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Stocks to watch: Singtel, Dapai
THE following companies saw new developments before market open that may affect its share price today:
SINGAPORE TELECOMMUNICATIONS: NetLink NBN Trust, a unit of telecommunications giant Singapore Telecommunications (Singtel), is listing on the Singapore Exchange (SGX) on July 19. The offering will reduce Singtel's stake in the broadband unit to 24.99 per cent, in line with the telco's regulatory undertaking to divest its stake to below 25 per cent before April 2018. As such, Singtel will receive about S$1.1 billion in cash, which it will use for debt repayment, re-investments, acquisitions and other initiatives.
DAPAI INTERNATIONAL HOLDINGS: Backpack maker Dapai International Holdings Co has been given until 5.05 pm on Aug 10 to delist from the SGX main board, as it did not meet listing requirements.