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Stocks to watch: SGX, Ho Bee Land, Cromwell E-Reit
THE following companies saw new developments which may affect trading of their shares on Monday:
Singapore Exchange (SGX): The market operator was granted a licence extension by a court-appointed arbitrator to continue the listing and trading of SGX Nifty contracts beyond the previous August deadline. However, the SGX was directed to refrain from offering any new India equity derivative products until a final decision has been made on the dispute between the SGX and India's National Stock Exchange, which provides prices for the underlying index. Arbitration proceedings are continuing and the hearings on evidence are expected to commence in early 2019.
Ho Bee Land: The property group has acquired a freehold 21-storey Grade A office building in London for £650 million (about S$1.16 billion). The acquisition was carried out through the purchase of Frasia Properties Sàrl, the equity owner of the property known as Ropemaker Place, a 21-storey Grade A office building comprising about 602,000 square feet of commercial space.
Cromwell European Reit: Philip Levinson, the chief executive of the real estate investment trust's manager, has resigned to pursue other business interests, including providing advisory services to the real estate investment trusts' sponsor, Cromwell Property Group. Mr Levinson, 54, will remain as executive director and CEO of Cromwell Ereit Management until Aug 31, the trust manager announced on Monday before the market opened. The trust manager's board has begun the search for a new CEO.