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Stocks to watch: Union Gas, JEP, CapitaLand, Oxley
THE following companies saw new developments which may affect trading of their shares on Tuesday:
Union Gas Holdings: It announced late on Monday that it has provided Union Energy Corporation (UEC) with a formal notice that it intends to exercise the call option granted to the company by UEC to acquire its business that supplies liquefied petroleum gas to hawker centres. As part of the call option, UEC will sell the entire issued and paid up capital of U-Gas in a definitive sale and purchase agreement. The value of the U-Gas acquisition is S$9.2 million, and will be paid by S$2.76 million in cash, and an allotment and issue of 24.3 million ordinary shares in the issued and paid-up capital of the company at an issue price of S$0.2647 per share, amounting to S$6.4 million.
JEP Holdings: The company announced late on Monday that Soh Chee Siong, the CEO of subsidiary JEP Precision Engineering, will relinquish his role as executive director effective on March 19. According to a filing with the Singapore Exchange, the rationale behind his departure was due to "personal interest". He was appointed as CEO of JEP Precision Engineering in October 2011. He was first appointed as director of JEP Holdings in January 2014.
CapitaLand and Oxley: CapitaLand Retail has signed an agreement to manage a mall in Cambodia's capital, Phnom Penh. The mall is the retail component of The Peak, an upcoming high-end integrated development majority owned by Singapore-based developer Oxley and Cambodian company Worldbridge Land. CapitaLand will oversee asset planning, pre-opening and retail management for the five-storey mall, which has a gross floor area, excluding car park, of about 420,000 square feet, and net lettable area of about 260,000 sq ft.