You are here
Stocks to watch: DBS, Frasers Logistics & Industrial Trust, Declout, China Jinjiang, Far East Group
THE following companies saw new developments that may affect trading of their shares on Tuesday:
DBS: The bank announced the launch of its locally incorporated subsidiary, DBS Bank India (DBIL) on Monday. It plans to establish more than 100 customer touchpoints – a mix of branches and kiosks – across 25 cities in the next 12 to 18 months. This month, DBIL will open nine new branches and expand within cities where it is already present in. It will also open five branches in unbanked rural centres. DBS shares closed up 11 Singapore cents at S$25.08 on Monday.
Frasers Logistics & Industrial Trust (FLT): Its manager said on Monday that the real estate investment trust (Reit) will be included in the FTSE EPRA/NAREIT Global Real Estate Index Series (Global Developed Index) from March 19, 2019. FLT units closed one Singapore cent up at S$1.12 on Monday.
Declout: As at the close of Exeo Global's buyout offer for the Catalist-listed technology firm on Monday, the offeror had shares and valid acceptances representing about 95.04 per cent of the total issued shares, and about 94.64 per cent of the maximum potential issued shares in the company. Exeo intends to make Declout its wholly-owned subsidiary, and will delist it following the close of the offer. Declout shares last closed on Monday, down 0.1 Singapore cent at S$0.129. It called for suspension of trading on Tuesday morning.
8Telecom International: The mainboard-listed company annnounced a reshuffle of its board on Tuesday. Wan Guang, 33, and Liu Lu, 40, resigned as executive directors on March 4 to pursue other career opportunities and interests. Both left after short stints in the company, with Mr Wan and Mr Liu having been appointed executive directors on Nov 26, 2018, and Oct 4, 2018, respectively. It also announced on Tuesday that Shan Chuanlong, 35, and Long Hong, 36, were appointed as executive directors. 8Telecom shares last closed flat at S$ 0.034 on March 4.
China Jinjiang: Moody's Investor Service downgraded on Monday waste-to-energy company China Jinjiang Environment Holding's (CJE) corporate family rating to Ba3 from Ba2 and the senior unsecured rating on its USD bond to B1 from Ba3. Its ratings outlook is negative, due to the group's continued challenges relating to CJE's tight liquidity position and refinancing risk. CJE said on Tuesday morning that it noted Moody's concerns and is taking steps to address them, including monitoring the pace of its expansion and strengthening its cash position. CJE shares closed on March 4 down S$0.045 at S$0.59.
Far East Group: The refrigeration and air-conditioning seller plans to buy air-conditioning company Tech Air-Con & Security Engineering for S$7 million in cash and 2.98 million shares to its current owners. Those shares represent 2.75 per cent of the existing issued shares as at Monday and about 2.68 per cent of the enlarged shares. Far East Group shares last closed flat at S$0.135 on March 4.
Compact Metal: Following the receipt of the High Court's approval for its restructuring via a scheme of arrangement last month, the mainboard-listed aluminium dealer on Monday said the scheme has become effective and binding. Shareholders had voted in January for a scheme of arrangement that will see Compact Metal transfer its shares and listing to International Cement Group. Under the deal, Compact Metal will become a wholly-owned subsidiary of International Cement. Compact Metal shares last closed on March 1 flat at S$0.037.