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Stocks to watch: Far East Orchard, OUE Lippo Healthcare, OUE
THESE companies have seen new developments that may affect trading of their shares on Monday:
Far East Orchard: The mainboard-listed property player has added three freehold properties to its British student housing portfolio. It paid £55 million (S$98.7 million) in cash for two purpose-built student housing assets in Bristol and one in Liverpool. This is shy of a combined market value of £57.6 million as at March 4. Far East Orchard plans to ink a facility management arrangement with an operator that is already managing its other student housing properties in Newcastle upon Tyne. The 622-bed deal takes Far East Orchard's British student housing footprint to 2,091 beds across eight properties. Another 193-bed development in Brighton is in the pipeline for 2019.
OUE Lippo Healthcare: Catalist-listed OUE Lippo Healthcare's subsidiary Shanghai Yi Lin Medical Management Consulting had its claim of three million yuan (S$604,400) against a former legal representative dismissed by a Shanghai court. The lawsuit was over a commitment letter and share transfer agreement that the defendant is alleged to have signed in breach of her duties to Shanghai Yilin. Shanghai Yilin's application for judicial expertise to examine the share transfer agreement and application for an investigation order to probe the original notarised copy of the agreement were both also said to have been dismissed by the court.
OUE: Property group OUE has picked up food and beverage outlet operator Superfood Retail as a new associate company, paying S$7.53 million for a 49.7 per cent interest through its Oddish Ventures unit. The price tag represents a valuation of roughly 6.9 times of Superfood's earnings before interest, tax, depreciation and amortisation for the year to Dec 31, 2018.The rest of Superfood, which opens and runs eateries in Singapore and Hong Kong, is indirectly held by Hong Kong-listed Lippo China Resources, which shares a chairman - tycoon Stephen Riady - with OUE.