THE following companies saw new developments that may affect trading of their securities on Thursday (Apr 14):
Keppel Corp: Singapore's Keppel Corporation said Wednesday said it was terminating jack-up rig construction contracts signed with an affiliate of Clearwater Capital Partners, and Fecon International, in October 2013 and February 2014, respectively.
Keppel in October 2013 said it had received two jack-up rig orders from an affiliate of Clearwater Capital Partners, with the rigs scheduled to be completed in 4Q 2015 and 1Q 2016. Wednesday, according to Keppel, one of the two rigs, worth about $200 million remains undelivered.
Sembcorp: Credit Suisse analyst Shaun Tan has kept his “outperform” call on Sembcorp Industries.
He sees the utilities company, which is the biggest gainer among all 30 Straits Times index component stocks this year, enjoying a bigger advantage in its business of importing natural gas.
“Sembcorp Industries’ fuel cost advantage for its Singapore power generation business vs market could be larger going forward,” writes Tan in his April 11 note.
He has adjusted his FY2022 to FY2024 earnings estimate for Sembcorp Industries by 5 to 13% to take into account the better earnings seen from its Singapore operations, along with a higher target price of $3.30 from $3 previously.
iWOW Technology: TRACETOGETHER token maker iWOW Technology's initial public offering (IPO) on the Catalist board of the Singapore Exchange (SGX) was approximately 3 times subscribed, the company said in a press release on Wednesday (Apr 13).
As at the close of placement at noon on Apr 12, all 26 million placement shares were validly subscribed for, with indications of interest received for some 78 million shares, the company said.
Shares will commence trading on a "ready basis" at market open on Apr 14.
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