), an oil & gas exploration and production outfit, had dropped 8.6% to S$0.585 before revealing more details this evening about how one of its subsidiaries had suspended drilling of its first exploration well, Masirah North North #1 in Block 50 Oman, for safety reasons. The suspension was first announced on the night of Christmas Eve, 24 Dec 2013.
Dan Brostrom, executive chairman of Rex International, commented on the issue, saying that data from the “coring and logging programmes will now be used to refine the geological understanding of the area”.
In addition, Brostorm also said that “Block 50 in Oman is a very valuable asset so the operational difficulties encountered in [Masirah North North #1] has in no way lessened [Rex’s] resolve to be able to complete a successful drilling campaign.”
But, he also stressed that it is now very important for Rex that it “carefully contemplate the next well to be drilled by Masirah [a 64% owned subsidiary of its jointly-controlled entity, Lime Petroleum Plc]” to give some assurance that the targeted depth can be reached by any new well to be drilled.
C&G Environment Protection Holdings (SGX: D79) closed at S$0.33 for a 5.7% decline. The company had made known on Christmas Eve that it would be selling its China-based waste-to-energy businesses to China-listed Grandblue Environment Co. Ltd., formerly known as Nanhai Development Co. Ltd, for RMB1.85b, which amounts to roughly S$385.4m.
Around RMB1.1b (~S$231m) of the purchase price would be paid in cash, while the remaining RMB0.75b (~S$156m) would be settled with Grandblue shares.
Grandblue, an operator of systematic environmental services in China that’s engaged in tap water supply, sewage treatment, and solid waste treatment among others, would be issuing not more than 89.93m shares at RMB8.34 each (~S$1.74) for payment to C&G Environment Protection.
When the entire transaction’s done and dusted, C&G Environment Protection would wind up owning more than 10% of Grandblue.
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