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Stocks to watch: ST Engg, DBS, CRCT, Singapore Airlines, SATS, Singtel
THE following companies saw new developments that may affect trading of their securities on Wednesday:
ST Engineering: It said on Wednesday morning it expects full-year revenue for 2020 to be close to the midpoint of its earlier guidance of a 5 to 15 per cent decline from 2019. It also announced on Tuesday evening that it will be reorganised into two main clusters from the new year - Commercial, and Defence & Public Security, which replace the sector-structure of Aerospace, Electronics, Land Systems and Marine. ST Engineering shares closed at S$3.80 on Tuesday, up S$0.02 or 0.5 per cent.
DBS: Lakshmi Vilas Bank may be amalgamated into DBS's India business, under a proposed scheme by the Reserve Bank of India. If approved, DBS will inject 2,500 crore rupees (S$463 million) into DBS Bank India Ltd to support the amalgamation. Separately, DBS announced a slew of new work practices as Singapore banks make flexi-work a permanent post-Covid-19 feature. DBS shares closed up 1.8 per cent or S$0.43 to S$24.65 on Tuesday, before the announcements.
CapitaLand Retail China Trust (CRCT): Its preferential offering has been priced at S$1.17, the bottom end of the indicative range, CRCT's manager said on Wednesday. Meanwhile, the private placement was upsized and carried an issue price of S$1.195. Trading in CRCT units was halted on Tuesday morning; the manager lifted the halt on Wednesday. The counter ended at S$1.28 on Monday.
Singapore Airlines (SIA), SATS: Travel and tourism-related stocks rose on Tuesday, as positive news from Moderna's Covid-19 vaccine trials boosted investor confidence. SIA shares closed at S$4.06, jumping 4.91 per cent or S$0.19, with 26 million shares changing hands. Meanwhile, shares of ground handler SATS climbed 2.76 per cent or S$0.11 to hit an eight-month high of S$4.10 on 9.8 million shares traded; the last time the counter reached this level was in March.
Singapore Telecommunications (Singtel): Arthur Lang, chief executive of Singtel's international business, said in an interview with The Business Times that the telco sees its digital bank bid as a timely push for its reinvention in Singapore and the region. The counter closed at S$2.35 on Tuesday, up 1.7 per cent or S$0.04.
Ellipsiz, Lum Chang Holdings: Engineering solutions firm Ellipsiz and the family that controls construction firm Lum Chang will make an offer for the remaining 57.3 per cent of the latter's shares at S$0.38 apiece, while keeping it listed. Trading in Ellipsiz and Lum Chang shares was halted at close to 11am on Tuesday and resumed at 4.17pm on the same day. Lum Chang gained S$0.03 to finish at S$0.38, while Ellipsiz was flat at 32.5 Singapore cents.
Trading halt: Broadway Industrial Group, which manufactures precision machined components, on Wednesday morning called for a trading halt, pending the release of an announcement. Its counter closed at 12.1 Singapore cents on Tuesday, up 1.7 per cent or 0.2 cent.