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Stocks to watch: OCBC, Raffles United, Envictus International, CapitaLand
THE following companies saw new developments which may affect trading of their shares on Tuesday:
OCBC: Singapore’s second-largest bank expects to hit at least S$1 billion in pre-tax profits from the Greater Bay Area - comprising Hong Kong and Macau, grouped with several cities in Guangdong province - by 2023. This is double its current pre-tax profit level of S$500 million as at 2017, the bank announced.
Raffles United Holdings: The bearings and seals supplier said that more of its top executives have provided a bond to report back to the Commercial Affairs Department (CAD), regarding potential breaches of the Securities and Futures Act. Managing director Teo Teng Beng was interviewed by the CAD on June 12 and 14; and Ho Hui Min, CFO and head of corporate, on June 6. Koh Hai Yang, an executive director and business development director of Raffles United's subsidiary KHPL, and Kwek Che Yong, adviser to KHPL and deemed substantial shareholder of the company, also provided a bond to report back to the CAD.
Envictus International Holdings: The food and beverage group is undertaking a rights cum warrants issue of up to 113.5 million new shares at an issue price of S$0.16 for each rights share with up to 113.5 million free detachable warrants. Each warrant carries the right to subscribe for one new ordinary share at an exercise price of S$0.16, on the basis of four rights shares for every five existing shares held by entitled shareholders as at the books closure date, and one warrant for every one rights share subscribed.
CapitaLand: The property group has clinched two new mall management contracts in the Chinese cities of Guangzhou and Chengdu. The group said before Tuesday’s trading hours that its shopping mall business CapitaLand Retail, will manage the retail component of The Grand City, a landmark integrated development in Wanbo CBD in Panyu District , on behalf of Guangzhou Wan Shun Investment Management Co Ltd. Separately, Chengdu Lide Commercial Industrial Co has appointed CapitaLand to manage an open-lane, low-rise shopping mall in Qingyang District.