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Stocks to watch: UOB, Ascendas India Trust, Capital World, NauticAWT, Y Ventures, KLW
THE following companies saw new developments that may affect trading of their shares on Thursday:
United Overseas Bank: UOB has priced S$750 million of 3.58 per cent perpetual capital securities at an initial spread of 1.795 per cent above the rate of the then 7-year SGD swap offer rate (SOR). The securities are issued under its US$15 billion global medium term note programme. They are expected to be rated Baa1 by Moody's Investors Service, BBB- by Standard & Poor’s Rating Services and BBB by Fitch Ratings. UOB shares closed up S$0.19 or 0.7 per cent at S$26.41 on Wednesday.
Ascendas India Trust: A-iTrust is planning to finance the construction of an additional warehouse in western India and acquire it upon completion for a total investment of around 2.15 billion Indian rupees (S$42.1 million). The warehouse is to be located in the Arshiya Free Trade Warehousing Zone (FTWZ) in Panvel near Mumbai in western India, and will have a total leasable area of 325,503 square feet (sq ft), the trustee-manager of the mainboard-listed business trust said on Thursday morning. This proposed transaction comes after A-iTrust had in February 2018 completed the acquisition of six operating warehouses with a total leasable area of 832,249 sq ft at the same FTWZ. Units of Ascendas India Trust closed unchanged at S$1.39 on Wednesday.
Jardine Cycle & Carriage: The mainboard-listed firm has appointed Benjamin Birks as its new group managing director to take over Alex Newbigging, who is stepping down after more than seven years at the helm. Mr Newbigging relinquishes his role on Sept 30 and will become the chief executive officer of Jardine International Motors (JIM) in Hong Kong from Oct 1. JIM is a subsidiary of Jardine Matheson Holdings, which is also a significant shareholder of Jardine C&C. JIM provides automotive specialist services to the group. Jardine C&C shares closed at S$36.25 on Wednesday, up 11 Singapore cents or 0.3 per cent.
Capital World: The Catalist-lised property firm is looking to raise some S$18 million by issuing new ordinary shares to two private investors. It said on Wednesday it has entered into a legally-binding term sheet with Yuan Zhiwei and Chng Chor Tong to issue about 916 million new shares at S$0.020 per share. The issue price represents a 13.04 per cent discount to the volume-weighted average price of S$0.023, based on trades done on July 5. The company has requested for a lifting of a trading halt it called for on July 8. Its shares last traded at 2.2 Singapore cents, down 0.2 cent or 8.3 per cent.
NauticAWT: The oil and gas engineering group said on Wednesday that placement agreements, which were supposed to help it raise S$12 million, have lapsed. However, the company, which has in months faced questions over its status as a going concern, also said in another exchange filing that it has struck a separate share subscription agreement worth S$4.5 million with a private investor. The counter last traded at S$0.20, up 0.5 Singapore cent or 33.3 per cent on July 4.
Y Ventures: The Catalist-listed company's chief financial officer has resigned from his post with reasons not related to the company's financial reporting or ongoing independent review, according to an exchange filing on Wednesday. Joshua Huang Thien En, 37, is currently serving a one-month notice period and will effectively depart on July 15. The company's financial controller, Goh Lay Lan, will assume his role and responsibilities. The company's shares closed at S$0.113 on Wednesday, down 0.7 Singapore cent or 5.8 per cent.
KLW Holdings: The door maker said on Wednesday night that through its unit, it is disposing its entire paid-up capital contribution in Key Bay Furniture for US$7.02 million to BTJI Industrial Co. Key Bay is a Vietnam-based single member limited liability company with no business operations which owns a factory on two adjoining plots of land totalling 56,519 square metres located in the Binh Duong province. This is for a term of up to Sept 6, 2063. The counter closed flat at 0.3 Singapore cent on Wednesday.