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Stocks to watch: Tee Int'l, Eagle Hospitality Trust, UOL, Frasers Property, Travelite, Mencast
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Tee International: The mainboard-listed company on Tuesday released its external investigator summary, which reported that former group chief executive Phua Chian Kin had admitted to taking company funds to repay his own debts as well as satisfy margin calls. The counter closed 0.2 Singapore cent or 4.4 per cent down at 4.3 cents on Tuesday, before the summary went public.
Eagle Hospitality Trust (EHT): The trust's sponsor and manager have both taken initiatives to preserve and enhance portfolio performance amid softening market fundamentals and uncertainties due to the impact of the Covid-19 virus. Separately, the chief financial officer of EHT's manager has quit. EHT units finished at 36.5 US cents, 1.5 cents or 3.95 per cent down on Tuesday, before these announcements were made.
UOL and Frasers Property: As part of the latest 99-year leasehold residential state land tenders which closed on Tuesday, a UOL-led consortium submitted bids for two Canberra Drive land parcels, while Frasers Property was the highest bidder for a Fernvale Lane executive condominium site which fetched seven bids. Shares of UOL closed up S$0.02 or 0.3 per cent to S$7.39, while Frasers Property shares closed up S$0.02 or 1.3 per cent to S$1.55 on Tuesday.
Travelite Holdings: YG Marketing, a unit in which Travelite Holdings has an 87.3 per cent stake, reported on Tuesday that a purchaser has on March 2 exercised an option to buy the property at 205A Kallang Bahru for S$3.9 million. YG Marketing had granted the option on Feb 18 to the unnamed buyer. Shares of Travelite closed unchanged at 12.9 Singapore cents on Tuesday, before the announcement was made.
Mencast: The mainboard-listed firm's associated company Vac-Tech Engineering has secured the renewal of a five-year contract with an oil supermajor for the purchase and collection of certain hazardous waste disposal services from the oil supermajor by Vac-Tech. Shares of Mencast closed up 0.4 Singapore cent or 14.3 per cent to 3.2 cents on Tuesday, before the announcement was made.