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Stocks to watch: Frasers Property, FLT, AusGroup, A-Smart Holdings
THE following companies saw new developments that may affect trading of their shares on Friday:
Frasers Property: Frasers Property said on Friday that its Australia division, along with joint venture partner ESR Australia, have acquired a 4.67 hectare site at 254 Wellington Road, Mulgrave, in Australia. The 50-50 joint venture agreement sees property group Frasers Property securing the 245 Wellington Road site, while logistics real estate platform ESR undertakes the development, forecast to be completed by late 2025. The Mulgrave site has an expected completed end value of A$400 million (S$377.8 million) when fully developed including four office buildings. Shares in Frasers Property last traded at S$1.84, up 1.1 per cent or two Singapore cents on Thursday.
Frasers Logistics & Industrial Trust (FLT): The manager of FLT announced on Thursday that it is divesting 50 per cent of its ownership in the property at 99 Sandstone Place, Queensland, Australia for A$134.2 million (S$126.8 million) to an entity managed by DWS2, a global real estate investment manager. The property, which is a cold storage distribution facility, is leased to Coles Group. The amount represents an 8.8 per cent premium over the book value of A$123.3 million (based on a 50 per cent interest in the property) as at March 31 this year, and a 15.3 per cent premium over the original purchase price of A$116.4 million during FLT's initial public offering in 2016. The estimated net proceeds from the divestment is about A$128.8 million, after taking into account divestment fees. Units in FLT closed at S$1.18 on Thursday, down 0.8 per cent, or one Singapore cent.
AusGroup: AusGroup's subsidiary AGC Industries has been awarded various contracts for construction and maintenance work worth over A$25 million (S$23.6 million) in total. Additional work has been secured as part of its Master Services Contract with Chevron Australia, where AGC will provide multi-disciplinary services including onsite structural, mechanical & piping, electrical & instrumentation and painting & insulation on the Chevron-operated Gorgon Project. The counter closed at 2.6 Singapore cents on Thursday, down 3.7 per cent, or 0.1 Singapore cent.
A-Smart Holdings: Printing firm A-Smart Holdings sank into the red with a net loss of S$128,000 for its third quarter ended April 30, compared to a profit of S$39,000 a year ago. Revenue fell 8.9 per cent to S$1.66 million, partly due to lower government grants and because the seasonal demand for Chinese New Year correspondeded to the second quarter of this financial year but during the last financial year, it corresponded to the third quarter. Loss per share for the quarter stood at 0.10 Singapore cent, compared to earnings per share of 0.03 cent previously. Shares in A-Smart Holdings last traded at 35 Singapore cents on Thursday, up one cent or 2.9 per cent.