Stocks to watch: SingPost, Sabana Reit, Singapore Paincare

THE following companies saw new developments that may affect trading of their securities on Friday (Jul 7):

Singapore Post Limited (SingPost): Shares of SingPost reached a seven-week high on Thursday after the government said it would consider allowing the national postal service provider to adjust its postage rates to “better reflect the cost of letter mail business”. SingPost later announced it would work with the Infocomm Media Development Authority to review its costs and operating model, which includes the optimisation of its post office network, and seeking the authority’s approval for additional postage rate adjustments. Shares of SingPost closed S$0.025 or 5.5 per cent higher at S$0.48, after the announcement. 

Sabana Industrial Real Estate Investment Trust (Sabana Reit): Its sponsor ESR Group on Thursday shot back at an open letter from investor Quarz Capital, which had sought support from the authorities to ensure fair conduct of an upcoming extraordinary general meeting (EGM). Two resolutions have been tabled for the EGM: The first is for the removal of Reit manager Sabana Real Estate Investment Management, and the second, for the internalisation of the Reit management function of Sabana Reit. Units of Sabana Reit closed flat at S$0.425 on Thursday, before the news.