THE following companies saw new developments that may affect trading of their securities on Wednesday (May 31):
Olam Group: The company’s proposed initial public offering of its agribusiness unit is no longer expected to be completed by H1 2023 or ahead of the summer holiday period as originally planned. It said on Tuesday that all the necessary regulatory approvals have yet to be obtained to date, given the “distinct nature” of the transaction. Shares of Olam ended Tuesday down S$0.08, or 5.5 per cent at S$1.38, after the announcement.
Golden Energy and Resources (Gear): The Securities Investors Association (Singapore) or Sias, recommended on Tuesday that Gear’s minority shareholders reject the exit offer by its controlling shareholders. David Gerald, president of Sias, said that the independent financial adviser had conflated the two corporate actions of the exit offer and the distribution of Golden Energy Mines’ shares. Gear’s shares closed on Tuesday up S$0.01 or 1.1 per cent to S$0.955, before the statement by Sias.
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