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Stocks to watch: Great Eastern, OCBC, Hyflux
THE following companies had news or announcements that may influence their stocks' trading on Wednesday.
Great Eastern: The wheels of change have been set in motion at Great Eastern, Singapore's oldest insurance group, following the sudden exit of at least two key executives in recent weeks - which caught industry players and observers by surprise, The Business Times reported. The sudden departures have set tongues wagging in the market as to the circumstances that triggered them, with market sources saying the current developments at Great Eastern likely signal impending changes to the group's management structure.
OCBC Bank: OCBC has become the first bank in South-east Asia to launch an open API platform for use free of charge by third-party app developers. It offers APIs for locating branches, locating ATMs, credit card advising and forex rates, and plans to roll out more APIs to do with loans and wealth management.
Hyflux: Water treatment firm Hyflux launched an offer of perpetual capital securities of up to S$300 million, paying out 6 per cent a year. It said part of the proceeds would be used to repay S$100 million of its outstanding notes due this year and S$175 million of its outstanding perpetual capital securities.