Stocks to watch: ESR-Reit, First Reit, Keppel Infra Trust, Sunningdale, ARA Logos, Oxley

THE following companies saw new developments that may affect trading of their securities on Wednesday.

ESR-Reit: Its manager on Wednesday reported a Q4 FY2020 distribution per unit (DPU) of 0.84 Singapore cent, down 16 per cent from one cent for the same period a year ago. This brings the Reit's full year DPU to 2.8 cents, representing a 30.2 per cent decline from ESR-Reit's FY2019 DPU of 4.011 cents due to lower gross revenue and net property income compared to a year ago. Units of ESR-Reit closed one Singapore cent or 2.4 per cent lower at 40 cents, before the announcement.

First Reit: Unitholders on Tuesday voted in favour of the proposed restructuring of the Lippo Karawaci (LK) master lease agreements (MLA), as well as the whitewash resolution waiving the right to receive a takeover offer from the Reit's substantial shareholder OUE. The restructuring of LK's MLAs with First Reit comes amid the risk of LK defaulting on its obligations under the existing terms, given that it has been in a negative cash flow position since 2015. Units of First Reit closed flat at 24.5 Singapore cents, after results of the extraordinary general meeting were released.

Keppel Infrastructure Trust (KIT): Its trustee-manager on Tuesday said the trust has entered into an unsecured S$300 million facility agreement with various lenders to partially finance its proposed acquisition of Philippine Tank Storage International. KIT's purchase consideration, proportionate to its shareholding, is estimated at US$267 million. KIT units closed flat at S$0.54, before the announcement.

Sunningdale Tech: The offer price for the precision plastic components manufacturer was raised by 6.5 per cent to S$1.65 per scheme share. With the revised and final offer, scheme shareholders can choose between receiving S$1.65 in cash per share, or 1,650 shares in the offerer's holding company. In a joint statement on Tuesday, Sunningdale and the offerer noted that the final offer represents a 42.6 per cent premium over the volume-weighted average price of the Sunningdale shares for the last year. The counter closed at S$1.62 on Tuesday, up S$0.06 or 3.9 per cent, after the announcement.

ARA Logos Logistics Trust: Its preferential offering has received valid acceptances and excess applications for a total of 205.4 million preferential offering units at the close of the offering on Jan 15. This represents about 225.4 per cent of the total number of preferential offering units available, said ARA in an aftermarket bourse filing on Tuesday. Units in ARA closed flat at S$0.68 on Tuesday, before the announcement.

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Oxley Holdings: The property developer's Malaysian arm is partnering Pavilion Project Management to develop Oxley Towers - a hotel, residential, retail and office complex - in Kuala Lumpur. The freehold property covers a land area of about 12,554 square metres, with a gross development value of around S$1.1 billion. It is situated near the Maxis Tower and the Kuala Lumpur Convention Centre. Shares of Oxley ended Tuesday down half a cent or 2.2 per cent at 22.5 Singapore cents prior to the announcement.

Riverstone Holdings: Its wholly-owned subsidiary has acquired a piece of industrial land in Malaysia for a total consideration of RM5 million (S$1.6 million) in a bid to expand the group's production capacity for cleanroom gloves and other operations. The transaction is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the current financial year ending Dec 31, 2021. Before the announcement, shares of Riverstone ended Tuesday at S$1.50, up S$0.01 or 0.7 per cent.

Tee International: While the mainboard-listed company returned to the black for the second quarter, the Singapore Exchange raised queries as to whether the group will be able to fulfil its obligations on S$44 million in loans, given that repayments on them fall due in a year or less. Tee International responded on Tuesday to say it will be able to meet its debt obligations as and when they fall due. The firm's cash balance stood at S$21.2 million as at Nov 30, 2020. Before the announcement, shares of Tee International ended Tuesday flat at 3.3 Singapore cents.

Trading halt: Penguin International called for a trading halt with immediate effect on Wednesday morning. The counter closed Tuesday flat at S$0.63.