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Stocks to watch: Suntec Reit, KTL Global, Tiong Seng, Keppel Reit, Keppel Infra Trust

THE following companies saw new developments that may affect trading of their shares on Tuesday:

Suntec Reit: It has expanded its presence in Australia after acquiring the entire stake in a freehold Grade A office building in Adelaide, South Australia for A$148.3 million (S$141.4 million). This is its first foray into Adelaide. The 12-storey property has an approximate net lettable area of 282,000 square feet and had undergone several rounds of refurbishment. Its units closed flat at S$1.94 on Monday.

KTL Global: The offshore and marine equipment dealer's 80 per cent-owned subsidiary, Bluegas Private Limited, has entered into one-year service agreements with three Chinese utility operators. The three operators will pay Bluegas a quarterly service fee, KTL Global said in a bourse filing on Tuesday. Some 25 million yuan (S$4.9 million) is payable by the three parties, with one operator having paid 7.5 million yuan as at June 30. Watch-list stock KTL Global closed up S$0.003 or 10 per cent at S$0.033 on Monday.

Tiong Seng: Mainboard-listed engineering group Tiong Seng Holdings will acquire the remaining 56 per cent interest in a joint-venture (JV) company Geostr-RV for S$1, making the JV a wholly-owned subsidiary of the group.  Tiong Seng said the acquisition will allow the group to capitalise on the existing business in Geostr-RV, and further capture the opportunities in the market for the manufacture and distribution of pre-cast tunnel segments. Shares of Tiong Seng closed at 23.5 Singapore cents on Monday, down one cent from 24.5 cents at Friday’s close.

Keppel Reit: Its second-quarter distribution per unit (DPU) slipped 2.1 per cent to 1.39 Singapore cents, due mainly to lower one-off income from Ocean Financial Centre and lower revenue and net property income from Bugis Junction Towers. The real estate investment trust (Reit) had received lower one-off income due to the early surrender of leases and absence of rental support top-up payments for its one-third interest in Marina Bay Financial Centre Tower 3. The rental support had been fully drawn in the preceding quarter. Keppel Reit units ended one Singapore cent or 0.8 per cent higher at S$1.26 on Monday.

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Keppel Infrastructure Trust: It on Monday reported a flat total DPU of 0.93 Singapore cent for the second quarter of 2019 despite marked improvements year-on-year in its distributable cash flow (DCF), revenue and net profits. The trust reported a 26.3 per cent increase in DCF at S$45.8 million for the three months ended June 30. This came mainly from the contributions by Ixom HoldCo that was acquired in February. Its units closed flat at 50.5 Singapore cents on Monday.

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