Stocks to watch: OCBC, Great Eastern, Seatrium, ST Engineering, OUE Reit, Sasseur Reit, Sabana Reit

THE following companies saw new developments that may affect trading of their securities on Tuesday (Jun 18):

OCBC : The lender’s privatisation bid for its insurance arm Great Eastern Holdings (GEH) is not fair but reasonable, the independent financial adviser to the deal said on Friday. The offer price of S$25.60 per share represents a 36.9 per cent premium over GEH’s last traded price of S$18.70 before the offer announcement, but a 30 per cent discount to GEH’s embedded value per share of S$36.59 as at Dec 31, 2023. Shares of OCBC closed 1.1 per cent or S$0.16 lower at S$14.14, while shares of GEH slipped 0.3 per cent or S$0.07 to S$26.10, before the news.

Seatrium : The company said on Sunday that it had been informed that the Monetary Authority of Singapore and the Commercial Affairs Department are conducting a joint investigation into offences potentially committed by the company and/or its officers. The potential offences are related to a decade-old bribery case in Brazil infamously dubbed “Operation Car Wash”. Shares of Seatrium closed S$0.03 or 1.8 per cent lower at S$1.67 on Friday.

Singapore Technologies Engineering (ST Engineering): The group has won ammunition orders of more than S$100 million in total value from Europe between April and early June. The group’s order book stood at S$27.7 billion as at end-March. Shares of ST Engineering closed S$0.06 or 1.5 per cent lower at S$3.98 on Friday, before the news.

OUE Real Estate Investment Trust (OUE Reit): The Reit manager on Friday said it has completed the issuance of its S$250 million inaugural green notes due in 2027 at a 4.1 per cent fixed rate. The manager said it achieved a final order book of S$425 million, representing a subscription of 1.7 times over the final upsized offer. Units of OUE Reit closed flat at S$0.265, before the news.

Sasseur Real Estate Investment Trus t (Sasseur Reit): The outlet-mall player is confident that its focus on operational performance, along with financial prudence, will allow it to ride out the headwinds in the property sector as it eyes long-term growth. Units of Sasseur Reit closed flat at S$0.665 on Friday, before the news.

Sabana Industrial Real Estate Investment Trust (Sabana Reit): Its manager has denied allegations that the upcoming issuance of its sustainability-linked bond puts the trust in “financial jeopardy”, nor does it “complicate and impede” its internalisation process. The manager added that it has been working on the bond issuance since June 2022, before activist investor Quarz Capital even requested to convene an extraordinary general meeting to discuss its internalisation. Units of Sabana Reit closed S$0.005 or 1.4 per cent lower at S$0.35 on Friday, before the announcement.