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Stocks to watch: Frasers Centrepoint, Sincap
PROPERTY developer Frasers Centrepoint's hospitality arm is opening its second serviced residence in Tianjin, the group announced on Thursday. The 192-unit Fraser Place Tianjin is sited near the city's prime entertainment district next to the Olympic Stadium Centre and close to the Nankai district. The latest project will be Frasers Hospitality's 15th property in China.
Frasers Centrepoint stock closed at S$1.63 on Thursday.
SINCAP Group is placing out S$5.48 million new shares to expand its newly acquired coal trading and logistics business. The coal trading and gypsum mining company will sell 91.4 million new shares at six Singapore cents apiece, or 7.1 per cent above the stock's last traded price on Nov 17 of 5.6 Singapore cents.
The placement shares represent about 23.28 per cent of the existing shares.
The buyers in the placement are mostly individuals who have been introduced by directors of the company.
Sincap said 90 per cent of the proceeds will be used to expand 51 per cent subsidiary Orion Energy Resources. Orion is a China-based trading and logistics management company that is currently supplying coal to power plants.