Stocks to watch: CDL, Addvalue Tech, Banyan Group, Multi-Chem
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Sep 18):
City Developments Ltd (CDL) : CDL said on Thursday that it will be releasing the outcome of its strategic review before trading hours on Sep 28. The property giant previously said it was looking to “revamp” its strategy and better articulate its value to investors, after the company went through “some difficulties” and internal disputes last year. Shares of CDL ended S$0.11 or 1.4 per cent higher at S$8.14 on Thursday.
Multi-Chem : The mainboard-listed IT distribution firm said on Thursday that its chief executive officer Foo Suan Sai, chief operating officer Han Juat Hoon and two senior employees have been interviewed by the Corrupt Practices Investigation Bureau (CPIB). Both executive directors were requested to provide bail and hand over their passports and mobile phones to the CPIB. The committee, comprised of the group’s independent directors, clarified that it is not directly privy to the ongoing matter before the CPIB. Shares of Multi-Chem ended flat at S$4.34 on Thursday.
Addvalue Technologies : Ahead of its upcoming extraordinary general meeting on Sep 24, satellite communications provider Addvalue Technologies clarified shareholder concerns on Friday, regarding financial transparency and strategic investor involvement surrounding the proposed spin-off listing of its wholly owned subsidiary, Addvalue Solutions, on the Nasdaq stock exchange. Shares of Addvalue Tech ended S$0.006 or 3.1 per cent higher at S$0.197 on Thursday,
Banyan Group : The hospitality firm announced on Thursday a strategic partnership with Newmark Hotels & Reserves, a Cape Town-headquartered hospitality management company, and the acquisition of a majority stake in Newmark under a phased ownership structure leading to full ownership over time. Newmark has a managed portfolio of 26 hotels, lodges and reserves across seven countries. Shares of Banyan Group ended flat at S$0.495 on Thursday.
