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Stocks to watch: Sembcorp, Low Keng Huat, OUE Commercial Reit
SEMBCORP Industries will supply 225 megawatts of power to Myanmar via Myanma Electric Power Enterprise for a period of 22 years. The power to be supplied will be produced by Sembcorp's upcoming power project in Myingyan, Mandalay, the company announced on Wednesday.
Sembcorp chief executive Tang Kin Fei's total remuneration fell by some 28 per cent to S$4.45 million last year, as losses in Sembcorp's offshore and marine unit dragged down its net profit by 32 per cent, according to the group's latest annual report published on Tuesday. In particular, Mr Tang's bonus was halved from S$3.04 million in 2014 to S$1.53 million in 2015.
Construction firm Low Keng Huat on Tuesday reported a net profit of S$32.1 million for the three months ended Jan 31, 2016, down 58 per cent from the same period last year. This translates into earnings per share of 4.35 Singapore cents, compared with 10.41 Singapore cents for the preceding financial year.
OUE Commercial Reit on Wednesday introduced a distribution reinvestment plan, allowing unitholders to elect to receive distributions in the form of fully paid new units, instead of cash.
This will enable unitholders to increase their unitholdings in OUE C-Reit without incurring brokerage fees, stamp duties or other related costs, and allow OUE C-Reit to enlarge its capital base and strengthen its working capital.