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Stocks to watch: Keppel Corp, Keppel T&T, Pacific Star, Aspen
THE following companies saw new developments which may affect trading of their shares on Wednesday:
Keppel Corp: Keppel Corporation said its subsidiary Keppel Offshore & Marine has secured new marine contracts with a combined value of S$300 million, it said on Wednesday. The projects range from the design and construction of an ice-class LNG bunker vessel and refurbishment of a Floating Production Storage and Offloading vessel (FPSO), to 65 scrubber retrofit projects. The contracts are not expected to have a material impact on the net tangible assets or earnings per share of Keppel for the current financial year.
Keppel Telecommunications & Transportation: Keppel T&T is divesting entire stakes in Thailand-based information and technology services companies Advanced Research Group Co. and Anew Corporation Limited for a total of 211.2 million Thai baht (about S$8.8 million), to a buyer named Min Intanate. As part of the deal, Keppel T&T’s subsidiary Keppel Communications will also acquire a 4 per cent stake in Business Online Public Company Limited, a business information service provider listed on the Thailand Stock Exchange, from Advanced Research Group Co. for 66.9 million Thai baht (about S$2.8 million).
Pacific Star Development: The property developer announced late Monday that it is buying out its joint venture partner in the Puteri Cove Residences project to facilitate the obtaining of a S$70 million loan facility. Pacific Star will face an outlay of S$26 million to buy out Max Treasure Co, the partner in Twin Prosperity Group, which is in turn the holding company of the Puteri Cove project in Malaysia. The two-part transaction will involve Twin Prosperity buying back and cancelling Max Treasure's 49 per cent Twin Prosperity stake for S$11 million, and Twin Prosperity repaying a S$15 million loan from Max Treasure.
Aspen (Group) Holdings: Aspen will propose and seek shareholders' approval for a share buyback mandate, the property developer announced on Monday after the market closed. Buying back its own shares will allow the company to manage and minimise the dilutive impact of its two existing share-based incentive schemes, the company said. It will also help to mitigate short-term market volatility, offset the effects of short-term speculation and bolster shareholders' confidence, according to the company's filing with the Singapore Exchange.