Stocks to watch: Prudential, Shangri-La Asia, Olam, Penguin International

THE following companies saw new developments that may affect trading of their securities on Thursday (Aug 31): Prudential : The insurance-focused group on Wednesday reported net profit of US$947 million for the first half-year ended June 2023, from a US$1.5 billion loss a year earlier, as it benefited from a rebound in Chinese investors buying insurance products in Hong Kong. By geography, profit contribution from Singapore fell significantly. Shares of Prudential on the Singapore Exchange (SGX) ended unchanged at US$10.01, after the news.

Shangri-La Asia : The hotel group reported net profit of US$131.4 million for its first half ended Jun 30, 2023, from a loss of US$158.2 million the same period last year. Its return to profitability was attributed mainly to the robust recovery of its hotel business, particularly in Hong Kong and mainland China. Its SGX-listed counter ended Wednesday unmoved at HK$5.50, before the announcement.

Olam Group : It has secured a US$1.75 billion multi-tranche sustainability-linked facility through its wholly-owned food ingredients unit OFI. Proceeds will be used to refinance OFI’s existing loans and general corporate purposes, announced Olam on Thursday. Its shares closed down S$0.02 or 1.6 per cent at S$1.24 on Wednesday.