Stocks to watch: Far East Orchard, Straits Trading, Koufu, DBS, Singtel

THE following companies saw new developments that may affect trading of their securities on Friday:

Far East Orchard, The Straits Trading Company: Far East Hospitality, a 70-30 joint venture between Far East Orchard and Straits Trading, is pushing ahead with expansion plans, having inked three management contracts in its core markets Singapore, Australia and Japan. Far East Orchard shares fell S$0.01 or 0.9 per cent to close at S$1.06 on Thursday, while Straits Trading gained S$0.03 or 1.8 per cent to S$1.71.

Koufu Group: The food and beverage group said on Thursday night that it expects operating profits for the second half of 2020 to be "significantly lower" than the year-ago period due to Covid-19's impact, as well as new outlets that are still in the stabilisation phase. Koufu shares ended flat at 66.5 Singapore cents.

DBS: Fitch Ratings wrote in a commentary that DBS's proposed takeover of India's ailing Lakshmi Vilas Bank "is not sufficiently large to immediately affect DBS's credit ratings".

Separately, DBS has applied to Singapore's High Court to wind up scandal-hit Novena Global Healthcare (NGH), which is believed to have owed the bank millions of dollars, The Straits Times reported. NGH's parent Novena Global Healthcare Group (NGHG) was founded by cousins Terence and Nelson Loh, and has been in the limelight since Ernst & Young filed a police report alleging its unauthorised signatures had appeared on NGHG's financial statements.

DBS shares fell S$0.21 or 0.9 per cent to finish Thursday at S$24.42.

Singapore Telecommunications (Singtel): Bharti Infratel, a subsidiary of Singtel's Indian associate Bharti Airtel, has completed its merger with Indus Towers. The combined entity, to be renamed Indus Towers Limited, is listed on the National Stock Exchange of India and BSE. Singtel shares closed at S$2.39 on Thursday, up S$0.04 or 1.7 per cent.

Bukit Sembawang Estates: Ooi Chee Eng, the mainboard-listed property developer's acting chief executive officer, chief financial officer and company secretary has tendered his resignation "for personal reasons". Before the announcement, Bukit Sembawang shares ended trading at S$3.91, down S$0.02 or 0.51 per cent.

City Developments Limited (CDL): The company has responded to a commentary in The Business Times regarding its leadership change. Among other things, CDL said it is unfair to opine that its group chief executive officer Sherman Kwek lacks experience judging from "the current state of the Sincere investment". CDL shares were flat at S$7.58 at Thursday's close.