Stocks to watch: Genting Singapore, SingPost, SIA, Metro, Boustead Projects

THE following companies saw new developments that may affect trading of their securities on Monday (Jul 18):

Genting Singapore : The group on Sunday said it is not aware of nor involved in any ongoing discussions on a potential transaction involving the company. This comes after a Bloomberg report that US rival MGM Resorts International had recently approached the company’s controlling shareholder to express its interest in a deal. Shares of Genting Singapore were up S$0.055 or 7.3 per cent at S$0.805 as at the midday break on Friday before the group called for a trading halt. They will resume trading on Monday.

Singapore Post (SingPost): The group on Friday said it will deliver an operating loss for its post and parcel business for the first quarter to June, due to a significant increase in costs as well as a lower delivery volume from a major e-commerce customer. While it said the logistics and property units were doing well, the group flagged pressure faced by its international postal business. SingPost shares closed flat at S$0.645 on Friday before this was announced in its operational update.

Singapore Airlines (SIA): In its operating statistics filed to the bourse on Friday, the flag carrier reported 1.9 million passengers carried at a group level in June, as passenger traffic rose 13.7 per cent over that in May. This comes on a load factor of 85.5 per cent, which is the highest since the Covid-19 pandemic hit. SIA shares ended S$0.01 or 0.2 per cent lower at S$5.21 on Friday, before the announcement.

Metro Holdings : Responding to questions from shareholders ahead of its annual general meeting on Jul 22, the property group on Sunday attributed its S$36.3 million impairment losses for the current financial year mainly to the ongoing credit situation in China’s property sector, which led to amounts due from the group’s associates with investments in real estate debt instruments in the country. Shares of Metro closed S$0.005 or 0.7 per cent lower at S$0.75 on Friday, before the announcement. 

Boustead Projects : Its wholly-owned engineering and construction subsidiary, Boustead Projects E&C, has been awarded a S$300 million contract by a Fortune 500 corporation to design and build an integrated manufacturing, logistics and office facility in Singapore, the real estate solutions provider announced on Monday. Shares of Boustead Project closed flat at S$0.875 on Friday.

Darco Water Technologies : The water and wastewater treatment solutions business will receive a S$1 million ex gratia payment from its former non-executive deputy chairman Wang Zhi, down from the earlier S$2 million it was due to receive following the company’s rejection to invest in a water treatment asset. Shares of Darco Water closed flat at S$0.14 on Friday before the announcement.