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Stocks to watch: Ascendas Reit, Pacific Star Development, Chip Eng Seng
THE following companies saw new developments that could affect trading of their shares on Friday:
Ascendas Real Estate Investment Trust (Reit): The business space and industrial property trust said on Thursday evening that it has completed its £253.25 million (S$451.67 million) acquisition of 26 logistics properties in the UK. Professional fees, insurance premiums, and other fees and expenses incurred by Ascendas Reit amounted to about £4.23 million.
Chip Eng Seng Corp: The construction and property group halted the trading of its shares before the market opened on Friday after a late Thursday rally in its stock drew a trading query from the Singapore Exchange. Chip Eng Seng said that the trading halt was pending an announcement. The counter spent most of Thursday languishing in negative territory on thin volumes. But volume spiked after 4pm, and the share price climbed sharply before ending the day at 94.5 Singapore cents, with most of the gain of 5.6 per cent, or 5 Singapore cents, coming in the last hour of the trading session.
Pacific Star Development: The property group's total liabilities were revised higher by S$11.5 million to S$146.2 million after an audit of its financial results for the 18-month period from Jan 1, 2017 to June 30, 2018, in relation to a purchase consideration for the completion of a reverse takeover exercise.