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Stocks to watch: Olam, SIIC Environment, Frasers Hospitality, MindChamps, OCBC
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Olam International: Olam is selling the real estate assets of its onion and garlic processing facility in California to Chicago-based investment management firm, Mesirow Financial, for US$110.3 million as part of its strategic plan, the food and agri-business firm said on Tuesday. Olam shares closed at S$1.82 on Monday, down 0.55 per cent, or one Singapore cent.
SIIC Environment Holdings: The mainboard-listed firm on Monday night said it is building a waste treatment project in Shanghai with an expected investment of around 3.04 billion yuan (S$590.1 million). The project's total designed waste treatment capacity is expected to be 3,800 tonnes per day. It is also expected to become the first innocuous domestic waste treatment facility built after the implementation of mandatory waste sorting practices in Shanghai, the group said in a regulatory update. SIIC Environment shares closed at 26 Singapore cents on Monday, down 0.5 cent or 1.9 per cent.
Frasers Hospitality Trust (FHT): Credit ratings agency Moody's Investors Service has changed its outlook on FHT to negative from stable, while affirming its Baa2 issuer ratings. Moody's has also affirmed the provisional (P)Baa2 backed senior unsecured rating on the S$1 billion multicurrency medium-term securities programme issued by FHT's wholly-owned subsidiary FH-REIT Treasury, and the Baa2 ratings on the backed senior unsecured notes issued under the programme. FHT units closed unchanged at S$0.705 on Monday.
MindChamps: It has collaborated with one of Australia's top theatre schools, Actors Centre Australia, to open a performing arts preschool in Singapore. The first MindChamps Performing Arts Preschool is located in Orchard Road. MindChamps' chief executive and executive chairman David Chiem said research showed that theatrical strategies improve the development of children's social, emotional, cognitive and motor skills. MindChamps shares closed up S$0.025 or 4.9 per cent to S$0.535 on Monday.
OCBC: It is well placed to take on Chinese technology giants that are looking to join Singapore's digital banking market, its top executive said. The entry of such firms would constitute "extended competition but not necessary new competition," chief executive officer Samuel Tsien said, when asked about the threat posed by companies such as Jack Ma's Ant Financial Services Group. OCBC shares closed down S$0.04 or 0.4 per cent to S$10.96 on Monday.
OUE Lippo Healthcare: A district court in China has ruled that a 2015 land transfer agreement between Wuxi Yilin Real Estate and Wuxi New District Phoenix Hospital was legal. Wuxi New District Phoenix Hospital Co is OUE Lippo Healthcare's subsidiary. Weixin has 15 days from the date of service of the judgement to appeal to the Wuxi Intermediate Court, failing which the judgement will become final and binding. OUE Lippo Healthcare shares closed up S$0.001 or 1.7 per cent to S$0.061 on Monday.