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Stocks to watch: ST Engineering, Yangzijiang, ESR-Reit, Fragrance Group
THE following companies saw new developments that may affect trading of their shares on Thursday:
Singapore Technologies Engineering (ST Engineering): ST Engineering announced on Wednesday that its aerospace arm has injected US$19.5 million into ST Engineering Aerospace Resources for the purchase of aircraft assets to support the expansion of the group's aircraft leasing business. This capital injection, funded through internal cash, brings the group's total share capital contribution in ST Engineering Aerospace Resources to US$49 million. ST Engineering closed at S$3.96 on Wednesday, down 0.8 per cent or three cents.
Yangzijiang Shipbuilding: Chinese shipbuilder Yangzijiang has inked new order contracts for five vessels, including three 82,000 DWT bulk carriers and two 325,000 DWT bulk carriers. Earlier in August, the group had announced the orders for two 325,000 DWT bulk carriers. Together with the five announced on Wednesday, Yangzijiang has signed new order contracts for seven vessels worth US$395 million so far in Q3 2019. Yangzijiang closed at 94 Singapore cents on Wednesday, up 3.5 Singapore cents or 3.87 per cent. It remained the most active counter on the Straits Times Index with 60.8 million shares changing hands.
ESR-Reit: ESR-Reit has secured a new lease for about 168,846 square feet at its 8 Tuas South Lane property to Singapore railway firm P-Way Construction and Engineering, the industrial Reit's (real estate investment trust) manager said on Thursday morning. P-Way will use the space to supply steel fabrication works, store railway equipment and parts, and provide dormitory services for its employees. Units of ESR-Reit closed at S$0.51 on Wednesday, down 0.5 cent or 0.97 per cent.
Fragrance Group: Fragrance's wholly owned subsidiary Fragrance Victory has acquired Min Yuan Apartments at 62 Waterloo Street for S$141 million. The property, with a tenure of 999 years, has a land area of 1,359.1 square meters at a plot ratio of 4.2. Upon redevelopment, it may yield a potential gross floor area of 5,708.22 square meters, subject to payment of development charge of about S$19.55 million at the prevailing rate. Fragrance Victory already owns the adjacent land plot located at 64 Waterloo Street. Subject to obtaining the necessary approvals, the group intends to redevelop the two properties together for a combined comprehensive hotel development. The counter closed at 12.9 Singapore cents on Wednesday, up 0.8 per cent, or 0.1 cent.