FOR MOST OF last year, Stamford Tyres' shares traded within a tight band of 30-33 cents.
In the past 4 weeks, it has slowly awakened and then picked up speed.
Notably today, it closed with a 19.5% gain to reach 46 cents after touching an intra-day high of 47 cents.
It is the highest close it has ever had in at least the past 5 years.
The volume of shares traded today was 1.13 million, an unusually high amount for this counter.
Recent story: @ STAMFORD TYRES' AGM: Insights into the business and real estate assets
WEIYE cashes in on low-cost land bank
Weiye Holdings’ stock price has climbed a whopping 40% to as high as 7 cents today (Mon, 7 Jan) following its announcement of the disposal of a land parcel in Zhengzhou, Henan, on 27 December for Rmb 94.5 million.
Last year, private home prices in Zhengzhou had remained stable as it is inland in Central China but private home sales and transaction volumes in first tier cities were hit by government curbs.
Compared to its projects under development, the land parcel disposed of was relatively small: Gross floor area was only 93,333 sqm compared to Central Park’s 696,967.6 sqm and Xiangdi Bay’s 265,635.9 sqm.
The company said the disposal unlocks shareholder value and intends to use the sale proceeds to expand core businesses as well as for working capital.
>> Cashing out ~ Land prices have escalated since the time the land parcel was acquired, and proceeds from the land sales exceeded its book value by Rmb 54.1 million (133%).
>> Strengthen net cash position ~ The property developer had negative cash flow from operations and from financing in 3Q2012. Net cash flow improved only because of bank loans amounting to Rmb 165 million.
The land disposed of had been acquired from the government in late 2010 for the development of commercial and office property.
Related story: WEIYE: Fund Managers Give Thumbs-Up To Its Hainan Homes
CHASEN upgrades to Mainboard
Chasen Holdings’ stock price was up 4.35% today at 24 cents after it obtained approval from SGX to transfer from Catalist to the Main Board.
The transfer to Main Board is subject to shareholders' approval at an upcoming EGM.
The prolonged lacklustre performance of the major world economies has affected demand for Chasen’s specialist relocation services, but it has been stepping up on its technical and engineering activities.
On 19 Nov, it announced a S$4.8 million engineering contract to design and build Class 100k and Class 10k cleanrooms.
On 24 Sep, it announced its maiden Transfer-Operate-Transfer (TOT) contract with the Jilin Economic Technology Development Board for a purified water treatment plant and a wastewater treatment plant with a total investment value of S$58.2 million.
Related story: AUSGROUP, DMX TECHNOLOGIES, CHASEN: Latest Happenings
