Stocks to watch: UOB, Q&M Dental, Prime US Reit, FCT, First Reit, SingReinsurance

THE following companies saw new developments that may affect trading of their securities on Wednesday:

U11: The bank saw strong investor interest for its 750 million euros (S$1.22 billion) fixed rate covered bonds due 2029, priced at 0.1 per cent. The final order book approached 800 million euros at re-offer from 40 accounts, UOB said on Wednesday. The counter closed at S$25.75 on Tuesday, up 2.3 per cent or S$0.57.

QC7: Its 51 per cent subsidiary Acumen Diagnostics was one of six successful awardees of an open tender exercise by the Health Promotion Board (HPB) for the provision of Covid-19 swab and testing services. As a panel service provider of HPB, Acumen will be able to leverage on its expertise to assist the government in its efforts to actively disrupt further community spread of the virus, said the group in a bourse filing on Tuesday. Q&M shares closed 1.5 Singapore cents or 2.3 per cent higher at 67 cents on Tuesday, before the announcement.

OXMU: The Reit posted net property income of US$23 million for the first fiscal quarter ended March, down 2 per cent from US$23.5 million a year ago. Gross revenue for the quarter rose 2.5 per cent to US$35.9 million from US$35.1 million; distributable income for Q1 fell 1.2 per cent to US$17.6 million from US$17.8 million in the year-ago period. Units of Prime US Reit closed at 85.5 US cents on Tuesday, up 0.6 per cent or 0.5 US cent.

J69U: The trust owns a 40 per cent interest in Sapphire Star Trust, the owner of Waterway Point, which has obtained its maiden green loan of S$589 million from Sumitomo Mitsui Banking Corporation Singapore Branch and United Overseas Bank. The trust said on Tuesday that the loan will be used to refinance existing borrowings, as well as for working capital and general corporate funding requirements in relation to Waterway Point. Units of FCT closed at S$2.36 on Tuesday, up 0.9 per cent or S$0.02.

XJB: The entertainment and content provider on Tuesday defended and upheld the appointment of Lian Lee Lee, the wife of the group's substantial shareholder and adviser John Ho, as deputy chief executive officer in response to queries from the Singapore Exchange Regulation (SGX RegCo) on May 14 and corporate governance advocate Mak Yuen Teen, an associate professor of accounting at the NUS Business School. It said that she is separate and acts independently of her husband, who was placed on the directors' and executive officers' watchlist by the SGX RegCo following a reprimand. GHY said that Mr Ho provided an undertaking that he will not procure any of his nominees to be appointed as a director or executive officer as long as he remains on the watchlist. The counter closed at 70.5 Singapore cents on Friday, up 0.5 cent or 0.7 per cent, prior to the responses to SGX.

AW9U: Its manager announced on Tuesday after trading hours that it has restructured its master lease agreements effective Jan 1, 2021 to provide for a more sustainable long-term master lease structure. The manager said that it will continue to evaluate the Reit's existing assets, including reaching a resolution for the two master leases which are due for renewal in 2021. The counter closed flat at 26 Singapore cents on Tuesday.

S49 : It said on Tuesday that the closing date for Fairfax Asia's cash offer will be extended from May 18 to June 2, 5.30pm, with all other terms of the offer unchanged. Fairfax Asia is making a cash offer for Singapore Reinsurance's 71.82 per cent stakes that it and its concert parties do not own, conditional on them garnering more than 50 per cent stakes. Fairfax Asia intends to delist Singapore Reinsurance after obtaining more than 90 per cent of its shares. Shares of Singapore Reinsurance closed flat at 34.5 Singapore cents on Tuesday.

P34: The chocolate confectionery company posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of US$18 million for the first fiscal quarter ended March, down 6 per cent from Ebitda of US$19.1 million in the corresponding quarter last year. The group attributed the decline to lower sales and gross margins, which were partially mitigated by lower operating expenses. On a quarter-on-quarter basis, however, Delfi's financial results showed signs of improvement. Shares of Delfi closed at 81.5 Singapore cents on Tuesday, up 0.6 per cent or 0.5 cent.

Trading halt: L23 requested a trading halt on Wednesday morning before market open, pending an announcement. The counter rose 0.6 Singapore cent or 7.5 per cent to close at 8.5 cents on Tuesday.