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Stocks to watch: Mapletree Logistics Trust, Alliance Mineral Assets, GP Industries, Koyo International

THE following companies issued announcements after the market closed on Wednesday which could affect trading of their shares.

Mapletree Logistics Trust: It is planning to acquire five modern, ramp-up logistics properties in Singapore from CWT and its subsidiaries for about S$778.3 million, it said in a release to the Singapore Exchange on Thursday morning. The properties comprise five ramp-up warehouses located in the western part of Singapore with a total gross floor area of around 3.2 million square feet, and a weighted average age of 4.8 years. The acquisitions are on a sale-and-leaseback arrangement for terms ranging from five to 10 years. With a combined weighted average lease expiry of 8.7 years and built-in rent escalation of 1.5 per cent per annum, the acquisitions are expected to generate an initial net property income yield of about 6.2 per cent.

Alliance Mineral Assets: Its substantial shareholder Burwill Commodity cut a planned investment into the Lithium miner, taking only 13 million new shares of a proposed 23.9-million-share placement at S$0.33 per share. The company carried out a placement exercise to sell the remaining 10.9 million shares at S$0.34 apiece, but placement agent and underwriter Canaccord Genuity had to mop up 7.6 million unsubscribed shares after placing 3.3 million shares with an unnamed Australian institutional investor. The S$0.34 per share placement price represents a discount of about 8.7 per cent to Alliance Mineral’s volume-weighted average price of S$0.3725 on July 4. No reason was given for Burwill’s trimmed investment.

GP Industries: The battery maker on Wednesday said its unit would sell land and buildings located in Huizhou, China, for 266 million yuan (S$54.8 million) to Huizhou Cheng Hong Industrial. The land and buildings are used by the group as a factory and a warehouse for the manufacturing of acoustic and electronic products and a dormitory for its employees. The sale will be done through its unit, GP Electronics (Huizhou). 

Koyo International: The engineering firm on Wednesday said it has won a S$5.2 million contract from the Housing & Development Board for mechanical and engineering maintenance work. Work will go on for 36 months, with the contract starting in July. The latest order brings its total orderbook to S$31.9 million.

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