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Stocks to watch: Jardine C&C, Keppel Corp, Keppel DC Reit, Kimly, Shinvest, Trendlines
THE following companies saw new developments that may affect trading of their securities on Wednesday:
Jardine Cycle & Carriage: Outgoing group managing director of Jardine C&C, Alex Newbigging, told The Business Times in an interview published on Wednesday that he is optimistic about Indonesia’s automotive industry and sees “a lot of growth to come”, despite new car sales in the country being stuck in a soft patch. Members of the Jardine Matheson group of companies keep a notoriously low profile. Though he has helmed Jardine C&C for more than seven years, Mr Newbigging only agreed to his first media interview on the occasion of the company’s 120th anniversary. Shares of Jardine C&C closed at S$30.95 on Tuesday.
Keppel Corporation: Its seven-year S$200 million notes will bear interest at a fixed rate of 3 per cent per annum, Keppel Corp said on Tuesday after trading hours. Net proceeds from the issuance will be used for general corporate or working capital purposes. OCBC is the sole dealer of the notes. They are expected to be issued on or about Oct 1 and are likely to be listed on the Singapore Exchange on or around the following business day. Keppel Corp shares closed at S$6.14 on Tuesday, up 10 cents or 1.66 per cent.
Keppel DC Reit: Some 135 million new units in the real estate investment trust (Reit) will begin trading on the Singapore bourse at 9am on Wednesday, as part of the Reit's S$478.2 million equity fundraising for the proposed acquisition of two data centres. This amount was raised via a private placement of the 135 million units at an issue price of S$1.744 apiece, as well as a preferential offering of 142 million units at an issue price of S$1.71 each. The counter ended trading on Tuesday at S$1.94, down two cents or 1.02 per cent.
Kimly: The Catalist-listed firm said on Tuesday evening that it plans to buy a coffeeshop property in north-west Singapore for S$14 million. Kimly’s wholly-owned subsidiary has acquired all shares in Teck Whye 143 Food House (TW143) for S$10,000 in cash. TW143 had, in January, exercised an option to purchase the property at 143 Teck Whye Lane for S$14 million. Shares of Kimly closed at 22.5 Singapore cents on Tuesday, up 0.5 cent or 2.27 per cent, before the announcement.
Shinvest: Shares of the mainboard-listed precision manufacturer hit a high of S$2.10 in morning trade on Tuesday. Shinvest opened at S$1.86 on Tuesday, before starting a steep climb around 11am and touching S$2.10 shortly after - currently its highest in 52 weeks - making the stock one of the top advancers on the Singapore bourse. The shares later pared gains in the afternoon session, but still finished the day 8.89 per cent or S$0.16 higher at S$1.96, with some 33,800 shares traded. There were still no announcements from the company when the market closed on Tuesday evening.
The Trendlines Group: The Catalist-listed startup incubator has received conditional commitments of up to US$22 million for its new Singapore-based venture fund from investors, including Temasek Holdings, it announced on Tuesday evening. The fund will set up its Asia-Pacific headquarters in Singapore and invest in new, innovation-based agrifood tech companies in Singapore as well as foreign agrifood firms. Shares of The Trendlines Group closed flat at 7.8 Singapore cents on Tuesday, before the announcement.
Mirach Energy: Singapore Exchange Regulation (SGX RegCo) urged investors and potential investors to exercise caution when dealing in the shares of watch-listed Mirach Energy. SGX RegCo flagged that a small group of individuals was responsible for nearly 70 per cent of the buy volume of the stock over a nearly seven-month period, according to an announcement on Tuesday after trading hours. The counter closed at 18.4 Singapore cents on Tuesday, down 0.6 cent or 3.16 per cent.
PS Group: The offer by two of PS Group's directors to privatise the Catalist-listed fastener supplier is fair and reasonable, according to the independent financial adviser (IFA) on Tuesday after trading hours. PS Group’s independent directors agreed with the recommendations of the IFA and recommended that shareholders accept the offer. The offer closes at 5.30pm on Oct 22. Shares of PS Group last traded on Sep 20 at 11.7 Singapore cents.