The Straits Times Index (SGX: ^STI) has dipped slightly by 0.2% to 3,196 points. Within the index’s 30 constituents, 18 had finished in the red while only 10 others had made gains.
Turning away from the blue chips, let’s take a look at some shares that managed to beat the market.
Tee International (SGX: M1Z) jumped by 7.7% to S$0.28. The engineering, infrastructure, and real estate outfit had released its third quarter results yesterday night. For the quarter ended 28 Feb 2014, revenue fell by 29.5% year-on-year to S$37.4 million while earnings dropped by more than half from S$1.38 million to S$567,000.
During the earnings release, the company also revealed that it would be issuing two warrants for every five shares to existing shareholders, up to a maximum of 197.2 million warrants. These warrants carry the right to subscribe for new shares of Tee International at a price of S$0.25 each. The company believes that the issue of warrants provides itself with “an avenue to raise equity to support its continual regional expansion strategy.”
Luxury yacht manufacturer and distributor Grand Banks Yachts (SGX: G50) has gained 2.3% to S$0.220 after announcing this morning that it would be acquiring the Australia-based fellow yacht maker Palm Beach Motor Yacht Co Pty Ltd for A$10 million (around S$11.7 million) pending regulatory approvals and the finalisation of details.
The deal, if confirmed, would see Grand Banks Yachts pay A$8 million in cash and the remaining A$2 million with its newly issued shares. In addition, Mark Richards, chief executive of Palm Beach and one of Australia’s most successful yachtsmen, would become the new chief executive of the enlarged Grand Banks Yachts.
With the acquisition, Grand Banks would be getting a “world-class” brand and would also be able to expand its presence in important yacht markets around the world that includes North America, Australia, Asia, and Europe.
Biosensors International (SGX: B20) rounds up the trio with its shares up 1.1% to S$0.92. Last week, the stent maker – stents are medical devices used to unclog blocked arteries – made known that it has inked an extension to a licensing agreement with Japanese fellow stent maker Terumo Corporation and also deepened the sales collaboration between the two parties.
Under the new deal, Terumo will continue to utilise Biosensors’ technologies in the manufacture, marketing, and sale of its own stents in countries other than Japan and the United States until Dec 2016. In addition, Biosensors would now be working even more closely with Terumo to bolster the sales and increase the market share of the latter’s Nobori stents in Japan.
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