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Stocks to watch: EH-Reit, Addvalue Tech, Chip Eng Seng, Hiap Seng Engineering, Eneco Energy
THE following companies saw new developments that may affect trading of their shares on Thursday:
Eagle Hospitality Real Estate Investment Trust (EH-Reit): EH-Reit has entered into a US$341 million interest rate swap agreement with Bank of the West in the US. This consists of three swap transactions of about US$133.67 million with a three-year tenure, US$103.67 million with a four-year tenure and US$103.67 million with a five-year tenure. The percentage of floating debt hedged is 90.7 per cent. Units of the Reit closed at 70 US cents, down 0.5 cent or 0.7 per cent on Wednesday.
Addvalue Technologies: The mainboard-listed firm has entered into an agreement with an Indonesian company which will purchase a minimum of US$1 million worth of Addvalue's proprietary very small aperture terminal solution for the next one year. The Indonesian partner specialises in providing satellite communication and IT solutions to the Indonesian government and its military agency. The agreement is renewable annually, subject to a minimum order commitment from the Indonesian company for the subsequent 12 months. The counter closed at 2.3 Singapore cents, up 0.2 cent or 9.5 per cent on Wednesday.
Chip Eng Seng Corporation: The property developer's wholly owned subsidiary CES Cambridge (CESC) has entered into an agreement with The Perse School Cambridge International (TPSCI) to set up an elementary school in Singapore by early-2020. TPSCI is a wholly owned subsidiary of The Perse School, an independent school in Cambridge, the UK. The agreement will take effect from July 3, and will continue for an initial term up to the end of the 50th academic year, unless terminated or further extended by the parties. Shares of the company closed at 71.5 Singapore cents on Wednesday, up 0.5 cent or 0.7 per cent.
Hiap Seng Engineering: The mainboard-listed company on Thursday responded to Singapore Exchange (SGX) queries on its financial results for fiscal 2019 ended March 31. Based on the group's net current liabilities position of about S$20 million, SGX asked its board of directors to assess the group's ability to operate as a going concern and whether its shares should be suspended. Hiap Seng said that based on cash-flow projections for fiscal 2020 to fiscal 2022 - that allow for liquidity and going concern assessment - conducted by an independent consultancy firm, its board is of the view that the group should be able to continue as a going concern. Hiap Seng shares last traded flat at 8.2 Singapore cents on June 25.
Eneco Energy: The oil and gas company has tapped Colin Peter Moran as chief executive officer to replace outgoing chief Aditya Wisnuwardana Seky Soeryadjaya, who has retired as at July 3. In a regulatory update, Eneco said that Mr Soeryadjaya, 40, had expressed his intention to retire since the beginning of this year so as to be able to devote more time to his Indonesian businesses, but had remained as CEO at the request of the board to allow the company to identify a suitable successor and ensure a smooth transition. Shares of the company closed at 6.6 Singapore cents on Wednesday, up 0.4 cent or 6.5 per cent.
Advanced Systems Automation: The Singapore Exchange has rejected a waiver application from ASA for an extension of time to hold its annual general meeting (AGM) for the financial year ended Dec 31, 2018, informing the company to hold its AGM "as soon as possible". The company is targeting its AGM to be held by July 31. The counter closed flat at 0.1 Singapore cent on Wednesday.
Trading halt: Heavy equipment supplier Hoe Leong Corporation has requested a trading halt pending an announcement. Shares of Hoe Leong last traded flat at 0.3 Singapore cent on June 12.