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Stocks to watch: Sabana Reit, CapitaLand Mall Trust, CCT, StarHub, Boustead Projects
THE following companies saw new developments that may affect trading of their securities on Monday:
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit): Quarz Capital Management and Black Crane Capital on Monday called for the senior management and independent directors of the trust to resign if its proposed merger with ESR-Reit falls through. In another letter, Quarz and Black Crane also asked the trustee to form an opinion as to whether the trust's manager "failed to follow the terms of the trust deed to the prejudice of the participants". Sabana Reit units closed unchanged at 37.5 Singapore cents on Friday.
CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT): The two trust's managers on Friday announced deal sweeteners for their proposed merger, such as higher accretion to their respective distribution per unit, and the decision of CMT's manager to completely waive the acquisition fee of S$111.2 million. CMT units finished S$0.03 or 1.5 per cent lower at S$1.93, while CCT was down S$0.03 or 1.8 per cent to S$1.65.
StarHub: The telco was fined S$210,000 for its Internet service disruption on April 15, the Infocomm Media Development Authority said on Sunday. Up to 250,000 StarHub broadband subscribers were affected for close to five hours during the incident. StarHub shares lost S$0.02 or 1.7 per cent to S$1.18 on Friday.
Boustead Projects: Its wholly-owned subsidiary has received a letter of demand from solicitors acting for Veolia ES Singapore Industrial for the payment of S$17.8 million in relation to liquidated damages for civil and associated works. Boustead Projects shares finished flat at S$0.79 on Friday, before the announcement.
CSE Global: The engineering-centric firm is looking at buying opportunities in the oil and gas and the critical infrastructure segments in the US, as well as the infrastructure sector in Singapore and Australia, group managing director Lim Boon Kheng told The Business Times. The mainboard-listed stock closed at 49.5 Singapore cents on Friday, down 1.5 cents or 2.9 per cent.
DBS, OCBC, United Overseas Bank (UOB): The trio of local banks averaged 4.2 per cent in total returns in August 2020, outpacing the median total return of the top quartile of global banking stocks by market value, according to the Singapore Exchange's market update on Friday. DBS shares fell S$0.08 or 0.4 per cent to end Friday at S$20.68, OCBC slipped S$0.07 or 0.8 per cent to S$8.56, while UOB dropped S$0.14 or 0.7 per cent to S$19.45.
Wilmar International: Investors were rattled on Aug 20 when Wilmar's second-largest shareholder, Archer Daniels Midland, decided to trim its stake in the agri-commodities company. But the fall in Wilmar's shares may have created a buying opportunity, and analysts say investors can look forward to several catalysts for the stock. Shares of Wilmar declined S$0.08 or 1.8 per cent to S$4.37 at Friday's close.