Stocks to watch: CapitaLand Investment, CICT, Far East Orchard, Keong Hong, Seatrium
Benicia Tan
THE following companies saw new developments that may affect trading of their securities on Wednesday (Mar 13):
CapitaLand Integrated Commercial Trust (CICT) , CapitaLand Investment (CLI) : The manager of the trust and CLI announced on Tuesday that they secured a 10-year tenancy from the European Central Bank (ECB) for their jointly owned 38-storey office building in the Frankfurt banking district. The ECB is expected to become one of the trust’s top 10 tenants. CLI holds a 5.1 per cent interest in the building, while CICT holds the remaining majority stake. Shares of CLI closed S$0.04 or 1.5 per cent higher at S$2.71 and units of CICT were up S$0.01 or 0.5 per cent at S$1.96, before the announcement.
Far East Orchard : The property group has agreed to buy a plot of land in central Glasgow for £3 million (S$5.1 million). Far East Orchard intends to develop the land into a 273-bed purpose-built student accommodation by 2026. The acquisition is expected to have no material impact on the consolidated net earnings per share and consolidated net tangible assets per share, said the company in an announcement on Tuesday. Shares of Far East Orchard traded flat at S$1.01, before the news.
Keong Hong : The mainboard-listed company has given notice for the second year in a row that it recorded three consecutive years of losses. Based on a Wednesday filing, Keong Hong’s six-month average daily market capitalisation as at Mar 12 stood at S$35 million, under the S$40 million requirement to avoid being placed on the SGX watch list. The counter ended on Tuesday flat at S$0.16 with no trades done. Seatrium : Its board said on Wednesday that it has received in-principle approval from the Singapore Exchange Securities Trading regarding its proposed 20-for-1 share consolidation exercise. The approval is also subject to, among other things, shareholder approval of upcoming annual general meeting. The counter closed on Tuesday up 1.1 per cent or S$0.001 to S$0.092.
