Stocks to watch: SIA, Singtel, Sembcorp, Seatrium, Cromwell E-Reit, Sabana Reit

THE following companies saw new developments that may affect trading of their securities on Thursday (May 23):

Singapore Airlines (SIA) : The national carrier’s flight SQ321 encountered severe turbulence on its way from London’s Heathrow Airport to Singapore on Tuesday, resulting in the death of a British man and multiple people’s injuries. SIA said on Wednesday that 131 passengers and 12 crew members who were onboard arrived in Singapore via a relief flight in the early morning. Another 74 passengers and six crew members from SQ321 remain in Bangkok, including those receiving medical care, as well as their family members and loved ones who were on the flight. Shares of SIA closed Tuesday 0.2 per cent or S$0.01 lower at S$6.76.

Singtel : The telco sank into the red with a net loss of S$1.3 billion for its second half ended Mar 31, compared with a net profit of S$1.1 billion in the same period the year before. This was mainly due to a marked increase in exceptional losses, which included S$3.1 billion in non-cash impairment charges, it said on Thursday. Its counter ended 0.4 per cent or S$0.01 lower at S$2.40 on Tuesday.

Sembcorp Industries : A vendor involved in a contract dispute with Sembcorp’s indirect, wholly owned Indian subsidiary Green Infra Wind Energy added another claim to a contract dispute, bumping up its total counterclaim against the subsidiary. Sembcorp said on Tuesday that the arbitral tribunal had agreed on May 17 to allow the vendor, Siemens Gamesa Renewable Power, to amend its counterclaim to include an additional 2.9 billion rupees (S$47.5 million) under two bank guarantees that are part of the existing dispute. Its counter closed Tuesday down 0.8 per cent or S$0.04 at S$5.20, before the news.

Seatrium : The company said on Tuesday that it agreed to pay US$68 million to MH Wirth to make good on the interest payable and all outstanding issues arising from an arbitration with the provider of deep-sea mining and extraction services. Shares of Seatrium closed unchanged at S$1.56 on Tuesday, before the announcement.

Cromwell European Real Estate Investment Trust (E-Reit) : The Reit manager said on Thursday that Stoneweg Global Platform, a Luxembourg alternative investment fund, will become the Reit’s new sponsor and substantial unitholder. This comes as its existing sponsor Cromwell Property Group entered into a binding sale and purchase agreement for a total consideration of about 280 million euros (S$409.3 million) to divest Cromwell’s 27.79 per cent stake in the Reit and its European fund management platform to Stoneweg. Units of Cromwell E-Reit closed Tuesday down 1.3 per cent or 0.02 euro to 1.48 euros.

Sabana Industrial Reit : The Singapore High Court dismissed an appeal by the Reit’s former tenant Kleio One-Solution over outstanding rent and other payments due under the lease, upholding its orders made on Apr 5. Sabana Reit’s shares closed unchanged at S$0.355 on Tuesday.