Stocks to watch: Frasers Centrepoint Trust, Keppel, Lian Beng, Singapore Reinsurance

Leslie Yee

Published Mon, Mar 22, 2021 · 08:51 AM

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

Frasers Centrepoint Trust (FCT): The retail trust will divest YewTee Point for S$220 million, having entered into a sale-and-purchase agreement with an unrelated third party. The trust's manager Frasers Centrepoint Asset Management said in a regulatory filing on Friday night that the transaction is expected to be completed on May 28. Units of FCT closed flat on Friday at S$2.56 before the filing was made.

Keppel Corporation: Associate company Floatel has obtained a new US$100 million super senior revolving credit facility from Temasek portfolio company Clifford Capital, as part of a consensual transaction that will no longer involve an acquisition by a newly established orphan company. Keppel unit FELS Offshore will retain its 49.92 per cent stake in Floatel and forgive a US$244 million subordinated loan borrowed by Floatel. Shares of Keppel Corp closed at S$5.15 on Friday, up S$0.02 or 0.4 per cent.

Lian Beng Group: The construction group won a S$131 million contract through a subsidiary to develop a residential project with communal facilities in Sembawang. Lian Beng shares rose 2.1 per cent or S$0.01 to close at S$0.48 on Friday.

Singapore Reinsurance: Fairfax Asia is making a cash offer for Singapore Reinsurance's 71.82 per cent stakes that it and its concert party do not own at S$0.3535 a share, conditional on them garnering more than 50 per cent stakes. Shares of Singapore Reinsurance advanced 1.7 per cent or S$0.05 to end at S$0.30 on Friday.

Trading halts: On Monday morning before the market opened, CapitaLand, CapitaLand Integrated Commercial Trust, CapitaLand China Trust, Ascott Residence Trust, and Ascendas India Trust all requested trading halts, pending the release of an announcement by CapitaLand.