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Stocks to watch: Singtel, Singapore Airlines, Keppel, ART, Tiong Seng, Tritech
THE following companies saw new developments that may affect trading of their securities on Monday:
Singapore Telecommunications (Singtel): Singtel's wholly-owned Australian subsidiary Optus on Monday extended its contract with Australian media company Foxtel for the provision of satellite services until 2031. The financial terms are confidential. Singtel shares were trading at S$2.51 as at 9.28am on Monday, up S$0.03 or 1.2 per cent.
Singapore Airlines (SIA): Singapore and Malaysia have finalised arrangements for long-term pass holders and travellers on essential or official business to cross the border, Foreign Minister Vivian Balakrishnan announced on Sunday. Operational details for the reciprocal green lane and periodic commuting arrangement will be published in the next few days.
Separately, air freight rates out of Singapore have come down by 10-15 per cent, Singapore Aircargo Agents Association chairman Steven Lee told The Business Times. In recent months, operators, including the SIA group, have started using some of their passenger aircraft for purely cargo operations. Shares of SIA were trading at S$3.61 on Monday as at 9.19am, down S$0.01 or 0.3 per cent.
Keppel Corporation: The company warned on Friday that it will recognise material impairments in its financial results, pertaining mainly to its offshore and marine business, that will "significantly and adversely" impact its results for the second quarter ended June 30. On Monday, Keppel said its wholly-owned subsidiary Keppel Seghers Engineering Singapore has ceased to operate and maintain the Doha North Sewage Treatment Works in Qatar with effect from July 25. Shares of Keppel Corp were trading at S$5.72 as at 9.28am on Monday, up S$0.01 or 0.2 per cent.
Ascott Residence Trust (ART): ART has entered into conditional agreements to sell Ascott Guangzhou in China and Citadines Didot Montparnasse Paris in France to two unrelated third parties respectively, for a total of about S$191.4 million, it said on Monday. The trust's wholly-owned subsidiary has inked a conditional sale-and-purchase agreement with an unrelated third party to divest the interests in Guangzhou Hai Yi Real Estate Development Co. Stapled securities of ART were flat at 93.5 Singapore cents as at 9.28am on Monday, after the announcement.
Tiong Seng Holdings: The company on Friday said its chief executive and executive director Pek Lian Guan and Tiong Seng Contractors director Pay Teow Heng will relinquish their roles for now following corruption charges involving a former Land Transport Authority officer. Tiong Seng shares were trading flat at 15.2 Singapore cents as at 9.30am on Monday.
Tritech Group: The water and environmental group on Sunday said it has decided to appoint Cai Jungang as a consultant instead. Cai resigned from the executive director role on July 23 after being charged by the Corrupt Practices Investigation Bureau for alleged offences relating to certain loans he allegedly gave as gratification to a former Land Transport Authority deputy group director. Shares of Tritech were trading flat at 1.5 Singapore cents as at 9.30am on Monday.
Singapore Press Holdings (SPH): SPH on Friday said that the hearing date for the judicial management applications of two of its subsidiaries, info-tech firms StreetSine Technology Group and StreetSine Singapore, has been fixed for Aug 17. SPH's wholly-owned subsidiary, SPH Interactive, holds 60 per cent of the shares of StreetSine Technology. StreetSine Singapore is wholly owned by StreetSine Technology. Shares of SPH were trading flat at S$1.18 as at 9.13am on Monday.
Raffles Medical Group: The company on Monday posted a 38.2 per cent drop in net profit to S$17.2 million for its first half ended June 30, 2020, from S$27.9 million a year ago. This comes amid a fall in revenue due to deferment of most elective surgeries and fewer offshore patients. The counter was trading flat at 91.5 Singapore cents as at 9.15am on Monday, after the results were announced.
Lippo Malls Indonesia Retail Trust (LMIRT): LMIRT on Friday reported a distribution per unit of 0.11 Singapore cent for the second quarter ended June 30, down from 0.6 cent a year ago. The counter was trading at 12.2 Singapore cents as at 9.32am on Monday, down 0.2 cent ot 1.6 per cent.
Azeus Systems Holdings: The mainboard-listed IT solutions and products provider has seen encouraging take-up of its electronic annual general meeting (e-AGM) solution, it told The Business Times. Launched in May, the e-AGM product was deployed for some 60 customers in Singapore - mostly listed companies - in June alone. The counter was trading at S$1.19 as at 9.18am on Monday, down S$0.01 or 0.8 per cent.