Blog

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Jul 7):

Del Monte Pacific (DMP): The group said on Monday it is expecting a capital deficit on its balance sheet from write-offs in relation to its US subsidiary Del Monte Foods (DMF), but that these developments are not expected to disrupt its operations beyond the US. This comes as DMP said it would deconsolidate DMF from its accounts as it no longer controls the unit, which recently filed for bankruptcy. As at Jan 31, DMP’s net investment value in DMF was US$579 million. The counter ended Friday unchanged at S$0.056.

Nanofilm Technologies: The group is acquiring the remaining stake of its majority-owned hydrogen technology solution provider Sydrogen, from Temasek’s unit Venezio Investments for S$15 million. Sydrogen is a joint venture between Nanofilm and Temasek’s unit since July 2021 and focuses on hydrogen production, storage and utilisation. The transaction represents 35 per cent of Sydrogen’s total issued share capital, or 49 million preference shares, indicated its bourse filing on Saturday. The company already owns 65 per cent of the total shareholdings of the provider, or 70 million shares. The counter closed on Friday at S$0.635, down 3.8 per cent or S$0.025 before the group entered into the sales and purchase agreement.

LHN: The real estate player has proposed a voluntary delisting from the mainboard of the Stock Exchange of Hong Kong due to concerns over trading volume and costs. This decision was approved unanimously by its board of directors on Jun 30, the company disclosed in a bourse filing on Friday. It still plans to retain its primary listing on the mainboard of the Singapore Exchange (SGX). Shares of LHN closed at S$0.715 on Friday on the SGX, down 0.7 per cent or S$0.005 before the news.

mm2 Asia: The media company and operator of the Cathay Cineplexes cinema chain proposed the placement of about 1.9 billion shares at a minimum of S$0.008 per share on Friday, to raise funds for debt repayment and working capital. If all the shares are subscribed to at the minimum price, the group will raise S$14 million in net proceeds. Of this, it will use S$7.5 million to repay debts and liabilities, with the remainder to be used as general working capital. The proposed placement is “part of the company’s ongoing efforts to strengthen its financial position” and will also improve its cash flow, said a bourse filing on Friday. Its shares closed 12.5 per cent or S$0.001 lower at S$0.007 before the news.