Stocks to watch: SingPost, Elite UK Reit

THE following companies saw new developments that may affect trading of their securities on Wednesday (Nov 27):

Singapore Post (SingPost): The national postal service provider said on Tuesday that it was in exclusive talks with a third party for a potential sale of its Australia business, while stating that no definitive deal has been reached. The company’s Australia segment includes fourth-party logistics services, third-party logistics solutions including transportation and distribution, last-mile courier delivery, as well as warehousing services. Its Australian business had logged a revenue of S$574.8 million for the half year ended Sep 30, up from S$398.8 million a year earlier. Its shares closed 0.9 per cent or S$0.005 higher at S$0.555, before the announcement.

Elite UK Reit : The real estate investment trust is divesting Hilden House in Warrington, England, for £3.3 million (S$5.6 million), representing a 6 per cent premium above the property’s valuation of £3.1 million as at Jun 30. On Wednesday, its manager said net proceeds from the transaction will be used to repay debt. Units of Elite UK Reit closed on Tuesday 1.8 per cent or £0.005 higher at £0.29.