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Stocks to watch: OUE, Manulife US Reit, Tuan Sing, KIT, Chip Eng Seng, GSH Corp
THE following companies saw new developments that may affect trading of their shares on Tuesday:
OUE: The son of Indonesian tycoon Stephen Riady will be promoted to deputy chief executive of the family-controlled property and hospitality group OUE from Jan 1 next year. In his new role, Brian Riady, son of Dr Riady, will assist his father in setting the group's strategic direction, OUE announced on Monday. The move is part of the group's succession plan, OUE said. The counter fell one Singapore cent or 0.69 per cent to S$1.44 on Monday before the announcement was made.
Manulife US Reit: The Reit's preferential offering to raise US$62.7 million was about 47 per cent oversubscribed, with the new units to list on Oct 18, the pure-play US office Reit said in a bourse filing on Tuesday. There were excess applications for about 46.1 million new units. About 11.9 million new units which were not validly accepted will be allotted to satisfy applications for excess new units, said Manulife US Reit. Manulife US Reit closed down US$0.005 or 0.5 per cent at US$0.91 on Monday.
Tuan Sing Holdings: The mainboard-listed property developer on Tuesday announced that its wholly-owned subsidiary, Superluck Properties, will issue S$200 million senior secured notes due 2022 under its newly established multicurrency medium-term note (MTN) programme, confirming The Business Times' earlier reports. In addition, Tuan Sing has redeemed in full all the outstanding S$80 million, 4.5 per cent notes due in 2019 under the group’s earlier S$900 million unsecured multicurrency MTN programme. Tuan Sing shares ended at 33.5 Singapore cents on Monday, up 0.5 cent or 1.5 per cent.
Keppel DC Reit: The 142.0 million new units issued at S$1.71 apiece in a recent oversubscribed offering will be listed and quoted on the Singapore Exchange's mainboard with effect from Tuesday, 9am. The Reit had raised S$242.8 million in gross proceeds from the preferential offering earlier in October, as part of a move to raise S$478 million via the offering and a separate private placement to fund its acquisition of two data centres in Singapore later this year. The counter closed higher at S$2.02 on Tuesday, up S$0.03 or 1.5 per cent.
Keppel Infrastructure Trust (KIT): The trust on Monday reported a distribution per unit (DPU) of 0.93 Singapore cent for the third quarter of 2019 on improvements year-on-year in its distributable cash flow (DCF), revenue and net profits. The trust with businesses in the three sectors of energy, distribution & network, and waste & water reported a 61 per cent year-on-year increase in DCF from S$34.7 million to S$55.7 million for the three months ended Sept 30. KIT units closed at 54.5 Singapore cents on Monday before the results were announced.
Chip Eng Seng: Poor interest from minority shareholders has resulted in Chip Eng Seng insiders taking up the bulk of shares in its controversial rights issue. The 1-for-4 rights issue announced in August has attracted total valid acceptances and excess applications of 83,182,362 or 53.15 per cent of all shares offered. The property developer also said on Monday that it has entered into a 70-30 joint venture with partner Tropical Developments to acquire a lagoon in the Maldives. Chip Eng Seng shares closed flat at S$0.625 on Monday.
GSH Corp: The group has priced its S$50 million three-year notes at a fixed annual interest of 5.20 per cent, it said on Monday. The Series 4 notes are expected to be issued on Oct 21 and will mature on Oct 21, 2022. The issuance is part of the company's S$800 million multicurrency medium-term note programme established in 2016. The counter last closed at S$0.385 on Oct 7, down S$0.010 or 2.5 per cent.
SLB Development: The property developer on Monday posted a net profit of S$1.86 million in the first quarter, reversing from a net loss of S$4.1 million in the same period a year earlier. The bottom line was lifted by a lower share of losses of joint ventures and associates, which declined to S$0.3 million in the three months to Aug 31, from S$4.1 million in the same period a year earlier. SLB shares last changed hands at S$0.111 on Oct 10.
Lian Beng Group: The main contractor on Monday posted a first-quarter net profit rise of 21.3 per cent from the same period a year earlier despite a drop in gross profit, as associates' losses swung into profits for the three months ended Aug 31. Net profit stood at S$7.4 million in its fiscal first quarter, including a S$1.4 million share of profits of associates. Lian Beng shares fell one Singapore cent or 2.02 per cent to S$0.485 on Monday before the results were announced.
Jackspeed Corp: The leather trim manufacturer for car seats, on Monday posted a first-half net profit of S$3.2 million, down 4.6 per cent from the same period a year earlier. Revenue in the six months to Aug 31 was S$24.1 million, down 7.4 per cent from the same period a year earlier. The earnings shortfall was due mainly to a decrease of S$0.9 million in the share of profit from an equity-accounted associate, it said. Jackspeed shares last traded at S$0.124 on Oct 3.
Y Ventures: The Catalist-listed e-commerce said on Monday that it is not aware of any information not previously announced that might explain the unusual price movements in its shares. Y Ventures shares crashed 18.84 per cent or 2.6 Singapore cents on Monday to S$0.112, with close to 30 million shares changing hands. Y Ventures did note however that it had commenced discussions with a counterparty to explore a potential joint venture though to date, no definitive terms or formal legal documentation have been agreed on, and no binding agreement signed between the parties.
Debao Property Development: The property developer on Monday said its independent auditor has issued a disclaimer of opinion on the group's financial statements for the 2018 financial year. The independent auditor, Nexia TS Public Accounting Corporation, gave a number of reasons why it had difficulties auditing Debao. It said it could not find confirmations in respect of bank and loan balances amounting to 4.1 million yuan (S$794,000). The counter last traded at S$0.062 on Oct 1, down S$0.003 or 4.6 per cent.