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Stocks to watch: Keppel, DBS, Singapore Airlines, CCT, CMT, Teckwah
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Keppel Corp: The conglomerate has identified assets valued at S$17.5 billion that can be "monetised over time and channelled towards growth initiatives", said Keppel chief executive officer (CEO) Loh Chin Hua. Keppel will seek to unlock value for S$3-5 billion worth of these assets over the next three years. The counter closed at S$4.30 on Tuesday, up S$0.11 or 2.6 per cent.
DBS: The local lender has announced that it will redeem all of its S$800 million outstanding preference shares on Nov 23. The redemption price will be an amount equal to the liquidation preference of S$100 per preference share, together with any accrued but unpaid dividends. DBS shares closed down S$0.24 or 1.2 per cent at S$19.98 on Tuesday.
Singapore Airlines (SIA): The national carrier has ditched the idea for a "flight to nowhere" and will instead offer ground-based experiences. It has launched three programmes to offer the public a glimpse into what goes behind the scenes at the company and to give them an in-flight dining experience in a stationary A380 superjumbo plane or at home. SIA shares gained S$0.01 or 0.3 per cent on Tuesday to end at S$3.42.
CapitaLand Mall Trust (CMT), CapitaLand Commercial Trust (CCT): Unitholders of CMT and CCT on Tuesday voted in favour of the proposed merger between the two real estate investment trusts (Reits), though CCT unitholders had a lower percentage of approvals than CMT unitholders. Both Reits have requested to lift trading halts they called for on Tuesday morning, pending the release of announcements related to their extraordinary general meetings. CCT units last traded at S$1.69 on Monday, while CMT units last traded at S$1.99.
Teckwah Industrial Corporation: The closing date for Clementine Investments' voluntary conditional cash offer of 65 Singapore cents per share to take Teckwah Industrial Corporation private has been extended to Oct 13 from Sept 30. Shares of the packaging, printing and logistics company last traded at 64.5 Singapore cents on Sept 28.
Envictus International Holdings: The food and beverage firm's group CEO Khor Sin Kok will resign on Oct 1 following the expiry of his leave of absence on Sept 30. Envictus shares tumbled 2.4 Singapore cents or 19.7 per cent to close at 9.8 cents on Tuesday, before this announcement.
Trading halt: Catalist-listed kitchen-equipment supplier Kitchen Culture Holdings requested a trading halt on Wednesday morning before the market opened, pending the release of an announcement. The counter closed at 13.5 Singapore cents on Tuesday, down 0.2 cent or 1.5 per cent.