Stocks to watch: IHH Healthcare, MCT, MNACT, Grand Venture Technology

THE following companies saw new developments that may affect trading of their securities on Thursday (Jan 6):

IHH Healthcare: Q0F The mainboard-listed company said in a Wednesday bourse filing that US fund Emqore is seeking over US$6.5 billion in damages in a lawsuit against IHH and other defendants. The lawsuit involves the issuance of shares of India's Fortis Healthcare to IHH's subsidiary back in 2018. IHH had invested in India-based Fortis in 2018, after a high-profile bidding war against domestic and international companies. Shares of IHH closed at S$2.20 on Wednesday, down S$0.01 or 0.5 per cent, before the announcement.

Mapletree Commercial Trust (MCT), Mapletree North Asia Commercial Trust (MNACT): N2IU RW0U Credit rating agency Moody's Investors Service announced on Wednesday that it has placed the Baa1 issuer rating of MCT on review for downgrade and is concurrently reviewing MNACT's Baa3 rating for an upgrade. This is ahead of a planned merger between both real estate investment trusts in a S$4.2 billion deal. Units of MCT closed at S$1.84 on Wednesday, up S$0.02 or 1.1 per cent, while MNACT ended unchanged at S$1.09, before Moody's announcement.

Grand Venture Technology: JLB The mainboard-listed fabricated metal products manufacturer has acquired a 2-storey, 49,000 square foot manufacturing facility in Penang for RM13.5 million (S$4.4 million), with the aim of creating an integrated hub in Malaysia. This is its third facility acquisition in Malaysia in the past 2 years, the company said on Wednesday in a bourse filing. The purchase price will be funded via internal resources and bank borrowings. Shares of Grand Venture closed flat at S$1.19 on Wednesday, before the announcement.