Showing posts from October, 2014

LionGold allays concerns over funding issues flagged by auditor

Ex-Sembmarine finance chief slapped with 39-month jail sentence

Former Sembcorp Marine group finance director Wee Sing Guan pleaded guilty on Wednesday to a host of fraud charges relating to currency bets he took years ago that cost the group US$303 million in losses.

LionGold allays concerns over funding for its operations after audit disclaimer

LionGold, which has failed to get a clean bill of health from auditors PwC for its latest full-year financial results, has sought to assure shareholders that it is able to obtain sufficient funding for its operations.

Blumont now holds 30% deemed stake in Toronto-listed Powertech Uranium Corp

SGX’s Richard Teng leaving to join Abu Dhabi Global Market

Singapore Exchange (SGX) chief regulatory officer Richard Teng has resigned, less than a year after being promoted, to become chief executive of the regulator of Abu Dhabi Global Market (ADGM).

More SGX steps to boost market liquidity

Since early October, the Singapore Exchange (SGX) has been pushing out more initiatives to engage brokers to “give them a reason to start calling their clients”

SGX chief regulatory officer Richard Teng has resigned

LionGold still reeling from stock crash, files late annual report

Board chiefs lament ‘events that altered things considerably’ after FY2013

Independent auditor raises worries about LionGold’s ability to continue as going concern

Instilling market confidence is not just SGX’s job

For much of this year, it has been fashionable to heap blame on Singapore Exchange (SGX) for the local stock market’s twin woes of poor liquidity and low volatility.

A look inside the richest club in China

Singapore-listed Sino Grandness rejects claims made by short seller

Mainboard-listed Sino Grandness Food Industry Group on Thursday refuted claims made about the company’s health in a report that was circulated on the internet.

Share traders calling it a day as market volume dries up

Average net commission on the decline, slumping to about S$1,000 from around S$6,000 to S$8,000 a decade ago

SGX: Market is stronger, even if not more active

CEO Magnus Bocker and head of sales and clients Chew Sutat point to integrity of the market and the ease of raising capital

Sino Grandness rejects negative report

Mainboard-listed Sino Grandness Food Industry Group, a food-and-beverage company based in Shenzhen, China, issued a business update on Thursday to counter a Sept 4 report containing negative statements on the sales and financial position of the group.

Trading China Sky: What’s holding it up?

It has been nearly three long years since trading in the shares of China Sky Chemical Fibres was suspended. But the company’s shareholders continue to suffer from their inability to deal in its stock despite pleas by the company to restore trading.

Chinese developers’ Hong Kong back-door listing units fall out of favour

Mainland developers’ plans to float themselves in the city dim hopes for massive asset injections

Vallianz Holdings expands geographical footprint

View from watchtower as the pennies fall

SGX’s head of surveillance regulation talks about one of the most exciting days of his 14-year career and what keeps him motivated at the Exchange

Paid research: should SGX bother?

It is 15 months since the Singapore Exchange’s (SGX) most recent research initiative known as SERI ended in June last year. According to the exchange’s website, it is still “reviewing all options to enhance the level and type of research coverage for its listed companies”.

Ex-Airocean director’s conviction set aside

Ong Chow Hong, one of four former directors of Airocean Group who were charged and convicted over what was then deemed a misleading statement by the company, has had his five-year conviction overturned.

Sell-down presents good chance to buy Valuetronics, says AmFraser

Valuetronics shares tumbled on Wednesday on worries that the company could lose its LED lighting business as a major customer, a Dutch conglomerate, announced its intention to restructure its own lighting business division.

Noble receives US$3.36b in payments

Noble Group, which on Wednesday said it has received US$3.36 billion due to it, has had its ratings affirmed at BBB- by Fitch Ratings.

SMCCA submits response to SGX on proposed regulatory changes

The response focuses on two proposed regulatory changes - the Minimum Trading Price of 20 cents and the Enforcement Frameworks that MAS and SGX first proposed in February this year.

Largest capitalised stocks with Singapore focus

Emerging markets to diverge as U.S. thrives, China slows, Europe lags

Investors are rethinking their exposure to emerging markets, focusing on countries likely to weather lean times with manufacturing exports to the United States while avoiding those that have thrived on sending commodities to a now slowing China.

Valuetronics hit by earnings worries?

The stock of electronics company Valuetronics Holdings on Tuesday collapsed six cents, or 15.8 per cent, to 32 Singapore cents on heavy volume of 26.3 million shares, an apparent casualty of concerns over its future earnings.

