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Stocks to watch: China Jinjiang Environment, Cache Logistics Trust, Bonvests, Nordic Group

THE following companies saw new developments that may affect trading of their shares on Wednesday: 

China Jinjiang Environment: China Jinjiang Environment announced late on Tuesday night that with regard to its US$200 million loan facility with Standard Chartered Bank (Hong Kong), majority lenders do not require the mandatory prepayment of all outstanding loans due to an earlier change in control of the company. Should the majority lenders have required it, the agent StanChart would have to give notice on declaring all outstanding loans and amounts with accrued interest immediately due and payable. China Jinjiang shares closed at 57 Singapore cents on Tuesday, down 0.9 per cent, or 0.5 cent. 

Cache Logistics Trust: Cache Logistics Trust's manager announced on Tuesday that it has secured a new major tenant to lease over 300,000 square feet of space in Commodity Hub located at 24 Penjuru Road, Singapore. The undisclosed tenant is said to be an established global technology, defence and engineering company headquartered in Singapore. It is now among the list of Cache's top ten tenants by portfolio gross rental income. Daniel Cerf, CEO of the Manager, said that with the inking of the new tenancy, it has secured 1,112,100 sq ft of leases and renewals in 2019. The present committed portfolio occupancy is 93.2 per cent. The counter closed at 72 Singapore cents on Tuesday, down 0.7 per cent, or 0.5 cent.

Bonvests Holdings: Property group Bonvests Holdings' wholly-owned subsidiary Goldcove has acquired a Moroccan-registered company and several properties for a total sum of about S$29.93 million. Goldcove SA, the company that was acquired, was acquired for 353,900 Moroccan Dirhams (S$51,000), representing 99.97 per cent equity interest. Goldcove SA has also entered into agreements with third party vendors to acquire a hotel and certain properties in Marrakech, Morocco, which amount to about S$29.88 million. The acquisition will be financed by internal funds and bank borrowings, said the company. It is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending Dec 31, 2019. Bonvests shares last traded at S$1.26 on Monday, up 0.8 per cent, or one cent.

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Nordic Group: Systems integration solutions provider Nordic Group is looking to buy Envipure within the range of S$14 million to S$15.5 million. The group said on Wednesday that its wholly-owned subsidiary, Nordic Flow Control, had entered into a non-binding term sheet with the seller, Sunalps, to acquire all the shares in Envipure. Envipure and its subsidiaries, Envipure Sdn Bhd and Pollution Control Asia, provide turnkey engineering solutions in process, industrial plant and environmental engineering services, air pollution control, odour abatement, and water and waste-water treatment. Nordic Group said the proposed acquisition will allow it to widen its range of products and services, as well as to penetrate new markets and tap into new customers in the semiconductor and environmental engineering sectors. The proposed acquisition is subject to the approval of the directors and shareholders of Nordic Group, Nordic Flow Control, and Sunalps. Shares of Nordic Group closed at 25.5 Singapore cents on Tuesday, down 0.5 cent or 1.92 per cent.