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Stocks to watch: F&N, Tuan Sing, Yoma Strategic, GKE Corp, Hatten Land, ASL Marine
THE following companies saw new developments that may affect trading of their shares on Monday:
Fraser & Neave (F&N): The mainboard-listed beverage company's subsidiary Fraser & Neave Bhd (F&NHB) is acquiring land in Malaysia for integrated dairy farming and milk production. F&NHB unit F&N AgriValley Sdn Bhd has entered into a conditional sale and purchase agreement to buy about 4,454 hectares of leasehold land in Mukim Chuping in Perlis for RM156 million (S$51.1 million), Bursa Malaysia-listed F&NHB said on Oct 8. F&N shares closed up S$0.01 or 0.6 per cent to S$1.71 on Friday.
Tuan Sing Holdings: Superluck Properties, a wholly-owned subsidiary of mainboard-listed property developer Tuan Sing Holdings, has established a S$500 million secured multicurrency medium-term note (MTN) programme, according to a bourse filing on Sunday night. This is the group’s second MTN programme, after Tuan Sing’s existing S$900 million multicurrency programme launched in 2013. The notes will be secured by, among other things, a mortgage over two properties owned by Superluck at 18 Robinson Road and the strata units #11-01 and #11-02 of Far East Finance Building at 14 Robinson Road. Shares of Tuan Sing ended flat at S$0.33 on Friday.
Yoma Strategic Holdings: The Myanmar-focused firm announced on Monday that it will form a strategic partnership with AC Energy, the energy platform of Philippine conglomerate Ayala Corporation. Yoma Strategic and AC Energy are looking to establish a 50:50 joint venture (JV) to drive the growth of Yoma Micro Power (S) (YMP) and to explore developing around 200 megawatts of additional renewable energy projects within Myanmar. This will include participating in large utility scale renewable projects. As part of this transaction, Yoma Strategic and AC Energy have signed a binding term sheet for the new JV to invest at least US$30 million into YMP. Shares of Yoma Strategic closed unchanged at 32.5 Singapore cents on Friday.
GKE Corp: The logistics provider on Friday posted a net profit of S$254,000 for Q1 ended August, a reversal from the S$302,000 loss a year ago. This translates to an earnings per share of 0.03 cent for the quarter, compared to a loss per share of 0.04 cent previously. The company posted a 33.7 per cent rise in revenue to S$25.4 million due to higher contributions from its ready-mix concrete manufacturing plant, Wuzhou Xing Jian Readymix, as well as an increase in storage and trucking from the logistics segment. GKE shares closed at S$0.055 on Friday, up 0.4 cent.
Hatten Land: The Catalist-listed company has gained an extension till April 10, 2020 to repay a US$20 million loan that matured on Thursday, with a partial US$2.5 million payment due by Jan 10, 2020. In a bourse filing on Thursday night, Hatten Land said that the creditor, Haitong International Financial Products (Singapore), agreed to the extension after negotiations. The terms will be finalised with a definitive agreement within a month. Shares of Hatten Land ended at S$0.101 on Friday, a day after the announcement, down 0.1 cent.
ASL Marine Holdings: Its independent auditor has raised a "material uncertainty" about the group's ability to continue as a going concern, the marine and investment holding company announced on Friday. Auditor Ernst & Young highlighted that for the year ended June 30, 2019, the group incurred a net loss of S$145.9 million, with its current liabilities exceeding current assets by S$20.8 million. ASL Marine shares closed at S$0.04 on Friday, down S$0.001 or 2.4 per cent.