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Stocks to watch: SGX, Hyflux, CapitaLand, Rotary
THE following stocks had announcements that could affect trading activity on Wednesday:
Singapore Exchange: It has formed three independent committees to advise the market regulator on listing, disciplinary and appeal matters. Members of the committee come from various segments of the investment and finance communities. This is aimed at giving SGX the benefit of an independent, industry-led body that can help SGX to better handle complex or unusual listing applications.
A new disciplinary framework will take effect on Oct 7. The new framework will give SGX the ability to impose fines on issuers' office-holders and issue managers, as well as to restrict their access to the market. In a response to a public consultation on the issue, SGX explained that the new disciplinary powers offer alternatives in cases where the issuance of warning letters or reprimands is not severe enough and delisting or suspension is too harsh.
Hyflux: A consortium comprising Singapore-listed Hyflux and its partner Mitsubishi Heavy Industries (MHI) has been chosen by the Singapore government to build a new waste-to-energy (WTE) plant at Tuas South Avenue 3.
The project, valued at about S$750 million, is expected to be completed by 2019. Hyflux and MHI will respectively hold 75 per cent and 25 per cent of the shares in the project company.
Hyflux will undertake engineering, procurement and construction works worth S$636 million, while MHI will provide the technology. This will be Hyflux's first WTE project. Both parties will jointly manage, operate and maintain the WTE plant over the concession period.
CapitaLand: Announcing its seventh residential project in Vietnam, CapitaLand said on Tuesday that its fully-owned unit CapitaLand (Vietnam) Holdings has entered into an 80:20 joint venture with Thien Duc Trading-Construction Company to develop a site in Ho Chi Minh City's District 2.
As the lead development manager, CapitaLand plans to develop the 2.6-hectare site into a high-end residential project with about 1,000 homes. The development will have an estimated total project value of US$150 million. This marks the third time the Singapore-listed property giant is teaming up with Thien Duc, a privately-held Vietnam property company.
Rotary Engineering: The company on Tuesday said it is fighting a lawsuit in the High Court of Singapore. The suit is by Kioumji & Eslim Law Firm from Bahrain and another plaintiff, and is against the company and two of its officers.
The plaintiffs have claimed for, among other things, damages to be assessed for alleged breaches of contracts purportedly signed between the company and the plaintiffs concerning work done in Saudi Arabia and disputes arising from there. Rotary has called the claims "spurious and unfounded".