Stocks to watch: Sabana Reit, Japan Foods, Sysma

THE following companies saw new developments that may affect trading of their securities on Friday (Jun 23).

Sabana Industrial Real Estate Investment Trust (Sabana Reit): Its manager has criticised activist investor Quarz Capital’s proposal for the Reit to use an internal manager instead, warning unit holders that it may destroy the value of their investment. Units of the Reit closed up 1.2 per cent or S$0.005 at S$0.435 on Thursday, before the manager’s rebuttal was announced.

Japan Foods : The company’s subsidiary Japan Foods Enterprises (JFE) has been suspended from applying for work passes till May 31, 2024, but allowed to renew its current ones. This comes as JFE faces a S$75,000 penalty by the Ministry of Manpower for breaching the Employment of Foreign Manpower Act. Japan Foods shares closed up 3.7 per cent or S$0.015 at S$0.425 on Thursday, before the announcement.