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Stocks to watch: CDL, SATS, SIIC Environment, Second Chance Properties, International Cement
THE following companies saw new developments that may affect trading of their shares on Monday:
City Developments Limited (CDL): Mainboard-listed property developer CDL on Friday announced that it will compulsorily acquire the remaining shares for its London-listed subsidiary Millennium & Copthorne (M&C) held by shareholders who have not yet accepted the final offer of 685 pence per share. The final offer will remain open for acceptance until further notice. As at 1pm London time on Sept 27, valid acceptances amounting to a total of 112 million M&C shares, representing about 99.21 per cent of M&C's issued ordinary share capital not already owned by CDL as at June 7, have been received. The cancellation of listing and trading of M&C shares is expected to take effect at 8am London time on Oct 11. CDL shares last traded at S$9.72 on Friday, down 0.3 per cent or three Singapore cents.
SATS: Ground handler and caterer SATS will be selling its 30 per cent stake in Taj Madras Flight Kitchen to Taj SATS Air Catering, its joint-venture catering business in India, for a cash consideration of 178.74 million rupees (S$3.5 million). SATS owns 49 per cent of Taj SATS Air Catering and 30 per cent of the total issued shares in the capital of Taj Madras Flight Kitchen, which is its inflight catering facility in India. Following a corporate restructuring exercise, Taj SATS Air Catering intends to acquire 100 per cent ownership of Taj Madras Flight Kitchen from all of its stakeholders. SATS last traded unchanged at S$4.82 on Friday.
SIIC Environment Holdings (SIIC): SIIC on Monday said it has formed a joint venture (JV) company with Baowu Environment with 1.1 billion yuan (S$198.9 million) in registered capital. Independent third party Baowu Environment is an environmental pollution treatment company and a member of the China Baowu Steel Group Corporation. The JV, which was incorporated in China on Sept 27, is called Shanghai SIIC Baojin’gang Environmental Resources Technology Co Ltd. Its business activities will involve power generation, waste management and the processing and sale of slag products. SIIC shares closed at 24.5 Singapore cents on Friday, up 4.3 per cent, or one cent.
Second Chance Properties: Second Chance Properties intends to undertake a proposed bonus issue of free warrants to subscribe for new shares in the company to raise a maximum of S$1.13 billion in gross proceeds. Subject to approval from shareholders and regulatory authorities, the bonus warrants will be constituted by way of a deed poll and will be in registered form. The bonus warrants are proposed to be issued free to entitled shareholders on the basis of three bonus warrants for every one existing ordinary share in the issued capital of the company. Each bonus warrant will give the warrantholder the right to subscribe in cash for one new share at an exercise price of 25 Singapore cents. The counter last traded at 22.5 Singapore cents on Sept 23, down 6.3 per cent, or 1.5 cents.
International Cement Group (ICG): ICG has cancelled its proposed US$104.4 million purchase of African cement producer Schwenk Namibia, the watch-listed cement producer said in a bourse filing on Monday. The deal, which was first announced in March this year, was terminated on Sept 27, 2019. ICG had previously extended the deal's long stop date by six months to Jan 31, 2020 from July 31, 2019, to fulfil the deal's closing conditions. ICG shares closed down 12.5 per cent, or 0.3 Singapore cent to 2.1 cents on Friday.