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Stocks to watch: SembMarine, Singtel, Chinese Global Investors
THE following stocks had announcements that could affect trading activity on Tuesday:
Sembcorp Marine has clinched a more than US$1 billion engineering, procurement and construction contract to build three topsides for the Culzean Field development in the North Sea, the rig builder announced early Tuesday.
The contract amount, which includes long lead items, is for building a central processing facility, two connecting bridges, a wellhead platform and utilities and living quarters platform for Maersk Oil North Sea UK.
SembMarine shares closed at S$2.39 on Monday.
Singapore Telecommunications has completed its purchase of a 98 per cent stake in cyber security firm Trustwave for a lowered price of US$770 million. The acquisition was initially priced at US$810 million, excluding net debt, when the deal was announced in April. Following working capital adjustments at closing, the aggregate consideration was trimmed by US$40 million.
Singtel shares last traded at S$3.74 on Monday.
While the company's shares were halted, the investment holding company had announced a 34.5 per cent net profit growth for the year ended June 2015 as well as plans to sell its core waterproofing subsidiary for S$3.28 million.
Chinese Global Investors shares last traded at 2.8 Singapore cents.
Croesus Retail Trust, which holds shopping malls in Japan, said the turmoil that has roiled global markets has forced the mall operator to rethink its acquisition strategy and deal terms to account for increased risk.
"The events of the last two weeks have been a wake-up call that risk is creeping back into the market," Jeremy Yong, co-founder of the Croesus Group, said in an interview. "We will have to price in uncertainty in the market so we are trying to be sharper by adding in a component of risk to price these assets now."
Croesus units last changed hands at 89.5 Singapore cents on Monday.