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Stocks to watch: SIA, Marco Polo, Ascott Reit, Great Eastern
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Singapore Airlines: SIA has finalised a US$13.8 billion order for 39 Boeing aircraft. On Tuesday, the airline said that a firm order with Boeing for 20 777-9s and 19 787-10s was confirmed for "additional growth and fleet modernisation through the next decade". Besides the 39 orders, the purchase agreement comprises six options for each aircraft type, which if exercised will enlarge the deal to as many as 51 aircraft, SIA said. SIA closed up 0.2 per cent to S$10.26 on Monday.
Marco Polo Marine: Marco Polo is seeking noteholders' approval to take a haircut and waive key obligations for a S$50 million series of 5.75 per cent notes due 2016. The offshore and marine company is asking, among other things, that noteholders give it the right to redeem the bonds by January 2018 by paying S$35,868 in cash and the same amount in shares priced at 3.5 Singapore cents per share, representing a combined redemption amount of S$71,736.
Ascott Residence Trust: Ascott Reit's distribution per unit (DPU) for the third quarter ended Sept 30, 2017 dipped 28 per cent to 1.69 Singapore cents, from 2.35 Singapore cents last year. That came as unitholders' distribution slipped 6 per cent to S$36.3 million from S$38.7 million in the year-ago period. For the quarter, gross revenue grew 2 per cent to S$126.9 million from the preceding year. Ascott Reit units closed 1.50 Singapore cents or 1.2 per cent higher, at S$1.23 on Monday.
Great Eastern Holdings: The insurer on Tuesday posted net profit of S$235.5 million for the third quarter ended Sept 30, 2017, 21 per cent higher than last year's S$195 million. For the nine months ended Sept 30, the group's net profit was S$732.9 million, up 86 per cent from the same period a year ago. Earnings per share came up to 50 Singapore cents, from 41 Singapore cents the previous year. No interim dividend has been declared for this quarter. Great Eastern's share closed 0.35 per cent higher to S$26.16 on Monday.