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Stocks to watch: GLP, Reits, Second Chance, Keong Hong
THE following stocks had announcements or developments that may influence trading on Friday:
Global Logistic Properties (GLP): Friday is the deadline for bids by interested parties to buy the provider of modern logistics facilities. The exercise was, however, recently plagued with reports alleging insider bidding and that almost all its potential bidders were dropping out of the race. The company has since clarified that it has undertaken measures to alleviate potential conflicts of interest and ensure fairness of the process.
Reits: The Governance Index For Trusts (GIFT), unveiled on Thursday that it has launched a new set of corporate governance rankings. This officially puts both Singapore's real estate investment trusts (Reits) and business trusts (BTs) on notice that their corporate governance practices have been and will henceforth be scrutinised, assessed and tabulated for the investing public and wider market to see.
Second Chance: Its properties arm has reported a 72.32 per cent jump in net profit to S$5.4 million in the three months ended May 31, with its bottom line lifted after the disposal of certain securities. The third quarter also saw a 320 per cent jump in the group's other income to S$2.8 million. This profit was recorded after the group accepted a cash offer on the delisting of shares in a Singapore-listed company that it did not name.
Keong Hong Holdings: The property developer has bought a commercial building located in Minamihorie, Osaka in Japan for 950 million yen (S$11.64 million) on Thursday. The purchase was carried out through Grandwood (Japan), its indirect wholly owned subsidiary. Located near Minamihorie District, it is 100 per cent tenanted, mainly by offices. The acquisition will provide an alternative income stream for the group.