Stocks to watch: MCT, MNACT, Keppel DC Reit, ESR-Reit, Ara Logos Logistics

THE following companies saw new developments that may affect trading of their securities on Tuesday (Mar 22):

N2IU (MCT) and RW0U (MNACT): The managers of both real estate investment trusts (Reit) said on Monday that they are now offering MNACT unitholders the option to receive the entire scheme consideration of their proposed merger, of S$1.1949 per unit, wholly in cash. MCT will also make a preferential offering of S$2.0039 per unit to fund the additional cash of up to S$2.2 billion required in the new cash-only option. The unit price of MCT closed 0.5 per cent or S$0.01 higher at S$1.90 on Monday, while those of MNACT jumped 8.9 per cent or S$0.10 at S$1.22.

AJBU: The master lessee at one of the Reit's data centres in Serangoon North, Keppel DC Singapore 1, has commenced legal proceedings against tenant DXC Technology Services Singapore over the latter's partial default of payment in relation to colocation services provided at the centre. The amount being disputed is approximately S$14.8 million for the 4-year period between Apr 1, 2021 and Mar 31, 2025, said the Reit manager on Monday. DXC has disputed their liability to make payment. Keppel DC Reit closed 0.9 per cent or S$0.02 higher to S$2.28 on Monday.

J91U and K2LU: The managers of both Reits have finally gotten the nod of approval by their respective unitholders to go ahead with the merger to form ESR-Logos Reit (E-Log Reit). Their units were both suspended from trading on Monday, pending the outcome of the vote, and will resume trading on Tuesday.

AP4: The glove manufacturer's subsidiary has acquired 6 parcels of leasehold industrial lands in Perak, Malaysia from I-R & D Sdn Bhd and I-Berhad for RM17.6 million (S$5.7 million). The acquisition was funded from internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the financial year ending Dec 31, 2022, it said on Monday. Its share price fell S$0.055 or 5.2 per cent to close at S$1 on Monday, before the announcement.

T24: The real estate-focused investment holding company has teamed up with Japan's Mitsubishi Estate to develop the first phase of a luxury outlet mall in Karawang, Indonesia for an initial S$90 million. Construction is scheduled to commence in Q2 of 2022 with a target opening date of Q4 2023, said Tuan Sing in a press statement on Tuesday. The counter closed Monday S$0.02 or 5.3 per cent higher at S$0.40.

MR7 : The systems integration solutions provider's subsidiaries, along with the newly-acquired Starburst Holdings, has obtained S$151.6 million worth of contracts from new and repeat customers in Singapore, Malaysia, China and the Middle East, Nordic said on Monday. Shares of Nordic closed flat at S$0.405 on Monday, before the announcement.

AZT: One of the mainboard-listed company's executive directors, Levin Lee, has resigned to pursue other business interests, the company said on Monday. The company has also appointed to its board a new non-executive independent director, Ng Fang Yao, following another resignation. Shares of NutryFarm closed flat at S$0.088 on Monday, before the announcement.

Trading halts: T39 and SK6U called for a trading halt after market closed on Monday, pending an announcement involving the rival acquisition bids from Keppel Corp and consortium Cuscaden Peak. SPH shares closed S$0.01 or 0.4 per cent higher at S$2.34 on Monday, while units of SPH Reit ended flat at S$0.96.

JYEU also called for a trading halt early Tuesday, pending the release of some announcements. The Reit closed flat at S$0.80 on Monday.