Stocks to watch: Singtel, GSH

THE following companies saw new developments that may affect trading of their securities on Wednesday (Sep 6):

Singtel : The telco’s digital bank joint venture with Grab has obtained approval to start operations in Malaysia from this month. With the commencement of operations, GXBank will begin beta-testing its app – starting with the employees of GXBank, Grab and Kuok Group. Shares of Singtel dropped 0.4 per cent or S$0.01 to close at S$2.35 on Tuesday, prior to the announcement.

GSH : The property developer announced on Tuesday that the sale of nine office units in Raffles Place for a total consideration of S$38.8 million has been terminated. The purchaser’s solicitors had stated that the purchaser would not be able to complete the transaction. GSH said the termination of the proposed disposal is not expected to have a material effect on the consolidated net tangible assets per share of the company and group for the current financial year. Shares of GSH gained 1.2 per cent or S$0.002 to close at S$0.17 prior to the announcement.