Stocks to watch: Genting Singapore, Jardine Matheson, Mandarin Oriental, Parkway Life Reit

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Oct 21):

Genting Singapore : The mainboard-listed group on Monday named Si Chen as chief operating officer (COO) of its wholly owned subsidiary Resorts World Sentosa, which will be effective Dec 1. This comes after the position has been vacant for three years. The last COO was Alan Teo, who departed from the company in September 2022. The counter closed last Friday flat at S$0.725, prior to the announcement.

Jardine Matheson , Mandarin Oriental : The company announced on Friday that it will be delisting Mandarin Oriental at US$3.35 per share. This brings the hotel group’s total valuation to around US$4.2 billion. The privatisation offer represents a 62.6 per cent, 65.8 per cent and 70.9 per cent premium over Mandarin Oriental’s volume-weighted average price for the one-month, three-month and six-month period, respectively. The investment holding company of Jardine Matheson – Jardine Strategic – will acquire the remaining 11.96 per cent of Mandarin Oriental shares it does not already own. In Singapore, shares of Jardine Matheson closed on Friday 0.8 per cent or US$0.48 higher at US$61.13. Mandarin Oriental ended 0.4 per cent or US$0.01 higher at US$2.40.

Parkway Life Real Estate Investment Trust (Reit) : The manager of Parkway Life Reit said on Friday that it has appointed a new chairman and independent director to its board. They are Robin Hu, Asia chairman at Milken Institute and advisory senior director at Temasek, and Eng-Kwok Seat Moey, former group head of capital markets at DBS, respectively. Hu, 67, had been on the board of Parkway Life Reit’s manager as independent director since July. Eng-Kwok, 66, will succeed Cheah Sui Ling, 53, as chairperson of the audit and risk committee. Units of Parkway Life Reit on Friday closed 0.5 per cent or S$0.02 higher at S$4.15, before the news.

Hong Leong Asia : The director of its subsidiary China Yuchai International (CYI), Wu Qiwei, has been “detained” by Chinese authorities, along with the former chief accountant of CYI’s unit Guangxi Yuchai Machinery, Qin Xiaohong. On Monday, the group stated that the reasons for the detainment are unknown and any charges have not been verified. The counter ended Friday down 4.5 per cent or S$0.12 at S$2.52. 

Wilmar International : The general manager of the group’s Indonesian subsidiary Duta Sugar International was charged by the Indonesian public prosecutor over carrying out unlawful acts related to the imports of raw sugar in 2016, based on a Monday bourse filing. These imports reportedly caused state losses amounting to 578 billion rupiah (S$45 million). He is among representatives of eight other refined sugar producers in Indonesia who have been charged in the same case. Shares of Wilmar International ended last Friday 0.7 per cent or S$0.02 higher at S$2.95.

First Reit : The manager of the Reit said on Friday that it has agreed to divest its property, Imperial Aryaduta Hotel & Country Club, for 332.2 billion rupiah. The buyers are indirect wholly owned subsidiaries of Indonesian property player Lippo Karawaci. The sale consideration translates to a 0.65 per cent premium to the average of two independent valuations that came to 330 billion rupiah. It also represents a premium of 22.2 per cent over its initial investment cost, said Victor Tan, executive director and chief executive of the manager. Units of First Reit closed 1.8 per cent or S$0.005 higher at S$0.28 on Friday, before the announcement.