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Stocks to watch: CapitaLand, UOL, ST Engineering, Heeton, YZJ Shipbuilding, NGSC
THE following companies saw new developments that may affect trading of their shares on Monday:
CapitaLand: Shareholders raised some concerns over CapitaLand's proposed acquisition of Ascendas-Singbridge (ASB) at an extraordinary generating meeting (EGM) on Friday before overwhelmingly giving their blessing for the deal. The property developer is paying Temasek Holdings nearly S$6.04 billion for industrial and commercial real estate player ASB, although the deal has an enterprise value of about S$11 billion when taking into account some S$5 billion in debt owed by ASB. The counter closed at S$3.65 on Friday, down S$0.03.
UOL Group: The Marina Mandarin Singapore and parts of the Marina Square complex are changing hands for S$675.3 million, under a deal last Friday involving firms linked to tycoon Wee Cho Yaw. United Industrial Corp (UIC) is buying out Finnegan Investments and Mackmoor, as well as mainboard-listed OUE. The whole Marina Square mall will then be owned jointly by UIC and parent UOL Group. UOL last closed at S$7.28, down S$0.01.
Singapore Technologies Engineering: Mainboard-listed ST Engineering has been allowed to buy a maker of critical aeroplane engine parts from the United States’ General Electric, it disclosed on Sunday. Its US subsidiary Vision Technologies Aerospace Incorporated obtained clearance from a US government committee to buy Maryland-based engine nacelle systems manufacturer MRA Systems, ST Engineering said. Shares of the company closed at S$3.82 on Friday, down S$0.01.
Heeton Holdings: A Singaporean consortium has snapped up the Crowne Plaza London Kensington hotel for £84.3 million (S$148.9 million), in a April 11 deal announced on Sunday morning. Mainboard-listed developer Heeton Holdings, which now has a 60 per cent stake in the 163-room development, went in with mainboard-listed contractor KSH Holdings and the privately held construction company Ho Lee Group, which each holding a 20 per cent interest. The consortium bought over hotel investment holding company L.C. (London), in a share sale and purchase agreement. Shares of Heeton Holdings last closed at S$0.47, down S$0.010.
Yangzijiang Shipbuilding: Yangzijiang Shipbuilding's executive chairman Ren Yuanlin has donated 150 million of his shares to a newly established trust to reward the China-based company's senior management. The shares account for 3.8 per cent of the Singapore mainboard-listed shipbuilder's total issued voting shares. Going by the closing price of S$1.61 on Friday, these shares are worth S$241.5 million.
Lian Beng: The listed main contractor raked in 55.3 per cent lower profit of S$3.6 million for the quarter ended February as it was hit by higher cost of sales and a S$3.1 million loss from its associates and joint ventures. These hit the firm's bottom line, which was S$8.1 million (restated) in the preceding year. Its financial results for the third quarter of fiscal year 2019 released on Friday saw its cost of sales go up 6.5 per cent year-on-year to S$70.1 million, mainly due to an increase in construction cost. The counter last closed flat at S$0.535 on Friday.
Asian Pay Television Trust: APTT on Monday said it is undergoing an independent strategic review of options available for the trust and its investment in Taiwan Broadband Communications Group (TBC). Trustee-manager APTT Management has established a special committee consisting of four independent directors and chief executive officer Brian McKinley, and is currently in the process of selecting an independent financial adviser to assist with the review. Units of APTT last closed at 12.9 Singapore cents on Friday, up 0.1 cents.
NGSC: Mainboard-listed satellite service provider NGSC’s former chief executive, fired in March, is now the target of efforts to take away his board seat - along with the chairman’s and two other directors’. Shareholders have called a vote to oust not just non-executive, non-independent director Vicente S Ku, the former CEO, and the other named directors, but also anyone else who is named to the board between the April 10 requisition notice and the extraordinary general meeting. The counter closed flat at 0.1 Singapore cents on Friday.
NauticAWT: Catalist-listed NauticAWT's independent auditor Deloitte & Touche has, without modifying its opinion, flagged a material uncertainty related to the going concern of the oil and gas engineering group, as its current liabilities exceeded its current assets by US$4.6 million even as the group recorded a loss of about US$5 million for the financial year ended Dec 31, 2018. Shares of the company closed flat at S$0.028 on Friday.
Frasers Centrepoint Trust (FCT): FCT's manager has named Richard Ng as chief executive officer-designate to take over the reins from Chew Tuan Chiong, who is retiring. Frasers Centrepoint Asset Management (FCAM), in a regulatory filing on Friday, announced the appointment of the 51-year-old Mr Ng as CEO-designate from Apr 15. Dr Chew will assume the role of adviser to Frasers Property when he retires on July 1. Shares of the company closed at S$2.39 on Friday, up S$0.01.