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Stocks to watch: CapitaLand, Cromwell E-Reit, Biolidics, Green Build, Raffles United
THE following companies saw new developments that may affect trading of their shares on Tuesday:
CapitaLand: Mainboard-listed property heavyweight CapitaLand has agreed to sell its entire 24.09 per cent stake in Hong Kong-listed Central China Real Estate (CCRE) to CCRE shareholder Joy Bright Investments for HK$2.83 billion (S$496 million). This works out to HK$4.30 per share; CCRE last traded at HK$3.45 per share on June 28.
On Monday evening, Lucas Loh, president (China) for CapitaLand, said: "CapitaLand's stake in CCRE has generated stable returns over the years. In view that CCRE operates primarily in Henan province, outside of CapitaLand's core city clusters, the divestment would allow us to re-allocate capital to other opportunities in our core businesses."
CapitaLand shares closed at S$3.65 on Monday, up 12 cents or 3.4 per cent.
Cromwell E-Reit: Cromwell European Real Estate Investment Trust (Cromwell E-Reit) on Tuesday morning said it will place out about 326.1 million new units at 46 euro cents each via a private placement, and distribute its income prior to the issue of these new units to "ensure fairness" to existing unitholders. The new units started trading on the Singapore Exchange's mainboard at 9am on Tuesday.
Memtech International: Trading of shares in Memtech International will be suspended by the Singapore Exchange at the close of an offer from the firm’s controlling shareholders after its free float fell under 10 per cent. The Chuang family has made a voluntary conditional offer for the mainboard-listed electronics components manufacturer at S$1.35 in cash for each share. The offer closes on July 26 at 5.30pm. Memtech shares closed down one Singapore cent at S$1.34 on Monday.
Biolidics: The Catalist-listed medical technology firm on Tuesday morning requested for an immediate trading halt, pending its announcement of a revised press release with clarifications on the reimbursement for cancer laboratory-developed tests in China. Its shares last traded on Monday at 29.5 Singapore cents.
New Silkroutes Group: The mainboard-listed healthcare provider’s sale and purchase agreement for the disposal of International Energy Group (IEG) to TK Energy has lapsed as at June 30, after the buyer failed to disburse the loans to New Silkroutes Capital and IEG. New Silkroutes said on Monday evening that it will continue to look for a suitable buyer with the financial means to maintain and grow IEG's business. The counter closed at S$0.26 on Monday, up one cent.
Green Build Technology: The watch-listed company said on Monday night that its asset purchase agreement with Yea Eun Columbarium to buy niches in Seoul, South Korea, and its convertible bond agreement with South Korean investor Kim Kwang Seun have both lapsed. The asset purchase agreement had a ballpark indicative value of S$5.6 million. Meanwhile, Mr Kim had agreed to subscribe for a convertible bond issued by Green Build with a principal sum of S$2.5 million. Its shares last traded on April 30 at S$0.11.
Raffles United Holdings: One of its shareholders has made a mandatory unconditional cash offer for the shares it does not already own in the company at 6.5 Singapore cents per share. This comes after the offeror, Raffles Infinity Holdings, on July 1 acquired 82.08 per cent of shares in Raffles United, making it a substantial shareholder. Shares of Raffles United last traded on June 25 at 5.1 Singapore cents. It requested the trading halt to be lifted on Monday after the market closed.