Stocks to watch: Manulife US Reit, Japan Foods

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

Manulife US Real Estate Investment Trust (Manulife US Reit): A letter of intent was inked to divest Phipps Tower in Atlanta, Georgia, as part of the Reit’s ongoing stategic review. On Wednesday, its manager also said it is considering proposals from other prospective partners for the potential sale, as the exclusivity period with Mirae Asset Global Investments has lapsed. Units of Manulife US Reit closed on Tuesday US$0.034 or 24.1 per cent higher at US$0.175.

Japan Foods : The company, which operates restaurants such as Ajisen Ramen and Tokyo Shokudo, posted a 63.3 per cent drop in net profit to S$1.8 million for its second half ended Mar 31, 2023, from S$4.9 million in the previous corresponding period. For the full year, net profit for the Catalist-listed company was up 27.7 per cent at S$4.1 million, while revenue jumped 43.8 per cent to S$78.5 million. A final dividend of S$0.01 per share was proposed for the year, down from S$0.0135 the year before. Shares of Japan Foods closed flat at S$0.435 on Tuesday, before the results were announced.