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Stocks to watch: CapitaLand Mall Trust, China Jinjiang, Singapore Myanmar Investco
THE following companies saw new developments that may affect trading of their shares on Friday:
CapitaLand Mall Trust (CMT): The manager of CMT on Thursday announced board changes, including new chairman Teo Swee Lian, who has spent more than 27 years with the Monetary Authority of Singapore. Ms Teo is currently a non-executive independent director of Singtel and AIA Group, listed on the Singapore and Hong Kong stock exchanges, respectively. She replaces Richard Rokmat Magnus, who will also cease to be chairman of the Corporate Disclosure Committee. The latter position will also be assumed by Ms Teo. These changes take effect from Apr 12, 2019. Meanwhile, the investment committee will also be done away with, and the board of directors will be in charge of reviewing and approving proposals on major acquisitions and divestments of the trust, it said. Units in CMT closed at S$2.38 per unit on Thursday, down 1.3 per cent, or three Singapore cents.
China Jinjiang Environment Holding Company: The Chinese waste-to-energy firm on Friday said a 23.9 million yuan (S$4.8 million) difference between its audited and unaudited 2018 net profit is due to a subsidiary enjoying a restrospectively lowered tax rate after being certified as a "national high-tech enterprise". Accordingly, audited full-year net profit is 565 million yuan for 2018, up from the 541.1 million yuan profit reported in its unaudited financial statements. Earnings per share also came in higher at 41.81 RMB cents, from the 40.04 RMB cents previously stated. China Jinjiang's subsidiary, Hangzhou Kesheng Energy Technology Co, has received the national high-tech enterprise certification for a period of three years from Jan 1, 2018 to Dec 31, 2020 by the Zhejiang authorities in China, the company said. That led to Hangzhou Kesheng enjoying a lower corporate income tax rate, which was retrospectively applied. Shares in China Jinjiang closed at S$0.58 on Thursday, up 0.9 per cent, or 0.5 Singapore cent.
Singapore Myanmar Investco (SMI): SMI, through its indirect subsidiary TPR Myanmar, is selling all of TPR’s telecommunications towers and tower leases in Myanmar for US$8 million. The buyer is Irrawaddy Green Towers and its parent company Irrawaddy Towers Asset Holding. The deal terminates an earlier deal entered with Tiger Infrastructure on June 1, 2018 for the share sale of TPR Myanmar, which had received a summons seeking an injunction from a joint venture partner. The counter closed flat at S$0.15 on Thursday.