Stocks to watch: Serial System, Nico Steel, Sabana Reit, SIIC Environment, Straits Trading

THE following companies saw new developments which may affect trading of their shares on Wednesday:

Serial System: It will sell its stake in Australian laundry business SPL Holdings (Australia) Pty Ltd for US$31.2 million, the electronic components distributor said early on Wednesday morning. It also requested a lift of its trading halt. Serial System said it expects to recognise a gain of US$20 million from the sale of its entire 27.34 per cent stake in SPL, representing a premium of 179 per cent over the company's book value in SPL as at June 30, 2018.

Nico Steel Holdings: The mainboard-listed metal alloys specialist said on Wednesday morning that has terminated an agreement for the issue of up to S$50 million 2 per cent redeemable convertible bonds due 2018 to the subscriber - Premier Equity Fund Sub Fund H. As a result of the termination, Nico Steel said that it "will not issue, and the subscriber will no longer subscribe for any additional bonds pursuant to the subscription agreement". The company noted that as at Tuesday, all outstanding bonds have been converted into shares.

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit): The Reit (real estate investment trust) manager's chief strategy officer and head of investor relations Tay Chiew Sheng has left with effect from Sept 11, after nearly eight years in the role. The manager of Sabana Reit announced Mr Tay's departure to "pursue other interests" in a regulatory filing late on Tuesday night.

SIIC Environment Holdings: The wastewater treatment firm on Tuesday said that it will develop a sewage treatment project in Beihai City - a project valued at 578 million yuan (S$116 million). SIIC Environment will partner BOSCI Investment Company to jointly develop the project - comprising two main plants - that hold a concession period of 30 years. Located in the north-west of Beihai City, the project has a design treatment capacity of 200,000 tonnes per day.

Straits Trading Company: The property firm on Tuesday said that it plans to subscribe for A$40 million (about S$39.3 million) worth in trust units that would allow it to acquire a portfolio of logistics properties across Australia.  The ILP No 1 Trust, through its indirect wholly owned subsidiaries, owns a distribution facility in Port Adelaide, South Australia. It will also be assigned a land sale contract for the acquisition of a freehold redevelopment property located in Kilkenny, South Australia. Straits Trading will be purchasing 80 per cent of the issued units in the trust.