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Stocks to watch: SATS, Mapletree Industrial Trust, Wee Hur, Debao Property, SIIC Environment
THE following companies saw new developments that may affect trading of their shares on Wednesday:
SATS: The in-flight catering services provider on Tuesday night said it has divested its 51 per cent stake in its indirect unit Food and Allied Support Services Corporation (FASSCO) to Planet Foods for S$1.02 million. FASSCO is a joint venture between SATS subsidiary SATS Investment and Planet Foods, which currently owns 49 per cent. Based in the United Arab Emirates (UAE), the JV specialises in healthcare food and nutrition, remote site catering and integrated facilities management. Following the divestment, FASSCO will no longer be a subsidiary of SATS Investment. SATS shares closed at S$5.29 on Tuesday cum dividend, down eight Singapore cents or 1.49 per cent before the announcement.
Mapletree Industrial Trust (MIT): The mainboard-listed real estate industrial trust (Reit) plans to redevelop a cluster of flatted factories at Kallang Way into a high-tech industrial precinct at a total project cost of about S$263 million. This will be MIT’s largest redevelopment project to date, and is another strategic step in growing its high-tech buildings segment, its manager announced in a filing on Wednesday morning. Units of the Reit closed at S$2.26 on Tuesday, down four Singapore cents of 1.739 per cent.
Wee Hur Holdings: The mainboard-listed property group, through its wholly-owned subsidiary Wee Hur Construction, has secured a S$39 million construction project from Tanglin Trust School. The project involves additions and alterations, including the construction of a new, 11-storey educational institution block that comes with a carpark, sports and recreational facilities at 95 Portsdown Road. Construction will commence on July 15 and is expected to be completed on July 15, 2021. Wee Hur shares closed unchanged at S$0.22 on Tuesday before the announcement.
Debao Property Development: The Accounting and Corporate Regulatory Authority (Acra) has rejected Debao's application to extend the deadline for its annual general meeting (AGM) and fiscal 2018 financial statements. The company had applied to Acra for a further extension of 90 days to hold its AGM and file its results by Sept 27 and Oct 28 respectively. Debao had been informed by its new incoming auditors, Nexia TS Public Accounting Corporation, that the audit of the group's FY2018 financial statements is only expected to complete end-August. Shares of Debao, which remains on the Singapore Exchange's watch list, closed unchanged at S$0.088 on Tuesday before the announcement.
SIIC Environment Holdings: The mainboard-listed firm, through its 75 per cent-owned subsidiary, SIIC Weifang, has signed a new agreement with the Weifang City Administrative Bureau in China. The agreement covers concession rights on the resumption and upgrade of the Weifang City Shawo Wastewater Treatment Plant Project. The total design capacity of the wastewater treatment project is 100,000 tonnes per day, with the discharge standard as Grade 1A. The water tariff will be priced 1.705 yuan per cubic metre. SIIC Environment shares closed up 1.9 per cent or S$0.005 at S$0.27 on Tuesday.