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Stocks to watch: Mapletree Commercial Trust, Keppel Corp, Ascott, DLF, Trek 2000
THE following companies saw new developments that may affect trading of their shares on Friday:
Mapletree Commercial Trust: The trust is looking to buy a business park in Pasir Panjang at an agreed property value of S$1.55 billion from Heliconia Realty, a direct wholly-owned subsidiary of Mapletree Investments, MCT’s sponsor. The property comprises Mapletree Business City (Phase 2) (MBC II) located at 40, 50, 60, 70 and 80 Pasir Panjang Road in Singapore, as well as the common premises at 10, 20 and 30 Pasir Panjang Road. The proposed acquisition will consolidate MCT’s ownership over the entire development, which already includes MBC I, a four-block office and business park complex acquired by the trustee in 2016. Units of MCT closed at S$2.36 on Thursday, up three cents or 1.3 per cent.
Keppel Corp: Its unit Keppel Land China will buy a 14,518.37 square metre commercial property in Zhangjiang Hi-Tech Park, Pudong New District, Shanghai for RMB493 million (S$96.4 million), Keppel Corp said on Friday morning. The deal amount is mainly based on the agreed value of the property after the three target companies complete their debt restructuring in Oct 2019. Payment will be made over four tranches with the deal expected to be completed by the fourth quarter of 2019. Keppel Corp shares closed up S$0.05 or 0.8 per cent to S$6.06 on Thursday.
Ascott Limited: The property developer on Thursday said it has acquired a freehold serviced residence in the central business district of North Sydney for a sum of S$192 million through the Ascott Serviced Residence Global Fund, its global fund with Qatar Investment Authority (QIA). To be named Citadines Walker North Sydney, the serviced residence is part of a 48-storey development comprising office and retail spaces which will open in 2021 and offer 252 apartments and facilities. Ascott Reit units closed at S$1.31 on Thursday, up 0.8 per cent.
DLF Holdings: The Singapore Exchange Regulation (SGX RegCo) on Thursday asked DLF Holdings to disclose its responses to the exchange's queries, among other things, on the rationale and intent of QRC Pte Ltd's offer and the relationships between the offeror, the group and its directors, key management and associates, if any. This followed QRC's purchase of a 57.16 per cent stake in the mechanical and electrical engineering services provider earlier this month. DLF shares last closed at S$0.185 on Sept 5.
Trek 2000 International: The mainboard-listed technology solutions company said it does not expect any further adjustments in its financial statements this year, in response to queries from the SGX RegCo arising from the recent arraignment of the company's founder and three former executives. Executive director Kuan Mun Kwong, writing on behalf of Trek's board, said "all relevant adjustments and restatements of previous years' audited accounts were identified and put through by the auditors in previous years' annual audits as part of their conservative practice to better reflect the financial positions of the company in the relevant years". The counter closed 0.1 Singapore cent or 1.3 per cent lower at 7.6 cents on Thursday.
China Jinjiang Environment Holding Company: The group on Thursday made changes to its board of directors and executive officers following the acquisition of a 29.79 per cent stake in the company by Zhejiang Energy Group - which is now the group's largest controlling shareholder. Wei Dongliang has been appointed executive chairman and a member of the nominating committee of Jinjiang Environment. Wang Yuanluo has stepped down from the board as non-executive, non-independent chairman and a member of the nominating committee. The counter last closed flat on Wednesday at S$0.60.
United Global: The Catalist-listed lubricant manufacturer has called for a trading halt pending an announcement.