Stocks to watch: ST Engineering, Olam, Keppel Infrastructure Trust

THE following companies saw new developments that may affect trading of their securities on Thursday (Mar 24):

S63 : Global ratings agency S&P downgraded the credit rating of the defence and engineering group to AA+ from AAA as its debt levels will be elevated following the S$3.6 billion TransCore deal. While the acquisition of 2 transport solutions firms from the United States would provide the potential for higher earnings, S&P said the benefits will take some time to materialise. Shares of ST Engineering ended 0.2 per cent higher or S$0.10 at S$4.11 on Wednesday.

VC2: Citing current market conditions because of the ongoing conflict in Ukraine, the group's food ingredients unit OFI on Thursday said it no longer expects its planned initial public offering to take place in the second quarter of 2022. OFI also appointed 3 non-executive directors, including Olam Group's group chief executive Sunny Verghese, to its board. Shares of Olam Group closed S$0.03 or 1.6 per cent lower at S$1.87 on Wednesday.

A7RU: The trustee-manager said it is undertaking a strategic review for KIT's wholly-owned Ixom business, with a view to potentially unlocking value. Ixom is the sole manufacturer of liquefied chlorine, as well as the leading manufacturer of caustic soda in Australia. Units of KIT closed 0.9 per cent or S$0.005 higher at S$0.555 on Wednesday.

5SR : The Chinese department store operator said in a bourse filing on Wednesday evening that 2 of its stores in China's Fujian province, out of a total of 21, have suspended all activities temporarily, while the department store sections of 6 of them have been temporarily shut. This is because the government had imposed various control measures, such as the closure of non-essential businesses, due to the rising number of Covid-19 cases in the area. Its shares closed flat at S$0.72 on Wednesday.

ZXY : The engineering services firm's wholly-owned subsidiary Digo Corporation and solar energy firm Terrenus Energy have been jointly awarded the sixth solar leasing tender under the Housing and Development Board's SolarNova programme. Both companies will enter into a joint-venture agreement and set up a joint-venture company to undertake the project. Shares of Alpina closed S$0.025 or 10.4 per cent higher at S$0.265 on Wednesday.