Stocks to watch: Jardine Matheson, Lian Beng, Yangzijiang, IHH Healthcare, Yongnam

Michelle Zhu

Published Mon, Mar 8, 2021 · 08:40 AM

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

Jardine Matheson Holdings: The conglomerate announced on Monday it will simplify its structure by acquiring the 15 per cent of Jardine Strategic Holdings it does not already own. Jardine Strategic's holding in Jardine Matheson will also be cancelled. Valued at about US$5.5 billion, the acquisition will entitle Jardine Strategic's shareholders to US$33 for every share that they own. Shares of Jardine Matheson closed US$0.30 or 0.6 per cent lower at US$53.69 on Friday, while Jardine Strategic ended the day up US$0.35 or 1.3 per cent at US$27.45.

Lian Beng Group: The mainboard-listed property player's 75 per cent-owned subsidiary on Friday exercised a call option to acquire the BreadTalk IHQ Building from BreadTalk Group. Consequently, it is deemed that BreadTalk and Lian Beng (Tai Seng) have entered into a binding contract for the sale and purchase of the property. Lian Beng closed flat at S$0.46 on Friday, before the announcement.

Yangzijiang Shipbuilding: The mainboard-listed company on Friday announced it had entered into shipbuilding contracts for another 31 vessels, with a total contract value of US$1.74 billion. Year to date, the group has secured 60 shipbuilding contracts with an aggregate value of US$3.04 billion. Shares of Yangzijiang ended Friday flat at S$1.08, before the announcement.

IHH Healthcare: According to people with knowledge of the matter, the Malaysian hospital group is exploring a sale of its medical education arm International Medical University. A sale of the education unit could fetch about US$300 million, said the people, asking not to be named as the process is private. The counter closed on Friday S$0.02 or 1.2 per cent lower at S$1.76.

Yongnam Holdings: The structural steel contractor and specialist civil engineering solutions provider has bagged five contracts worth S$32.8 million in Singapore and Hong Kong. It expects the contracts to have a positive impact on its financial performance for the year ending Dec 31, 2021, said the mainboard-listed group in a bourse filing on Friday. Shares of Yongnam closed Friday 3.7 per cent or 0.3 Singapore cent higher at 8.4 cents, after the announcement.