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Stocks to watch: Mapletree Logistics Trust, Genting Singapore, Indofood Agri, First Reit, ThaiBev, TEE International
THE following companies saw new developments that may affect trading of their shares on Thursday:
Mapletree Logistics Trust (MLT): It has sold five warehouses in Japan to Godo Kaisha for a total of 17.52 billion yen (S$213.2 million) in cash. In a regulatory filing on Wednesday, MLT's manager Mapletree Logistics Trust Management said that after evaluating all viable options and taking into consideration the older warehouse building specifications, limited future income growth and lack of redevelopment potential for the properties concerned, divestment at the offered price would be desirable in the interests of the unitholders. Its units closed up 1.37 per cent or two Singapore cents at S$1.48 on Wednesday.
Genting Singapore: Its subsidiary Resorts World at Sentosa will make a voluntary full repayment of the outstanding S$680 million under its S$2.27 billion syndicated senior secured credit facilities dated March 23, 2015, and abort the credit facility two weeks from now.This will slash Genting Singapore and its subsidiaries' borrowings drastically from S$933 million to S$253 million. The repayment will be made using internal cash resources of the group. Genting Singapore shares closed down 0.52 per cent or S$0.005 at S$0.965 on Wednesday.
Indofood Agri Resources: Mainboard-listed Indofood Agri Resources is being targeted for a full acquisition by offeror PT Indofood Sukses Makmur, which holds a 74.52 per cent stake in the company. This is with intentions to delist and privatise Indofood Agri, the crude palm oil refiner and sugar cane crop cultivator said on Thursday in a regulatory filing. Indofood Sukses Makmur is looking to acquire each offer share at S$0.28 in cash. Indofood Agri Resources shares last traded up 1.96 per cent or S$0.005 at S$0.26 on April 5.
First Reit: First Real Estate Investment Trust (First Reit) on Wednesday reported a flattish distribution per unit (DPU) of 2.15 Singapore cents for the first quarter ended March 31, on the back of a 114.8 per cent increase in property expenses, mainly incurred for Sarang Hospital and Indonesia properties. Distributable income was 0.9 per cent higher year on year at S$17.1 million from S$16.8 million, according to the financial results for Q1 FY19 released after the stock market closed. First Reit closed down 0.5 Singapore cent or 0.5 per cent to end at 99 Singapore cents on Wednesday.
Thai Beverage: Credit ratings agency Fitch Ratings has lowered its outlook for Thai Beverage to "negative" from "stable", reflecting a slower than expected pace of deleveraging. Fitch has however affirmed ThaiBev's long-term foreign-currency issuer default rating at "BBB-", and its national long-term rating and senior unsecured ratings at "AA(tha)". Thai Beverage shares closed flat at S$0.825 on Wednesday.
TEE International: It posted an 89.3 per cent increase in profit to S$708,000 from S$374,000 for the quarter ended Feb 28, as it saw its selling and distribution expenses halved from S$3.6 million to S$1.6 million year on year. Revenue at S$134.1 million was more than double that of S$64.7 million a year ago. TEE International closed down 2.52 per cent or S$0.003 at S$0.116 on Wednesday.