Stocks to watch: Seatrium, Food Empire, Frasers Property, Frasers Centrepoint Trust, Keppel

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Sep 24):

Seatrium : The offshore, marine and energy engineering solutions provider announced on Tuesday that it has divested its AmFELS shipyard in Brownsville, Texas, for a consideration of S$65 million. The asset sale is being executed through the group’s subsidiary, Seatrium AmFELS, which has entered into a binding agreement with a related party of Turkish builder Karpowership, Karpower Valley. The completion of the divestment is subject to customary closing conditions, including the transfer of the lease to the new owner by the Port of Brownsville. Shares of Seatrium closed 3.9 per cent or S$0.09 higher at S$2.43, before the announcement.

Food Empire : The company on Wednesday announced that it raised around S$42.8 million in gross proceeds through the placement of 17 million treasury shares at S$2.52 apiece. This brings its issued share capital, excluding treasury shares, from 529.8 million to 546.8 million shares. Food Empire said the placement enhances the trading liquidity of its shares and is expected to broaden its institutional investor base as well as position it to pursue growth opportunities. The counter finished on Tuesday 0.4 per cent or S$0.01 lower at S$2.66.

Frasers Property, Frasers Centrepoint Trust (FCT) : The real estate company on Tuesday announced that it has completed the acquisition of 10 strata lots at 51 Yishun Central 1 for S$34.5 million. These lots are located in Yishun 10, the strata-titled development next to the Northpoint City mall. They have a 99-year leasehold term which commenced on Apr 1, 1990, and a combined area of 966 square metres. This venture was proposed earlier on Aug 25 by the group to buy the remaining properties at Yishun 10 complex from FCT. Shares of Frasers Property ended 1.5 per cent or S$0.015 lower at S$0.985 on Tuesday; units of FCT closed 0.4 per cent or S$0.01 higher at S$2.30.

Keppel : The group announced on Tuesday that its subsidiary Jencity has completed the divestment of its 70 per cent stake in Saigon Sports City (SSC) to HTV Dai Phuoc and Vinobly Investment Real Estate Joint Stock. A share of 35 per cent to HTV Dai Phuoc and Vinobly Investment Real Estate Joint Stock each was agreed upon on Aug 5, for about 2.6 trillion dong (S$127.2 million) for each divestment. Following the completion of the deal, Jencity holds 30 per cent of the charter capital of SSC. Shares of Keppel closed on Tuesday flat at S$8.91, before the news.