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Stocks to watch: Olam, UOB, BHG Retail Reit, BreadTalk, Nordic, Prime US Reit, MindChamps
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Olam International: Olam's unit is selling 89,085 megalitres (about 89 billion litres) of its permanent water rights in Australia to a related entity of the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, for A$490 million (S$452.7 million). Separately, PSP Investments has agreed to buy about 12,000 hectares of almond orchards and related assets in Victoria, Australia, that were previously leased to the Olam unit, Olam Orchards Australia. Shares of the food and agri-business firm closed up S$0.02 or 1.1 per cent to S$1.80 on Monday.
United Overseas Bank (UOB): The lender's wholly-owned subsidiary UOB Asset Management intends to acquire VAM Vietnam Fund Management Joint Stock Company for a cash consideration of 113,680 million dong (S$6.7 million). UOB Asset Management has entered into an agreement with individual Nguyen Xuan Minh for the initial acquisition of 1.13 million ordinary shares of VAM Vietnam Fund Management Joint Stock Company, representing about 24.53 per cent of the issued share capital. UOB shares closed down S$0.05 or 0.2 per cent to S$25.77 on Monday.
BHG Retail Real Estate Investment Trust (BHG Retail Reit): The Reit's manager has proposed to acquire Badaling Outlets, an outlet mall located in Beijing, for a purchase price of S$455 million. The proposed acquisition would be the Reit’s first investment in an outlet mall. Badaling Outlets consists of 14 buildings, has a gross floor area of around 58,348 square metres (sq m), a net lettable area of around 38,797 sq m and a site area of 128,690 sq m. The land use right of the outlet mall, which was completed in 2014, will expire on Sept 24, 2037. BHG Retail Reit units last traded flat at S$0.695 on Nov 29.
BreadTalk Group: It announced on Monday after trading hours that a joint-venture agreement entered into with its wholly-owned subsidiary BreadTalk International and PT Pura Indah Berkat (PT PIB) in March 2018 was terminated on mutual agreement. Upon completion of the JV termination, PT PIB would transfer its 30 per cent equity interest in the joint-venture company, PT BTG Pura Indah Berkat Venture, to BreadTalk Pte Ltd, a wholly-owned subsidiary of BreadTalk, for a consideration of US$1.00. BreadTalk shares, trading on a cum dividend basis, closed unchanged at S$0.615 on Monday.
Nordic Group: The precision engineering and systems integration solutions provider on Monday night posted a 12 per cent fall in third-quarter net profit to S$2.9 million, from S$3.3 million a year ago. This translated to earnings per share of 0.7 Singapore cent for the three months ended Sept 30, versus an earnings per share of 0.8 Singapore cent in the preceding year. Shares in Nordic Group closed at 27.5 Singapore cents on Monday, up 3.8 per cent or one cent, before its results announcement.
Prime US Reit: It announced after trading hours on Monday that it has been included in the MSCI Singapore Small Cap Index, as at the close of market trading on Nov 26. The MSCI Singapore Small Cap Index is designed to measure the performance of the small-cap segment of the Singapore market. With 51 constituents as at Oct 31 this year, the index represents about 14 per cent of the free float-adjusted market capitalisation of Singapore equities. Prime US Reit closed up S$0.005 or 0.5 per cent to S$0.99 on Monday.
MindChamps PreSchool: mindChamps announced on Monday after trading hours that it is divesting its centre at Changi Business Park for a cash consideration of S$1.03 million to franchisee Yirong Education to operate. Following the completion of the transaction, MindChamps Preschool @ Changi Business Park is expected to continue operations at the centre under the franchise agreement, in which Yirong Education will pay royalties to MindChamps. Its shares last traded on Nov 28, down S$0.01 or 1.9 per cent to S$0.52.
ISEC Healthcare: The mandatory offer for the Catalist-listed firm has turned unconditional, with the total number of shares controlled by Aier Eye International and its concert parties, as well as public acceptances, amounting to about 50.58 per cent of total shares as at 5.30pm on Dec 2. Public acceptances of the offer stood at 15.58 per cent. Aier Eye International, which is wholly owned by China's Aier Eye Hospital Group, triggered the offer when it bought a 35 per cent stake under a sale-and-purchase agreement in August. ISEC's shares closed unchanged at S$0.355 on Monday.
LHN Limited: The Catalist-listed firm is purchasing a property at Gul Avenue for S$13 million as part of its plan to expand its logistics services business, the real estate management services group announced on Monday night. LHN shares closed at 12.8 Singapore cents on Monday, down 0.8 per cent, or 0.1 cent.