Stocks to watch: Singtel, Tan Chong, United Hampshire US Reit, IX Biopharma, Lion Asiapac 

THE following companies saw new developments that may affect trading of their securities on Tuesday (Aug 23): Singapore Telecommunications (Singtel): Bloomberg sources cited in an article on Monday said the telecommunications company is going forward with a planned sale of its cyber security business Trustwave Holdings that could raise about US$200 million to US$300 million. Singtel is streamlining its portfolio as it seeks to raise cash and focus on 5G operations as well as developing new growth engines including IT services and data centres. Shares of SIngtel ended Monday unchanged at S$2.66. 

Tan Chong International: The auto dealer on Monday reported an increase in net profit for the first half of 2022 to HK$130.6 million (S$23.2 million) from HK$27.1 million, a 381 per cent jump from the same period a year ago. The huge increase was a result of the disposal of 1 of the company’s properties in Singapore, as announced on Jul 7. Shares of Tan Chong International ended Monday unchanged at HK$1.89.

United Hampshire US Reit (UHReit) : In response to a query raised about the investment trust’s “significant liabilities of S$309.2 million and cash and bank balance of only S$12.6 million”, UHReit said it has begun negotiations on refinancing options for its short-term liabilities maturing in March 2023. Its manager says it has “a broad range of banking relationships with local and international banks” and has begun negotiations with both its existing as well as potential new lenders on refinancing options for its loan facilities well in advance of their maturity. Units of UHReit ended Monday unchanged at S$0.60.