Stocks to watch: Sincap, ESR-Reit, GLP

SINCAP Group's directors are facing an attempt by some shareholders to remove them through an extraordinary general meeting.

The directors said that they are confirming if the requisition for a meeting by the shareholders conforms to the provisions under the Companies Act. The gypsum mining and alumina and coal trading company said that it will provide further updates as and when appropriate.

The stock slipped 4.5 per cent, or 0.1 Singapore cent, to 2.1 Singapore cents as at 9.15 am.

ESR-REIT posted a 9.2 per cent decline in second-quarter net property income to S$19.2 million, citing lost revenue and incurred costs from converting single-tenant properties into multi-tenant projects.

Distribution per unit decreased by 11.3 per cent to 0.956 Singapore cent as the amount available for distribution slid 11.4 per cent to S$12.5 million, said the industrial real estate investment trust formerly called Cambridge Industrial Trust.

The trust was trading at 59.5 Singapore cents as at 9.15am, down by 0.8 per cent or half a cent.

GLOBAL Logistic Properties has halted the trading of its stock pending an announcement. The developer of high-end warehouses is currently assessing a number of firm bids for its business as part of a strategic review that was requested by major shareholder GIC.

The leading bidders are believed to be a Chinese consortium backed by the company's management and a group led by Warburg Pincus.