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Stocks to watch: Singtel, Yanlord, United Engineers, Oxley, Cromwell E-Reit, Citic Envirotech, SIIC Environment
THE following companies saw new developments that may affect trading of their securities on Tuesday:
Singapore Telecommunications: Lee Theng Kiat, the chairman of state investor Temasek Holdings' management and investment arm Temasek International, was named on Monday as Singtel's chairman-designate and will take up that position on Jan 15, 2020. This comes as as veteran chairman Simon Israel plans to retire at the annual general meeting in July 2020. Singtel shares shed S$0.02 or 0.59 per cent to S$3.37 on its cum-dividend date on Monday before the announcement.
Yanlord Land Group, United Engineers (UE): With its stake in UE edging towards the critical 90 per cent mark, Chinese developer Yanlord on Monday said it now plans to delist UE. This reverses its initial proposal at the launch of the offer exercise in October, when Yanlord's offer vehicle, Yanlord Investment (Singapore), said that it did not intend to delist or privatise UE. UE shares closed at S$2.69 on Monday, down S$0.01 or 0.37 per cent, while Yanlord shares shed S$0.01 or 0.85 per cent to S$1.17, before the announcement.
Oxley Holdings: The mainboard-listed developer on Monday said it is selling an office block in Dublin for 115 million euros (S$173.6 million) to Irish commercial property fund Iput. Oxley's subsidiary, Oxley Docklands Quay Two, will get 77.8 per cent of the sale price for the 297-year leasehold interest in No 3 Dublin Landings, which is part of the mixed-use Dublin Landings in the Irish capital that the group had developed. Oxley shares closed up S$0.01 or 2.86 per cent to S$0.36 on Monday before the announcement.
Cromwell European Real Estate Investment Trust: Cromwell E-Reit said on Tuesday it has entered into a master sale and purchase agreement on Dec 16 to dispose of 12 properties located in the Netherlands, Denmark and France. The agreed property sales price of the portfolio is 65.7 million euros (S$99.2 million), representing a 15.2 per cent premium over the original purchase price and a 4.1 per cent premium to the latest market value of the portfolio, based on independent valuations.
Citic Envirotech: The buyout bid for the mainboard-listed company has been deemed fair and reasonable by the deal's independent financial adviser, according to a circular on Monday fixing the vote on the privatisation offer. In keeping with Novus Corporate Finance's advice, the company's independent directors have recommended that shareholders accept the S$0.55-a-share offer that was launched by the majority owner, Citic Group Corp's Citic Environment Investment Group, in November. The counter closed flat at S$0.54 on Monday.
SIIC Environment Holdings: SIIC Environment on Monday said its unit, its controlling shareholder and Shanghai Overseas have formed a joint venture company with a committed capital of HK$100 million (S$17.3 million) to invest in environmental companies in China, particularly in Yangtze River Delta. SIIC Environment's shares closed flat at S$0.255 on Monday.
Uni-Asia Group: The mainboard-listed group, which invests in cargo ships and real estate, consolidated its stake in Regina Bulkship at a price tag of US$240,100 for the shares it did not own, the board said on Monday. The seller, which was not named, also novated a shareholder loan with a face value of some US$3.5 million to Uni-Asia unit Uni-Asia Shipping, for US$3.2 million in cash. Uni-Asia shares closed up half a Singapore cent or 0.67 per cent to S$0.75 before the announcement.