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Stocks to watch: HPH Trust, Frasers Commercial Trust, Oxley, Manulife US Reit, Indofood Agri
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Hutchison Port Holdings Trust (HPH Trust): Container port business HPH Management said on Tuesday that its chief executive, Gerry Yim Lui Fai, will retire from his present position with effect from July 13. HPH Management is the manager of HPH Trust. Taking over the role of CEO is Lam Hing Man, who is the managing director of the group's Yantian International Container Terminals, Yantian International Container Terminals (Phase III), and Shenzhen Yantian West Port Terminals. HPH Trust units last traded flat at 30 Singapore cents on Tuesday.
Frasers Commercial Trust: A trustee of Frasers Commercial Trust has entered into a lease agreement with Google Asia-Pacific for Google to lease space at Alexandra Technopark. Frasers Commercial Trust's manager on Tuesday said that under the terms of the lease with British and Malayan Trustees, Google will take up around 344,100 square feet of space, representing 33.3 per cent of the total net lettable area of the property. The lease will last for five years and commence in the first quarter of 2020. Including the lease, the committed occupancy rate for the property is 93.7 per cent as at June 25. Units in Frasers Commercial Trust closed flat at S$1.58 on Tuesday.
Oxley Holdings: Oxley Holdings' wholly owned Malaysian subsidiary has snapped up a 40 per cent equity interest in Aspen Vision Homes Sdn Bhd (AV Homes) for RM20 million (S$6.54 million). Oxley Holdings (Malaysia)'s interest in AV Homes, a Malaysian subsidiary of Catalist-listed Aspen (Group) Holdings, comprises four million ordinary shares and 16 million redeemable convertible preference shares. Oxley currently holds about 10 per cent in Aspen (Group) Holdings. Prior to the investment by Oxley, AV Homes was a dormant subsidiary of Aspen (Group) Holdings and had a net tangible asset value of RM6 million as at June 20, based on its management accounts. Oxley shares closed at 32.5 Singapore cents on Tuesday, down 0.5 cent, or 1.5 per cent.
Manulife US Reit: The release of final changes to US tax regulations that could potentially impact Singapore-listed US real estate investment trusts (Reits) has been delayed, said Manulife US Reit on Tuesday. The United States Department of the Treasury had issued proposed regulations under Section 267A in December last year, while stating that it expected to release final regulations by June 22, 2019. However, final rules have yet to be released and the Treasury Department has not provided an updated timeline on when it expects to do so. Manulife US Reit units ended up 0.5 US cent, or 0.58 per cent at 87 US cents on Tuesday.
Indofood Agri Resources: Indomie maker Indofood Sukses Makmur's buyout offer of 32.75 Singapore cents per share for mainboard-listed Indofood Agri Resources has lapsed. As at the close of the offer on June 25, 5.30pm, the shares owned, controlled or agreed to be acquired by the offeror and its concert parties, including valid acceptances of the offer, resulted in a shareholding of 88.08 per cent. Indofood Sukses Makmur's offer was conditional upon the concert group holding more than a 90 per cent stake in Indofood Agri. The counter closed at 31.5 Singapore cents on Tuesday, down one cent, or 3.1 per cent.