Two stocks make trading debut on SGX

Singapore

ONE provides engineering support for ground transport vehicles; the other is a real estate investment trust (Reit) backed by China logistic assets.

On paper it may seem, Wong Fong Industries and EC World Reit are completely different entities.

But the two firms do have one similarity: both made their trading debut on the local bourse on Thursday.

Listed on the main board of the Singapore Exchange (SGX), EC World Reit opened at 81 Singapore cents, had an intraday trading high of 82 Singapore cents and closed higher by 0.6 per cent at 81.5 Singapore cents.

The Reit, which is the first Chinese listing on SGX this year, is backed by a portfolio of six logistics properties in Hangzhou. The properties have a valuation of 6.36 billion yuan (S$1.3 billion), the firm said.

Its units have a 7.1 per cent annualised yield for this year ending Dec 31, and a 7.3 per cent yield for next year.

EC World's listing brings the total number of SGX-listed Reits and property trusts to 42, with a combined valuation of about S$70 billion.

Said head of equity capital market (sectors) at SGX Simon Lim: "The global e-commerce industry is growing at burgeoning pace, and we are delighted to have this sector represented in our comprehensive suite of Reit offerings."

Wong Fong Industries, meanwhile, made its debut on the Catalist board and opened at 42 Singapore cents, hitting an intraday trading high of 43 Singapore cents before closing 11 Singapore cents down at S$0.31.

During the day, about 18.7 million shares traded hands.

The firm made its listing as part of efforts to expand and diversify.

The listing of Wong Fong brings the total number of companies on Catalist to 183, with a combined market capitalisation of S$10 billion.