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Straits Trading Co. Ltd. ( (SG:S20) ) has shared an announcement.
Straits Trading has disclosed that receivers and managers from FTI Consulting have been appointed over mortgaged shares related to its joint venture holding in a Shanghai retail mall, effectively suspending the powers of its subsidiary SRE Venture 16 Pte. Ltd. as shareholder in respect of those assets. The receivers intend to realise value from the mortgaged property, including preparing a sale process, and the company has warned that loss of control over the joint venture shares would end equity accounting for the investment and could trigger a material, though non-cash, impairment charge that may adversely impact the group’s reported financial performance for the relevant period.
The most recent analyst rating on (SG:S20) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Straits Trading Co. Ltd. stock, see the SG:S20 Stock Forecast page.
More about Straits Trading Co. Ltd.
The Straits Trading Company Limited is a diversified investment company with interests in real estate, resources and hospitality. Through its subsidiaries and joint ventures, it invests in and manages property assets across key Asian markets, including retail malls such as a Shanghai property held via Ivory SL Joint Venture Limited.
Average Trading Volume: 122,458
Technical Sentiment Signal: Buy
Current Market Cap: S$766.7M
See more insights into S20 stock on TipRanks’ Stock Analysis page.