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Stocks to watch: Manulife US Reit, Citic Envirotech, ComfortDelgro, Cache Logistics Trust
INVESTORS will be digesting a slew of corporate news on Wednesday morning and Tuesday night, looking for positive cues to ride a positive spillover effect from gains on Wall Street overnight.
Manulife US Reit: The Reit said on Wednesday that it has completed the acquisition of the office property at 10 Exchange Place in New Jersey, US. The final purchase price for the acquisition was US$315.1 million, comprising a base purchase price of US$313.2 million and final price adjustments of US$1.9 million. Net proceeds from the rights issue of about US$201 million has been used to partially fund the acquisition of the property.
Citic Envirotech (CEL): CEL said on Tuesday that it has bagged its largest project to date in Lanzhou City, China worth 4.6 billion yuan (S$945.5 million) consisting of a public-private partnership project for wastewater treatment and an engineering procurement and construction project for land remediation. The wastewater treatment project involves the investment, upgrading and expansion of an existing conventional 200,000 cubic metres per day municipal wastewater treatment plant (WWTP) into a 400,000 cubic metres per day underground WWTP using CEL's proprietary Membrane Bioreactor technology.
ComfortDelgro Corporation: ComfortDelgro announced on Tuesday evening that its wholly owned subsidiary, Swan Taxis, has entered into an agreement via its subsidiary ComfortDelGro Swan (CDGS) to acquire the business assets of taxi management company Metro WA Taxi Management for A$5.3 million (about S$5.5 million). With a fleet of 170 taxis, Metro Taxi is the largest taxi management company in Perth, Australia. It provides taxi plate management, ownership and maintenance of taxi fleet, and leasing of taxis to hirers.
Cache Logistics Trust: At Cache Logistics Trust, an amicable resolution has been reached in its dispute with Schenker Singapore Pte Ltd over the property 51 Alps Avenue in Singapore. Schenker was the end-user occupying the property under a lease agreement between Bax Global Pte Ltd and C&P Land Pte Ltd, which was subsequently novated to Schenker. The legal proceedings, commenced by Schenker last year, arose as a result of a disagreement over whether Schenker had a valid option to renew its anchor lease agreement. To resolve this, Schenker and the trustee of Cache Logistics Trust have - with the approval of JTC Corporation - entered into a fresh lease agreement where Schenker will lease 100 per cent of the property for a period of 46 months, starting from Nov 1, 2017 to Aug 31, 2021.