Stocks to watch: OCBC, Great Eastern, SingPost, Best World, LMIRT, Cordlife
THE following companies saw new developments that may affect trading of their securities on Tuesday (Jun 25):
OCBC , Great Eastern : OCBC and concert parties have garnered 90.16 per cent of the shares in Great Eastern, said the lender. But no delisting is in sight as the bank’s offer for its insurance subsidiary has been deemed not fair but reasonable. As the number of Great Eastern shares held by the public has now fallen below the 10 per cent threshold, the counter will be suspended from trading after OCBC’s offer closes on Jul 12. Shares of OCBC closed 1.1 per cent or S$0.15 higher at S$14.31, and shares of Great Eastern were up 0.4 per cent or S$0.09 at S$25.70 on Monday, before the announcement.
Singapore Post : The national postal service provider on Monday said it has settled long-drawn-out legal proceedings with a shares seller. The terms of the settlement are confidential but SingPost said that there was no admission of liability. Shares of SingPost closed 1.1 per cent or S$0.005 lower at S$0.45, before the news.
Best World : Its exit offer has been deemed “fair and reasonable” by independent financial adviser. The adviser estimated that the value of each Best World share ranges between S$1.36 and S$2.69. Given that its final exit offer price is within the fourth quartile of this range, the offer is thus deemed “fair”. Shares of Best World closed 0.8 per cent or S$0.02 higher at S$2.49 on Monday, before the announcement.
Lippo Malls Indonesia Retail Trust (LMIRT): The real estate investment trust’s (Reit) aggregate leverage ratio is estimated to range between 45 per cent and 45.2 per cent; “marginally” above the 45 per cent regulatory limit, its manager noted on Tuesday. This came as the Indonesian rupiah appreciated significantly against the Singapore dollar, reducing the value of LMIRT’s assets after conversion into Singapore dollars. Units of the Reit ended Monday flat at S$0.012.
Cordlife Group : The troubled private cord-blood bank on Tuesday said it received a fifth letter from SAC Capital, on behalf of the group’s substantial shareholder Nanjing Xinjiekou, stating that developments relating to the company has been and will continue to be “closely” monitored. This includes Cordlife’s progress to receive the Ministry of Health’s approval to resume operations “as soon as possible”. Shares of Cordlife ended Monday S$0.002 or 1.4 per cent lower at S$0.136.
Jasper Investments : The marine player has entered into further subscription agreements for the issue and allotment of an additional 8.6 million shares at S$0.0015 apiece, for an aggregate consideration of about S$13 million. This is part of its larger fundraising and debt capitalisation exercise, said the mainboard-listed company on Tuesday. Shares of Jasper Investments ended Monday flat at S$0.008, before the news.
