Stocks to watch: Seatrium, Keppel, Centurion, CapitaLand Ascott Trust, Boustead, UI Boustead Reit, Fu Yu, Addvalue Tech

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Apr 27): 

Seatrium : Seatrium will not face criminal prosecution in Singapore over corruption offences in Brazil, following approval from the High Court of a deferred prosecution agreement, based on a Friday bourse filing. A breach any of the terms, however, is cause for prosecutors to revive proceedings. The company will pay a net sum of US$57 million to local authorities. Shares of Seatrium were up 1.7 per cent or S$0.04 to S$2.41 on Friday before the news.

Keppel : It has commenced arbitration proceedings against three entities it entered into an investment with in 2016, concerning a residential and mixed-use development project in Vietnam. Under the arbitration, Keppel is seeking declarations that the three entities are fully liable for some 6.9 trillion dong (around S$330 million) worth of additional land use fees that authorities have imposed on Empire City, which was established for the construction, development and operation of residential and mixed-use developments in the southern core of the Thu Thiem New Area in Ho Chi Minh City, Vietnam. Keppel shares closed Friday at S$11.55, S$0.07 or 0.6 per cent lower.

Centurion : The specialised living accommodation assets developer on Monday said that it has signed an agreement to buy its second key worker accommodation asset in Western Australia for about A$28.6 million (S$26.1 million). The property is located in the South Hedland region, and comprises 77 apartments spread over six storeys. The property has freehold tenure, and sits on a 5,378 square metre site. The counter closed flat at S$1.65 prior to the announcement.

CapitaLand Ascott Trust (Clas) : The manager on Monday announced that its distribution income was “relatively stable” for its first quarter ended March. Portfolio revenue per available unit rose 1 per cent year on year to S$137 across markets in Q1, while occupancy stood at 77 per cent. Stapled securities of Clas ended Friday 0.6 per cent or S$0.005 lower at S$0.905.

Boustead : The engineering and construction business of the company has been awarded a contract valued at over S$400 million by a public-sector client to construct an office complex in Singapore. This is Boustead’s largest project to date in terms of value, and will span three years, a Friday bourse filing said. The counter ended Friday 2.2 per cent or S$0.05 lower at S$2.18, before the announcement.

UI Boustead Real Estate Investment Trust (Reit) : The manager of the Reit said on Friday that the trust has entered into a joint venture with Fraxtor Group to develop two logistics facilities in Japan. Its share of total development costs amounts to about 2.5 billion yen (S$20 million), with the full amount totalling 10.3 billion yen. Upon completion, the development will be managed by UI Japan, a wholly owned subsidiary of the Reit’s sponsor UIB Holdings. Units of the Reit ended Friday 0.6 per cent or S$0.005 lower at S$0.82, before the news.

Fu Yu : The components manufacturer’s shareholders have raised concerns over the credentials and composition of the company’s board of directors ahead of the group’s annual general meeting on Apr 30, a bourse filing on Friday indicated. The board responded to queries on the nationalities of its directors, their lack of experience serving on the boards of Singapore-listed companies, and whether their fees are justified given three consecutive years of financial losses. Shares of Fu Yu ended at S$0.118 on Friday, up S$0.007 or 6.3 per cent, before the announcement.

Addvalue Technologies : The group on Monday said that it submitted an application to the Singapore Exchange proposing a spin-off listing of its wholly owned subsidiary, Addvalue Solutions (AVS), on the Nasdaq stock exchange. A new entity incorporated as a holding company of AVS will undertake an initial public offering of its shares. The proposed spin-off listing is subject to approval of the shareholders. Shares of Addvalue Tech closed flat at S$0.118 on Friday.