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Stocks to watch: Frasers Property, Sunpower, Federal International, Challenger
THE following companies saw new developments that may affect trading of their shares on Thursday:
Frasers Property: The trustee-manager of Aquamarine Star Trust (AST) is raising S$442.7 million from the issue of new units to a long-term strategic investor, said Frasers Property, the parent company of the trustee-manager. The issue by Frasers Property Aquamarine Trustee will be such that the new investor and FCL Aquamarine, which currently owns 100 per cent of the existing units in issue in AST, will each hold half of the units in issue upon the closing of the transaction. AST holds Frasers Tower, a 38-storey premium Grade A office development with a three-storey adjacent retail podium, located on Cecil Street. It has a total net lettable area of about 685,000 square feet, of which around 93 per cent is leased to a "diversified base of reputable tenants" as at March 31, 2019. The agreed value of the property is S$1.97 billion, negotiated between the investor and FCL Aquamarine. Shares in Frasers Property last traded at S$1.87, up three cents, or 1.6 per cent.
Sunpower Group: The environmental solutions company has secured a 33.9 million yuan (S$6.7 million) manufacturing and services contract from a subsidiary of State Power Investment Corporation (SPIC), one of the top five electricity generation companies in China. Under the contract with Jilin Electric Power, Sunpower will provide a range of services to SPIC's integrated energy project. SPIC's project will supply industrial and municipal heating gas, compressed air and hot water. Delivery is projected to be completed in 2019, and is expected to have a positive impact on the group's performance for the financial year ending Dec 31, 2019. Sunpower shares closed at 48 Singapore cents on Wednesday, up one cent, or 2.1 per cent.
Federal International (2000): Federal International (2000)'s executive director will not have further action taken against him by the Corrupt Practices Investigation Bureau (CPIB), said the group on Wednesday. The executive director, Don Koh Beng Guan, was called in to attend an interview with the CPIB on March 14, 2018 in connection with investigations into allegations of misconduct in the company's subsidiaries. Mr Koh told the company, an oil and gas procurement specialist, that he received notice from the CPIB on June 20, 2019 that investigations by the CPIB in connection with the allegations have been completed. The counter closed at 19.2 Singapore cents on Wednesday, down 1.5 per cent, or 0.3 Singapore cent.
Trading halt: Electronics retailer Challenger Technologies has requested a trading halt on Thursday morning before the market opened, pending the release of an announcement. The counter last traded flat at 54.5 Singapore cents on Wednesday.