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Stocks to watch: SingPost, Mapletree Industrial Trust, Delong, Lorenzo
THE following companies saw new developments that could affect trading of their shares on Friday:
SingPost: It announced on Friday that Vincent Phang will be the new CEO of postal services as well as its Singapore head, with effect from April 1, 2019. He will be replacing retiring Woo Keng Leong, who will serve as postal advisor to the SingPost group with effect from April 1, 2019, to ensure a smooth transition.
Mapletree Industrial Trust: It plans to buy a mixed-use property at 18 Tai Seng Street for an agreed property value of S$268.3 million from a unit of Mapletree Investments, a move that deepens its expansion of its hi-tech buildings segment. The Reit has not yet made a financial decision on how it will fund this proposed purchase, though it said it has debt headroom to fund the proposed acquisition entirely by debt.
Delong Holdings: The Chinese steelmaker announced on Thursday delays in construction of its mega steel plant at the Indonesia Morowali Industrial Park, which will lead to the plant becoming fully operational at end-June 2019. The company's annual report for 2017 had said it expected the joint venture project, which had an initial investment of US$950 million, to be completed and be operational by late 2018.
Lorenzo International: Its independent auditors have issued a disclaimer of opinion on the furniture seller's financial statements for the year ended Mar 31, as the company issued a notice on its three straight years of pre-tax losses. Lorenzo also issued audited financials for the financial year that put its pre-tax losses at S$10.4 million for that financial year, deeper than the earlier-reported unaudited S$9.2 million loss, among other discrepancies.