Stocks to watch: Sabana Reit, Cromwell E-Reit, LMIRT, Global Dragon

THE following companies saw new developments that may affect trading of their securities on Thursday (Mar 9):

Sabana Industrial Real Estate Investment Trust (Sabana Reit): Its substantial shareholder’s voluntary conditional cash partial offer to acquire an additional 10 per cent of the Reit has been declared unconditional in all respects. Together with valid acceptances of the offer, Swiss group Volare will own 21.6 per cent of the Reit. Units of Sabana Reit closed S$0.005 or 1.2 per cent lower at S$0.42 on Wednesday, before the announcement.

Cromwell European Real Estate Investment Trust (Cromwell E-Reit): Its subsidiary has restated a term loan facility by rolling over existing loans initially maturing in November 2023, while also obtaining new lender commitments for some 70.6 million euros (S$100.8 million). As a result, the Reit will have no near-term refinancing risk with the nearest debt maturity at the end of 2024, according to the manager’s chief financial officer on Thursday. Units of the Reit ended Thursday 0.05 euro cent or 3 per cent lower at 1.62 euros.

Lippo Malls Indonesia Retail Trust (LMIRT): Fitch Ratings has downgraded the trust’s long-term issuer default ratings to CCC from CCC+, it was announced on Thursday. This is the second downgrade from the rating agency this year as financing risks continue to weigh on LMIRT. Fitch said its latest rating action reflects the increased likelihood that LMIRT would be unable to refinance its S$547 million debt maturing over the next 18 months. Units of the trust closed flat at S$0.026 on Wednesday.

Global Dragon : A voluntary cash conditional offer made by Fragrance Group’s founder Koh Wee Meng to take the Catalist-listed company private was declared unconditional in all respects. As at 6 pm on Wednesday, valid acceptances of the offer amounting to 30.36 per cent of Global Dragon’s share capital were attained, resulting in the offeror and its concert parties holding 90.96 per cent of the company. The counter ended Wednesday unchanged at S$0.12, before the news.