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Stocks to watch: CDL, Dasin Retail Trust, AEM Holdings, Sakae
THE following companies saw new developments that may affect trading of their shares on Friday:
City Developments Limited (CDL): CDL's final cash offer to acquire all remaining shares in its London-listed subsidiary Millennium & Copthorne hotels (M&C) has been declared unconditional. M&C will also delist its shares from the London Stock Exchange, which is expected to become effective on Oct 11. As at 5pm London time on Sept 12, valid acceptances were received for 58.28 per cent of the M&C shares not already owned by CDL and its subsidiaries on June 7. This passes the 50 per cent threshold required to satisfy the acceptance condition, the mainboard-listed property developer said early on Friday morning. CDL shares closed at S$9.80, down 10 Singapore cents or 1.01 per cent, on Thursday before the announcements were made.
Dasin Retail Trust: Mainboard-listed Dasin Retail Trust on Friday said it has completed the acquisition of Doumen Metro Mall in China for S$274.8 million. With the move, Dasin Retail Trust will own all the equity interests of Jiaxin Commercial Holdings (Doumen Holdco). The deal amount comprises a purchase price of S$61.3 million; a repayment of existing indebtedness of Doumen Holdco and its subsidiaries of S$201.2 million; S$10.3 million in fees and expenses related to the acquisition; and a S$2 million acquisition fee paid in units to the trustee-manager. Units of Dasin Retail Trust closed unchanged at 84.5 Singapore cents on Thursday.
AEM Holdings: AEM Holdings, which provides advanced chip testing solutions, has received sales orders worth S$280 million for delivery in fiscal year 2019 as at Sept 12. As such, the group is revising its expected revenue range to between S$285 million and S$305 million for FY2019, the mainboard-listed company said in a financial guidance released on Thursday night. Capex (capital expenditure) range remains at S$4 million to S$7 million, the company said. Shares in AEM Holdings closed at S$1.15 on Thursday, up 0.9 per cent, or one cent before the release of this announcement.
Sakae Holdings: The High Court has approved the partial return of capital totalling S$33 million to the contributories of Griffin Real Estate Investment Holdings (GREIH), an associate company of Sakae Holdings. Based on its shareholding in GREIH, Sakae itself will receive S$8.1 million in net proceeds, the mainboard-listed company announced in a bourse filing on Thursday. In August last year, Andy Ong, a former director of GREIH, faced 17 charges for allegedly committing offences involving more than S$20 million. In September 2017, Sakae won a lawsuit against Mr Ong and his two associates, whom it accused of treating GREIH's funds as their personal money and diverting them for the benefit of another company. Sakae shares last traded at 7.3 Singapore cents on Aug 30, down 14.1 per cent, or 1.2 cents.
Trading halt: Catalist-listed gold miner Wilton Resources Corporation on Friday morning requested for a trading halt, pending the release of an announcement. The counter last traded at 2.9 Singapore cents on Wednesday, up 7.4 per cent, or 0.2 cent.