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Stocks to watch: UOB, Yanlord Land, Datapulse
THE following companies saw new developments that may affect trading of their shares on Monday:
United Overseas Bank (UOB): UOB has entered into an agreement with Beijing-based financial technology firm Pintec Technology Holdings to set up a joint venture company, Avatec.ai. UOB will have a 60 per cent stake in the joint venture, while Avatec will have an issued and paid-up capital of up to S$10 million and become a subsidiary of UOB. Shares in UOB traded 1.11 per cent, or S$0.31 higher to close at S$28.24 apiece on Friday.
Yanlord Land Group: Yanlord has mandated DBS Bank, The Hongkong and Shanghai Banking Corp and Standard Chartered Bank as joint global coordinators, bookrunners and lead managers to raise US dollar-denominated senior notes, the property group announced on Monday. The marketing of the notes will take place in Singapore and Hong Kong. This will be Yanlord Land's first debt raise since S&P upgraded its credit rating by one notch to "BB" from "BB-" in March with a stable outlook. The counter traded at S$1.76 on Friday, up 0.57 per cent, or one Singapore cent.
Datapulse Technology: Datapulse's board called dissident shareholders' proposal to declare an interim dividend of 20 Singapore cents per share before June 14 if they gain board control, "an eleventh-hour manoeuvre to solicit support at the coming EGM" in a Singapore Exchange (SGX) announcement on April 15. The current board said it believed that it was an attempt to "entice" shareholders with the proposed interim dividend, as well as boardroom challenger Intan Ng's previously-mentioned plans to return S$70 million cash in dividend and through a capital reduction to shareholders. Shares in Datapulse traded unchanged at S$0.36 apiece on Friday.