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Stocks to watch: TEE International, Thomson Medical, Keppel Pacific Oak US Reit, Tiong Seng

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

TEE International: The mainboard-listed engineering group is appointing an external third-party independent investigator to look into unauthorised transactions totalling S$6.55 million made by its subsidiaries to related parties. The transactions, which took place from July 2018 to May 2019, were allegedly made under the instruction of group chief executive and managing director Phua Chian Kin, said TEE International. Shares of TEE International closed at 4.6 Singapore cents on Friday, up 2.2 per cent or 0.1 Singapore cent.

Thomson Medical Group: Its executive director and chief executive Roy Quek is stepping down to pursue "other professional interests", but will remain on board as a non-executive director, the group said on Friday. Mr Quek, 49, will relinquish his role on Sept 16 after about four years with the mainboard-listed group as it seeks to expand its operations beyond its two strongholds in Singapore and Malaysia. Thomson Medical shares closed flat at S$0.057 on Friday.

Keppel Pacific Oak US Reit: It has agreed to acquire an office complex in Irving, Dallas from KBS SOR 125 John Carpenter for US$101.5 million. One Twenty Five, which is made up of two class A buildings - 125 East John Carpenter and 5100 North O'Connor - is located in the submarket of Las Colinas, a key economic hub of North Central Texas with a high concentration of corporate headquarters in the US. Keppel Pacific units closed a cent higher at US$0.75 on Friday.

Tiong Seng Holdings: The construction firm said its unit has secured a S$287 million contract from JTC Corporation to build an industrial building at the latter's Ang Mo Kio industrial Park. Shares of the mainboard-listed firm closed unchanged at S$0.215 on Friday, before the announcement. 

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CSC Holdings: The geotechnical engineering firm secured foundation contracts worth more than S$70 million in total in August, it said on Friday. They include work on ExxonMobil’s multibillion-dollar expansion of its integrated manufacturing complex on Jurong Island, the Singapore Institute of Technology's new campus at Punggol North, and the North-South Corridor Tunnels. CSC Holdings shares closed flat at S$0.020 on Friday.

China Jinjiang Environment: S&P Global Ratings has revised its outlook on the company from negative to positive. According to the mainboard-listed firm, S&P on Sept 3 also affirmed its issuer rating of BB-, and the long-term issue rating on US$200 million aggregate principal amount of 6 per cent senior notes due 2020, issued by the company, of B+. Its shares closed unchanged at S$0.57 on Friday.

Pharmesis International: The pharmaceutical company called for a trading halt on Monday morning pending an announcement. Its shares closed flat at S$0.205 on Friday.

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