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Stocks to watch: Keppel, Perennial, Lendlease Global Reit, CapitaLand, Union Gas
THE following companies saw new developments that may affect trading of their securities on Monday:
Keppel Corp: Keppel’s Alpha Investment Partners, Manulife's Asuransi Jiwa Manulife Indonesia and Mega Manunggal Property have entered into a new venture focusing on Indonesia's logistics property sector. Keppel shares finished trading at S$6.04 on Friday, down S$0.02 or 0.3 per cent.
Perennial Real Estate: Its chief executive Pua Seck Guan is partnering several other substantial shareholders, including Kuok Khoon Hong and Ron Sim, to take the real estate developer private. They are offering S$0.95 per share in cash for all the shares of Perennial. The counter had closed at S$0.69 on June 9, before the company called for a trading halt on June 10 before the market opened. It requested the halt be lifted on Monday morning.
Lendlease Global Commercial Reit: On Saturday, its manager said the trust has won a tender to redevelop the 48,200 square feet car park near 313@somerset into a multi-functional event space. Lendlease Reit units dropped S$0.01 or 1.5 per cent to finish Friday at S$0.68.
CapitaLand Mall Trust (CMT), CapitaLand: CMT’s manager on Monday said it expects to provide additional rental relief of up to one month of rent or other forms of rental assistance for June, to small and medium enterprise tenants that do not qualify for help under a new rental relief law. Meanwhile, CapitaLand announced separately that it will boost its recovery in China with a digitalisation strategy to cope with the "new normal" post-pandemic. Shares of CapitaLand fell S$0.02 to end Friday at S$3.00, while CMT units lost S$0.02 to close at S$2.05.
Union Gas: Careful stewardship of funds has allowed the fuel retailer to build up a war chest of S$21 million as at the end of last year. Steady growth in two of its business segments has put Union Gas in a strong position to weather the pandemic and given it room to think about continued expansion, chief executive Teo Hark Piang said in an interview with The Business Times. Union Gas shares ended flat at 26.5 Singapore cents on Friday.
Sembcorp Industries (SCI): OCBC Credit Research has upgraded the conglomerate’s issuer profile to "neutral", and said SCI’s return on equity could increase to 7.9 per cent on a pro forma basis upon separating from Sembcorp Marine as part of their recently announced two-part proposal. SCI shares rose S$0.02 or 1 per cent to close at S$2.00 on Friday.
Lippo Malls Indonesia Retail Trust (LMIRT): Its manager on Monday said that 21 of the trust’s malls and six of its retail spaces across Indonesia have resumed operations with social distancing measures in place. LMIRT units closed at 14.3 Singapore cents on Friday, down 0.3 cent or 2.1 per cent.
Hi-P International: The mainboard-listed firm, which offers manufacturing solutions to industries including telecommunications and consumer electronics, said it will look to diversify its customer base, widen its product mix and further expand out of China to mitigate the impact of macro headwinds. Hi-P shares were flat at Friday’s close, before the announcement.
ISOTeam: The Catalist-listed building solutions firm on Friday evening said it has snagged S$32.5 million in new projects. The contract wins were led by public-sector projects, which the group expects to be the case in the near to mid term. Shares of ISOTeam closed flat at S$0.14 on Friday.