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Stocks to watch: Sinarmas Land, SGX, Linc Energy
THE following stocks had announcements that could affect trading activity on Tuesday:
Sinarmas Land has agreed with KaiLong Holdings to take a strategic stake in the planned listing of KaiLong China Real Estate Investment Trust (Reit), as well as in the managers of the Reit and its properties. The trust, which would be the first Chinese Reit to be listed in Singapore, will have an initial portfolio of seven business space properties in Shanghai and one office building in Chengdu. Sinarmas stock last traded at 64 Singapore cents on Monday.
Singapore Exchange (SGX) has named veteran banker Loh Boon Chye as its next chief executive. Mr Loh, the former head of Bank of America Merrill Lynch's global markets in the Asia-Pacific, will assume his position on July 14 after current chief executive Magnus Bocker steps down on June 30. SGX president Muthukrishnan Ramaswami will hold the fort during the transition. SGX shares closed at S$7.93 on Monday.
Linc Energy is making a number of changes regarding its board of directors. The oil and gas explorer has appointed Genting Bhd's energy chief executive Ong Tiong Soon as non-executive director on May 28. Linc chairman Peter Bond, chief executive Craig Ricato and the non-executive directors of Linc's board have also agreed to a 20 per cent reduction in their salaries for a year beginning July 1. The pay cut will be reviewed after a year. Non-executive director Ken Dark has also been redesignated as an independent non-executive director from May 11. Linc has also decided to merge its nominating and remuneration committees from July 1. The members of the merged committee will be determined at a board meeting to be held on June 25. Linc shares last traded at 25 Singapore cents on Monday.