The following companies saw new developments that may affect trading of their securities on Monday (Feb 6):
Sembcorp Marine (S51): The shipbuilding company on Monday reported that its net debt to equity ratio as at end-2022 has improved further to 0.26 times, from 0.53 times as at end-September 2022. This was mainly due to cash collections in Q4 2022, and will be used for payables and other working capital needs in FY2023. The counter ended Friday down S$0.006 or 4.1 per cent at S$0.139.
Halcyon Agri (5VJ): China Hainan Rubber Industry Group said on Friday (Feb 3) that its wholly-owned subsidiary will be making a mandatory conditional cash offer for Halcyon Agri Corporation with an offer price of S$0.413 per share.
The announcement follows the closing of an earlier acquisition, where the Chinese rubber producer acquired 36 per cent of Halcyon Agri’s shares, which would trigger a mandatory conditional cash offer for all the shares in the Singapore-listed company.
Last November, Shanghai Stock Exchange-listed China Hainan Rubber said it was acquiring 36 per cent, or 574.2 million shares in Halcyon Agri at US$0.315 apiece, from substantial shareholder Sinochem International (Overseas).
A-Smart (BQC): Printing and recycling specialist A-Smart Holdings has responded to several queries posed by the Singapore Exchange Securities Trading (SGX-ST) on the company’s annual report for the financial year 2022 ended July.
In a lengthy list of responses posted in a bourse filing on Friday (Feb 3), the company replied to queries on its non-compliance with several provisions prescribed in the Code of Corporate Governance 2018. This includes not ensuring its board composition had an appropriate level of independence and diversity of thought and background, as well as its lack of disclosure on remuneration of key management personnel (KMP) to the full extent recommended by the Code.
SGX-ST noted that independent directors did not make up a majority of A-Smart’s board where its chairman is not independent, and that no explanations were provided for this in its annual report.
Colex (567): Catalist waste management company Colex on Friday (Feb 3) requested the Singapore Exchange to lift its trading halt.
The company had requested for a trading halt on Feb 2 after trading hours, as it was pending the release of the results of the scheme meeting held on Friday.
On Oct 17, 2022, Bonvests proposed a privatisation offer of Colex for the remaining shares that it and its subsidiary Coop International did not own by a scheme of arrangement. Bonvests offered S$0.23 in cash per share.
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