Stocks to watch: Frencken, Seatrium

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Aug 28):

Frencken : The tech solutions provider on Thursday announced that it plans to raise S$100 million through a proposed placement of 44.1 million shares at S$2.2687 each. The new shares will be offered privately to institutional and accredited private investors. The proposed placement share price is at a 10 per cent discount and represents about 10.3 per cent of the existing issued shares as at Thursday. The counter closed flat at S$2.54 on Tuesday, before the company called for a trading halt. It resumes trading on Friday.

Seatrium : Offshore and marine player Seatrium and Brazilian oil giant Petrobras are discussing a potential tie-up to explore offshore solutions in natural gas, said the respective CEOs of the two companies on Thursday. Seatrium is looking at how it can support Petrobras in “the challenge to liquefy gas offshore” and be part of the exportation of gas to Asia and other markets. Seatrium shares rose 0.9 per cent or S$0.02 to close at S$2.20 on Thursday.