Stocks to watch: Manulife US Reit, Nam Cheong

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Dec 24):

Manulife US Real Estate Investment Trust (Manulife US Reit): The Reit manager posted an update on Wednesday that the master restructuring agreement concessions, which include an extension of its asset disposal deadline and temporary relaxation of its financial covenants from Dec 31, 2025, to Jun 30 next year, have been granted. It grants consent to keep its unencumbered gearing not more than 80 per cent until Jun 30, and to keep interest coverage ratio at no less than 1.5 times until Dec 31 next year. Units of Manulife US Reit ended at US$0.072, US$0.001 or 1.4 per cent higher on Tuesday.

Nam Cheong : The offshore marine company announced on Wednesday that it has entered into an agreement with a Vietnam-based offshore and marine group to sell a 4,000 deadweight ton platform supply vessel for US$20.5 million. The delivery is scheduled for December this year. Net proceeds from the deal will be used mainly to support the company’s shipbuilding activities. Shares of Nam Cheong closed 0.6 per cent or S$0.005 down at S$0.845.