THE following companies saw new developments that may affect trading of their securities on Tuesday (Dec 10):
Sembcorp Industries: The group on Tuesday said it received an update on legal proceedings where the South African Supreme Court of Appeal affirmed its 718 million rand (S$70 million) asset sale made in 2018 as valid and enforceable. A party who unsuccessfully attempted to gain a minority shareholder stake in one of the divested assets, Sembcorp Silulumanzi, had previously challenged the sale in the South African High Court. Shares of Sembcorp Industries closed 0.7 per cent or S$0.04 higher at S$5.62 on Monday.
Hai Leck: Cheng Buck Poh, the founder and chairman of Hai Leck, has proposed to privatise the company at S$0.55 a share in cash via a scheme of arrangement. The offer price represents a premium of about 34.1 per cent over Hai Leck’s last traded price of S$0.41 on Dec 3, its last full trading day before the offer announcement. Cheng is a controlling shareholder of Hai Leck, owning a total interest of 88.9 per cent of the company via his direct stake and vehicle, Cheng Capital. The industrial equipment supplier had an issued and paid-up share capital of S$65.4 million, which consisted of 226.2 million shares, as at Monday. Shares of Hai Leck closed S$0.135 or 32.9 per cent higher at S$0.545 on Monday, following the announcement.
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