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Stocks to watch: Suntec Reit, Banyan Tree, Vard, Mapletree Industrial Trust
THE following companies saw new developments which may affect trading of their shares on Wednesday:
Suntec Reit: Suntec Real Estate Investment Trust's distribution per unit (DPU) edged down to 2.474 Singapore cents for the second quarter ended June 30, 0.8 per cent lower than the 2.493 Singapore cents DPU for the year-ago period. Gross revenue rose 3.7 per cent year-on-year to S$90.5 million, while net property income rose 2.2 per cent to S$60.7 million, both due mainly to higher contribution from Suntec Singapore and Suntec City Mall offsetting a lower contribution from Suntec City office.
Banyan Tree Holdings: Banyan Tree Holdings on Tuesday said it plans to sell its entire assets portfolio in Seychelles for US$70 million to a buyer from the Middle East, but will continue to manage Banyan Tree Resort Seychelles under a hotel management agreement. The portfolio comprises the Banyan Tree Resort as well as all the land plots it owns in Seychelles.
Vard Holdings: Fincantieri Oil & Gas has extended its offer for shipbuilder Vard Holdings to the business close of Aug 8 after shareholders of the target approved a delisting, according to filings on the Singapore Exchange on Wednesday morning. Fincantieri, whose 25 Singapore cents per Vard share offer is now unconditional, controlled 87.06 per cent of the company as at 5pm on Tuesday.
Mapletree Industrial Trust: Mapletree Industrial Trust on Tuesday posted a 2.7 per cent rise in distribution per unit (DPU) for the fiscal first quarter. DPU for the three months ended June 30 stood at three Singapore cents, up from 2.92 Singapore cents from the year-ago period. Net property income for the quarter rose 1.9 per cent to S$69.5 million from a year ago.
Frasers Centrepoint Trust: Frasers Centrepoint Trust's distribution per unit edged up 1.8 per cent year-on-year to 3.053 Singapore cents, from three cents previously, for the third quarter ended June 30. Gross revenue rose 10.9 per cent year-on-year to S$48.32 million on the back of higher contributions from three of its larger malls.
Sembcorp Industries: Sembcorp Industries on Tuesday said its unit Singapore Wuxi Investment Holdings (SWIH) has agreed to sell its entire 49 per cent equity interest in the capital of Wuxi Singapore Property Investment Co to Golden Concord and Shanghai Sunac Real Estate Development Co for 323 million yuan (S$68 million). The sale, made fully in cash, is expected to result in a net gain for SWIH of S$13 million, and a net gain for Sembcorp of S$12 million for the financial year ending Dec 31, 2018.
Singapore Airlines: Singapore Airlines (SIA) has launched a blockchain-based digital wallet, which allows frequent-flyer members to use their miles to buy goods and services from select merchants in Singapore. Some 18 merchants are onboard with KrisPay - as the digital wallet is known - but more will be added progressively, the airline said.
Trendlines Group: The Trendlines Group on Tuesday said it has terminated an agreement with Shoushan Wealth Holdings. The Israel-based medtech incubator had in August last year set up a joint venture with Chinese private-equity firm Shoushan Wealth to help Trendlines' medtech portfolio companies, as well as other Israeli, Singaporean and other medical companies, penetrate the Chinese market.
Weiye Holdings: Weiye Holdings - a property developer and equipment manufacturer - said the delisting offer has been made unconditional, after the resolution was passed during an EGM on Tuesday. The proposed conditional cash exit offer will be done at S$0.65 or HK$3.88 in cash for each offer share. The final closing date of the exit offer is Aug 7, 2018 at 4pm. The last day of trading of its shares will be July 30.
Advance SCT: Advance SCT - a supplier of copper-related products - has appointed its non-executive chairman Teh Wing Kwan to be the firm's CEO and thereby executive chairman as well. Mr Teh takes over from Simon Eng, who has been "redesignated" from CEO to non-independent non-executive director.