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Stocks to watch: Frasers Centrepoint Trust, JEP Holdings, Excelpoint
THE following companies saw new developments that may affect trading of their shares on Thursday:
Frasers Centrepoint Trust (FCT): FCT's S$67.7 million preferential offering has been subscribed by almost two times, the manager of the Singapore-based retail real estate investment trust (Reit) said on Wednesday night. Valid acceptances and excess applications were received for 196.9 per cent of the total number of new units available under the preferential offering, as at the close of the offering on June 10. Separately, FCT will also hold its extraordinary general meeting on June 28 at 10am, to seek unitholders' approval for the proposed acquisition of Waterway Point in Punggol. Units of FCT closed up one Singapore cent at S$2.53 on Wednesday.
JEP Holdings: JEP Holdings announced on Wednesday that its wholly owned subsidiary JEP Industrades was served a letter of demand dated June 7 by the solicitors acting for South Korean-domiciled company YG-1 Co for a sum of US$219,284.25. The company said that this is in relation to outstanding payables amount for shipment made in 2016. JEP said that it is seeking legal advice from its solicitors on the implications of the YG-1 claim. It added that the claim amount will not materially nor adversely affect the financial position of the group taken as a whole. JEP shares closed at 15.1 Singapore cents on Wednesday, down 0.7 per cent, or 0.1 cent.
Excelpoint Technology: Mainboard-listed electronics components distributor Excelpoint Technology announced on Wednesday that its wholly owned subsidiary PlanetSpark is investing US$2 million in Meridian Innovation, a Singapore-based company developing thermal imaging sensor solutions. PlanetSpark is Excelpoint's entrepreneurial and investment arm. The counter closed at S$0.50 on Wednesday, down one per cent, or 0.5 Singapore cent.