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Stocks to watch: Keppel Corp, HG Metal, OCBC
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Keppel Corporation: A joint venture (JV) between a unit of Keppel Offshore & Marine (Keppel O&M) and Shell Eastern Petroleum has completed the first commercial Liquefied Natural Gas (LNG) bunker transfer in Singapore. The JV FueLNG carried out truck-to-ship bunkering for the floating liquefaction vessel, Hilli Episeyo, marking its first LNG trucking operation. It followed the facilitation of Singapore LNG's (SLNG) successful gas-up or cool-down and reload operation at its Jurong Island terminal of Shell's LNG bunker vessel, the Cardissa, in June.
HG Metal Manufacturing: HG Metal Manufacturing plans to give shareholders a cash distribution of 10.5 Singapore cents a share as part of a capital reduction exercise. This translates to about S$13.4 million to be paid out at a books closure date yet to be determined. The cash is expected to come from HG Metal's proposed sale of its 23 per cent stake in mainboard-listed steel mesh maker BRC Asia to Esteel Enterprise for S$39 million.
OCBC Bank: OCBC issued HK$1.4 billion (S$241.5 million) worth of 1.59 per cent fixed rate notes due September 2020. The notes were issued through the bank's multicurrency US$10 billion Global Medium Term Note Program that was updated in 2015, and will be listed on the Singapore Exchange with effect on Tuesday.