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Stocks to watch: OUE, OUE C-Reit, Centurion, MS Holdings, Datapulse, ICP
THE following companies saw new developments which may affect trading of their shares on Tuesday:
OUE Limited, OUE Commercial Reit: OUE Commercial Real Estate Investment Trust (OUE C-Reit) has agreed to buy the office components of the OUE Downtown development from sponsor OUE for S$908 million, according to exchange filings early Tuesday. To help pay for the acquisition, OUE C-Reit is also proposing to raise S$587.5 million through an underwritten and renounceable rights issue on the basis of 83 new units for every 100 units held at S$0.456 per rights unit.
Centurion Corporation: In its first move into the North Asia market, Centurion Corporation, which owns and manages workers accommodation facilities as well as student housing assets, said on Monday night that it would buy South Korea's Benikea Hotel for S$16.6 million and refurbish it for use as student accommodation. The property in Seoul's Dongdaemun district will be converted from a 104-room three-star hotel into a 208-bed accommodation. The projected capital expenditure is about S$4.55 million.
MS Holdings: Crane rental firm MS Holdings on Monday said that it plans to explore a "strategic cooperation" with LongRunn International Group, a builder of integrated resorts in Asia, in acquiring a land parcel in the Incheon Free Economic Zone of South Korea. The cooperation, based on a non-binding memorandum of understanding (MOU), is to develop the land parcel into a casino amenity as well as a complex for residential, commercial and tourism uses. The proposed project is valued at about US$80 million. MS Holdings expects to issue new shares representing 25 per cent of its enlarged share capital, in exchange for an 8 per cent stake in the proposed project.
Datapulse Technology, ICP: Datapulse Technology, a media storage business looking to diversify out of the industry, on Monday said that its chief executive officer Wilson Teng has resigned to "pursue his personal interests". Current chief financial officer Lee Kam Seng will take on the post of interim CEO with immediate effect. Earlier in the evening, Datapulse separately said that it has agreed with Catalist-listed ICP to terminate a plan to acquire ICP's hotel subsidiary Midscale Hotel Investments Pte Ltd.
ST Engineering: ST Engineering has appointed Tom Vecchiolla to head its US headquarters, VT Systems, as it focuses on expanding its US presence, particularly in the defence segment. Mr Vecchiolla takes over John Coburn’s position as president and chief executive officer starting from Dec 1, 2018, while Mr Coburn will remain as non-executive chairman of VT Systems. Mr Vecchiolla has 17 years of experience in the private sector and 24 years in the public and military sector. Prior to joining VT Systems, he founded his consultancy firm based in Washington DC to provide senior advisory services for global aerospace and defence clients.
Mary Chia Holdings: Beauty treatment firm Mary Chia Holdings on Monday said that its lead independent director, David Yeung, has been appointed as non-executive chairman with immediate effect.
Serial System: Electronic components distributor Serial System called a trading halt on Tuesday morning pending the release of an announcement.