Companies & Markets

Stocks to watch: Sembmarine, Sembcorp, Keppel Reit, Yanlord, Top Glove

Published Tue, Sep 8, 2020 · 12:37 AM

THE following companies saw new developments that may affect trading of their securities on Tuesday:

Sembcorp Marine, Sembcorp Industries: Sembmarine's rights issue of shares to recapitalise the company was undersubscribed, with valid acceptances and excess applications received for 9.4 billion rights shares, or 90.2 per cent of the nearly 10.5 billion rights shares available. According to application results on Monday, Sembmarine's parent company Sembcorp subscribed for 7.5 billion or 72 per cent of the available shares by setting off a S$1.5 billion loan it extended to Sembmarine in June 2019. Sembmarine shares ended Monday at 19.9 Singapore cents, up 0.2 cent or 1 per cent before the announcement. Sembcorp finished at S$1.92, down S$0.02 or 1 per cent.

Keppel Reit: The trustee of the mainboard-listed real estate investment trust has priced its S$150 million subordinated perpetual securities at 3.15 per cent. Units in Keppel Reit closed at S$1.08 on Monday, up S$0.01 or 0.9 per cent, before the announcement.

DBS, UOB, OCBC: Asian banks have largely been conserving capital by trimming dividends or offering scrip options amid the pandemic, and there are opportunities for them to raise debt from yield-starved investors to further shore up capital. But if the pandemic intensifies, some banks are also expected to seriously consider rights issues and private placements to raise fresh equity, capital analysts told The Business Times. Shares of DBS were trading at S$20.78 as at 9.01am on Wednesday, up S$0.06 or 0.3 per cent. UOB was trading at S$19.74, down S$0.06 or 0.3 per cent, while OCBC lost S$0.02 or 0.2 per cent to trade at S$8.65.

Top Glove Corporation: The Malaysian glove maker has submitted an audit report on its labour practices towards its migrant workers to the US Customs and Border Protection (CBP), it said in a bourse filing late on Monday. The report is part of the company's attempt to resolve a detention order on imports issued by the CBP to two Top Glove subsidiaries in July. Shares of Top Glove closed at S$2.73 on Monday, down S$0.09 or 3.2 per cent.

Yanlord Land Group: The mainboard-listed real estate developer saw its contracted presales from residential and commercial units, as well as car parks, more than double to 12.03 billion yuan (S$ 2.41 billion) for August 2020, from 4.8 billion yuan a year ago. Yanlord shares closed at S$1.16 on Monday, down S$0.01 or 0.9 per cent before the announcement.