Stocks to watch: OCBC, Lum Chang, Suntec Reit, Acrophyte Hospitality Trust, Stoneweg Europe Stapled Trust, ICP

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

OCBC : The lender on Monday said it has no intention to convert its Class C non-voting Great Eastern shares into ordinary shares when they come up for conversion in five years as this will result in the insurer losing its free float again. The bank was responding to media reports on how OCBC can still propose the privatisation and delisting of Great Eastern by converting these non-voting shares to ordinary, voting shares. The bank added that it is opting for the Class C non-voting shares at Great Eastern’s request to help it meet the free-float requirement and resume trading. Shares of OCBC closed 0.3 per cent higher at S$15.94 on Monday before the release of the statement.

Lum Chang : Interior fit-out business Lum Chang Creations lodged a preliminary prospectus on Monday for a Catalist listing on the Singapore Exchange, following its spin-off from the mainboard-listed construction and property development company, finalised on Jun 19. Lum Chang Creations plans to use net proceeds from its initial public offering to grow its regional presence, expand its portfolio of interior fit-out and A&A projects in the high-end residential sector, and explore investment opportunities, on top of increasing its current working capital. Shares of Lum Chang closed on Monday flat at S$0.34, before the announcement.