Stocks to watch: Sinarmas Land, Frasers Hospitality Trust, Procurri Corp

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (May 6).

Sinarmas Land : W Capital, the independent financial advisor (IFA) appointed by Sinarmas Land to opine on its privatisation offer by the Widjaja-family linked Lyon Investments, responded to an article by The Business Times and a statement by Sias that were both published on Monday. Both parties had made claims that the IFA’s valuation range of S$0.35 to S$0.361 for shares of Sinarmas Land of was undervalued. W Capital said on Tuesday that it had adopted to most appropriate methodologies in line with conventional industry practice by other IFAs in Singapore. Shares of Sinarmas Land closed at S$0.32 on Monday, up S$0.005 or 1.6 per cent.

Frasers Hospitality Trust (FHT) : The stapled securities group on Tuesday posted a 6 per cent drop in distribution per stapled security to S$0.010257 for its first half year ended Mar 31, from S$0.01091 in the corresponding year-ago period. This decline was attributed to lower net property income and higher finance costs arising from the refinancing of borrowings in a higher interest rate environment. The distribution will be paid on Jun 27, after the record date on May 15. Stapled securities of FHT closed S$0.01 or 1.5 per cent lower at S$0.65 on Monday.