Chinese A-share sell off by major shareholders bodes ill for recovery

Major shareholders in more than 500 A-share companies have sold 37.4 billion yuan of shares since September 1

Court of Appeal upholds asset freeze order in Singapore penny stock collapse

The Court of Appeal has upheld an order to freeze the assets of six individuals and two companies with exposure to the three listed companies in Singapore, which shook the stock market there last year.


Largest stocks in SGX with significant China exposure

There are more than 30 stocks listed on SGX with a market capitalisation above S$250 million that reported more than half their revenue or assets in China in the last financial year.


4 Things To Do During Downtrends

1) Raise cash
2) Keep positions light
3) Keep a watch list
4) Protect your confidence

Joe Fahmy

UniFiber auditor, directors differ on going-concern issue

Aa issue over the going-concern status of forestry and pulp firm United Fiber System (UniFiber), as well as its failure to provide for default interest, led the company’s auditor to refrain from expressing an opinion on its consolidated financial statements for the six months ended June 30, 2014.

Ezion takes a hit; Nomura says market worries misplaced

Shares in offshore oil and gas stock Ezion Holdings plunged nine cents or 5.4 per cent to S$1.575, bringing its loss over the past three weeks to almost 18 per cent and taking it closer to its 52-year low of S$1.52.

Beijing seeks entry into UK, Singapore markets

Beijing is in talks with Singapore and Britain to let mainland investors buy equities in these markets, a move seen as the next stage of China’s opening up of the capital account and globalising the yuan as the Shanghai-Hong Kong stock connect scheme readies to start.

Hunting for the truth

Fingers were pointed at Soh Chee Wen when Asiasons, Blumont and LionGold soared last year before collapsing on Oct 4. As the anniversary of the crash approaches, CAD and MAS might be getting closer to discovering what happened.

Note: Some events in this article has been proven to be false. The Edge has acknowledged some of the false information. Blumont Group had commenced legal proceedings against The Edge for libel.

China to again levy coal import tariffs after nearly a decade

China, the world's top coal importer, will levy import tariffs on the commodity after nearly a decade, in its latest bid to prop up ailing domestic miners who have been buffeted by rising costs and tumbling prices.

China coal tariff sends message to cut supply

One year on, closure remains elusive for penny stock saga

Market is still confounded over what had triggered the meltdown and has yet to recover from the assault

The Pounding of the Pennies

New association formed to represent smaller SGX-listed firms

The Small and Middle Capitalisation Companies Association (SMCCA) has 22 founding members, including relatively high-profile firms such as Otto Marine, Q&M Dental Group and Cordlife Group.

Grand Banks Yachts exits SGX watch-list

Luxury boat maker Grand Banks Yachts is off the Singapore Exchange’s (SGX) watch-list from Thursday, marking a turnaround for the hitherto troubled firm which entered the list in 2011.

‘Qualified’ opinion on Magnus Energy’s accounts

Legal wrangling over the ownership of a subsidiary has made it difficult for the auditors of Magnus Energy to determine the accuracy of certain parts of its financial statements.

Astute stock picking or insider trading?

Jury is still out on why SGX stock prices move before M&A deals are made public

A year on, pain still felt in many quarters

Questions also remain as to how $8b was wiped out in such a short time

Fifteen years on, is Sias still relevant?

Fifteen years ago, a minority-investor rights group called the Securities Investors Association of Singapore (Sias) was born out of the cross-border debacle known as the Clob saga.

Rex unit secures deal from national oil firm

Fruition of Rexonic’s commercialisation plans, says Rex chairman

Two Thai firms to invest in Sino Grandness

Mainboard-listed Sino Grandness Food Industry Group announced on Thursday that Thai conglomerates Thoresen Thai Agencies (TTA) and PM Group will take stakes of 9 per cent and 3.77 per cent respectively in the company through a private placement of newly issued shares.

Blumont’s ex-director, James Hong, declared bankrupt

James Hong, assisting probe into penny stock crash, owes bank $3m

Noble shares dive as China Investment Corp cuts its stake

CIC sold 300m shares at S$1.32 each; not known who buyer was

Blumont launches libel suit against The Edge

The Blumont Group has launched a libel suit against the publisher and editor of The Edge Singapore over an article on last October’s penny stock crash. Blumont told the Singapore Exchange (SGX) on Monday that it is seeking damages from The Edge Publishing and editor Benjamin Paul, and an injunction to stop the magazine from publishing similar claims made in the original article.