Stocks to watch: OCBC, SingPost, Sembcorp

THE following companies saw new developments that may affect the trading of their securities on Monday (Dec 30):

OCBC : The bank has agreed to sell its entire 33.3 per cent stake in Hong Kong Life Insurance to a Hong Kong investment holding company for HK$589.3 million (S$103 million). Upon completion of the sale, Hong Kong Life will cease to be associated with OCBC and OCBC Hong Kong. Shares of OCBC closed S$0.03 or 0.2 per cent higher at S$16.52 on Friday, before the announcement.

Singapore Post (SingPost): The postal services provider has released responses to queries from the Securities Investors Association (Singapore), as well as from stakeholders, regarding the recent termination of its three senior executives. The account of the investigation and disciplinary process leading to the terminations ensured that “the affected executives were given the opportunity to be heard”, said the group on Sunday. Shares of SingPost ended Friday S$0.005 or 1 per cent lower at S$0.52.