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Stocks to watch: CapitaLand, Centurion, Procurri, DeClout, PCI
THE following companies saw new developments that may affect trading of their shares on Monday:
CapitaLand: CapitaLand has entered a 50:50 joint venture to acquire a prime office building in Shanghai, as a seed asset for a value-add fund which CapitaLand is setting up "to invest in commercial real estate in key gateway cities in Asia". The joint venture with an unrelated third party will acquire about 70 per cent of Pufa Tower for 2.75 billion yuan (S$546.3 million), with the deal immediately contributing to the group's recurring income.
Centurion Corporation: Centurion Corporation is inviting noteholders to exchange S$85m of 5.25 per cent notes due 2020 for new S$85m of 5.5 per cent notes due 2022. It will pay a 0.25 per cent exchange premium to noteholders who offer to exchange their notes by the expiration deadline of 12pm on Jan 18.
Procurri Corp: Mainboard-listed enterprise hardware supplier Procurri Corp said early Monday the third party who made an offer on Sept 7, 2018 to acquire the company through a possible voluntary general offer is still considering the possible deal. Procurri said that due diligence checks are still being carried out by the interested third party and that the company understands from the third party that it is still considering the offer and the various avenues of carrying out the possible transaction.
DeClout: Catalist-listed technology incubator DeClout said on Sunday that there could be a general offer for shares of the company by an independent third party. The possible transaction is in advanced stages but no definitive agreements have been inked.
PCI: American private equity firm Platinum Equity Advisors has offered to acquire all the shares of mainboard-listed PCI by way of a scheme of arrangement, and is offering S$1.33 in cash for each share. The price represents a premium of 60.1 per cent over the volume-weighted average price of PCI shares for the 12-month period up to and including Sept 17, 2018.