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Stocks to watch: MIT, Venture Corp, Sembcorp, Frasers Property, Yoma, ISOTeam, MTQ
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Mapletree Industrial Trust: MIT's distribution per unit for the fiscal first quarter rose 3.3 per cent to 3.10 Singapore cents from three cents a year ago, according to its financial results posted on Tuesday. Net property income for the three months ended June 30 rose 12.2 per cent to S$77.9 million, compared with S$69.5 million for the first quarter of the previous year. MIT units closed at S$2.30 on Tuesday before the results were announced, down two Singapore cents or 0.86 per cent.
Venture Corporation: Asset manager BlackRock Inc is now deemed a substantial shareholder of Venture Corporation, after related entity PNC Financial Services Group became a substantial shareholder through a share purchase on July 19. In a filing with the Singapore Exchange on Tuesday, Venture said that PNC acquired about 525,400 of its shares last Friday, increasing PNC's shareholding in the electronics manufacturing services provider to 5.16 per cent. Venture shares closed up 25 Singapore cents or 1.62 per cent to S$15.67 on Tuesday before the announcement.
Sembcorp Industries: The group's wholly owned subsidiary, Sembcorp (China) Holding Co, has signed a conditional agreement to divest its 80 per cent stake in Sembcorp Lianyungang Water Co (SLWC) to its local partner for 120 million yuan (S$23.7 million). SLWC runs an industrial wastewater treatment facility in the Lianyungang Lingang Chemical Industrial Park in China. Sembcorp said the divestment is in line with Sembcorp's capital-recycling efforts and is expected to be completed by year end. Sembcorp shares ended at S$2.49 on Tuesday before the announcement, up eight Singapore cents or 3.32 per cent.
Frasers Property: The property developer's subsidiary Frasers Property Treasury (FPT), is proposing to issue S$200 million of fixed-rate subordinated perpetual securities at above par, according to a bourse filing late on Tuesday night. These will be consolidated with the earlier S$400 million 4.98 per cent subordinated perps issued on April 11, to form a single series, as part of the S$5 billion multicurrency programme. Shares of Frasers Property ended flat at S$1.85 on Tuesday.
Yoma Strategic Holdings: The Myanmar-focused group incurred a net loss of US$13.3 million during its first quarter ended June 30, deepening from a net loss of US$5.6 million a year ago, the group said in a filing on Wednesday morning. Group revenue shrank 11.5 per cent for the quarter, amid lower real estate development revenues and higher finance expenses. Shares of Yoma Strategic closed flat at S$0.385 on Tuesday.
ISOTeam: The Catalist-listed group will buy Coney International Ltd's entire stake in Pure Group, a group of six companies, for S$24 million. It has entered into a conditional sale and purchase agreement with Coney International Ltd and Peter Dodson Coney where the purchase is funded by 50 per cent cash and 50 per cent ISOTeam shares (non-listed transferable warrants). ISOTeam shares closed flat at S$0.255 on Tuesday.
MTQ Corporation: The mainboard-listed group on Wednesday reported a first quarter net profit of S$767,000, from a net loss of S$3.5 million a year ago. Contributions for the quarter came mainly from its oil engineering segment, it said in a regulatory filing before the market opened. Earnings per share stood at 0.35 cent for the three months ended June 30, from a loss per share of 1.71 cents a year ago. No dividend has been declared for the quarter, unchanged from a year ago. MTQ shares closed at S$0.21 Singapore on Tuesday, down 0.5 cent or 2.33 per cent.
AA Group Holdings: The group announced on Tuesday that it has received two statutory demands and one letter of demand from an alleged creditor, over financing agreements allegedly signed on its behalf by Kenneth Lim Tiong Hian - the executive chairman and acting chief executive officer of Epicentre Holdings, who has been said to be uncontactable since May 24. AA Group said Mr Lim "is not and has never been a director, officer or employee of the company or any of its subsidiaries". It added that has made a police report and is seeking legal advice on the matter. AA Group shares ended flat at S$0.011 on Tuesday.
Jasper Investments: In response to queries from the Singapore Exchange, the company said it possesses sufficient financial support to maintain the company as a going concern, and that its shares should not be suspended. It also said its board and audit committee are of the opinion that the company's risk management systems are "adequate and effective". Jasper shares closed at S$0.006 on Tuesday, up 0.2 Singapore cent or 50 per cent.