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Stocks to watch: Great Eastern, OCBC, CCT, Raffles Education
THE following companies saw new developments that may affect trading of their shares on Thursday:
Great Eastern Holdings: Great Eastern on Thursday said it is "assessing possible options" in response to reports on Wednesday that it was looking to sell its stake in its Malaysian unit. In a filing to the Singapore Exchange (SGX), the insurer said the assessment involves "a minority stake in Great Eastern Life Assurance (Malaysia) Berhad". Great Eastern traded 19 Singapore cents lower on Wednesday to close at S$25.70 a share.
Oversea-Chinese Banking Corporation (OCBC): The potential sale of a stake in Great Eastern's Malaysian operations may present some "small value" for OCBC shareholders, a DBS Group research report said on Wednesday. On average, Great Eastern contributes about 15 per cent to OCBC's pre-tax group earnings as OCBC holds 87.8 per cent of Great Eastern. OCBC last traded at S$11.01 a share on Wednesday.
CapitaLand Commercial Trust Management (CCT): CCT requested for a trading halt on Thursday morning, pending the release of some announcements. CCT closed at S$1.695 on Wednesday.
Raffles Education Corporation: In response to a SGX query on its trading activity, chairman and group chief executive officer of Raffles Education, Chew Hua Seng, said that he had been approached by various parties from time to time regarding his shareholding in the company. However, no definitive agreement has been entered into, and these discussions have ceased. The group also announced yesterday that it has received notification of shares purchases by its substantial shareholder, Oei Hong Leong. Raffles Education last traded at S$0.265 a share on Wednesday.