MARKET UPDATES & STOCK RECOMMENDATION
The Straits Times Index (SGX: ^STI) has moved up 0.4% to 3,127 points and extended its Christmas cheer from yesterday’s 0.7% gain. Out of the index’s 30 constituents, there were 23 shares that managed to end the day with gains while five others weren’t so fortunate and clocked some losses.
GP Batteries (SGX: G08) dropped 11% to S$0.685. The battery manufacturer had announced a proposal yesterday to issue 54.94m renounceable non-
underwritten rights at an issue price of S$0.486 for each rights share. The company has 109.87m shares outstanding as of 23 Dec 2013 and the rights-issue is done on the basis of one rights share for every outstanding share. Assuming 54.94m rights shares are issued, the proceeds from the exercise is estimated to be around S$26m.
GP Batteries is of the opinion that the rights issue “will enable [it] to strengthen its financial position and enhance its capital base. It will also facilitate [its] investment in automation, brand building and distribution network in the near term.”
CITY DEVELOPMENT LTD.
BUY CITY DEVELOPMENTS LTD ABOVE 9.640 TG 9.710, 9.800, 9.900 SL 9.540
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