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Stocks to watch: Venture Corp, Perennial, UOL, Cheung Woh
THE following companies saw new developments that may affect trading of their shares on Thursday:
Venture Corporation: The contract manufacturer is scheduled to join the Straits Times Index (STI) with effect from Jan 5, replacing Global Logistic Properties (GLP) which is being taken private. Venture was selected to join the STI as it maintained the highest market capitalisation of the STI Reserve as at market close on Jan 2. The last trading day for GLP is expected to be on Jan 4.
Perennial Real Estate Holdings: Singapore-listed Perennial Real Estate Holdings, together with partners, has set up a US$1.2 billion joint venture (JV) vehicle that would acquire and develop large scale and predominantly healthcare integrated mixed-use developments connected to the high speed railway stations in China. The group on Wednesday said the first close of the total funds secured to the JV vehicle, Perennial HC Holdings, amounts to US$500 million. Through its subsidiary, Perennial will hold a 45 per cent stake in its first JV, in which it contributed US$225 million for the first closing. This is to be funded in stages upon capital call through internal cash and/or bank borrowings.
UOL: Its mandatory offer for Singapore Land shares closed at 5.30pm on Jan 3 and is no longer open for acceptance. UOL had earlier this year made the offer for all the SingLand shares it does not already own, at S$11.85 apiece in cash. The obligation for UOL to make the mandatory offer was triggered under Singapore's takeover code last month when UOL and its concert parties attained statutory control of United Industrial Corporation, which in turn owns over 99 per cent of SingLand. As at 5.30pm on Jan 3, UOL and its concert parties held 99.772 per cent of SingLand shares.
Cheung Woh Technologies: The hard disk drive manufacturer said it expects to report a loss for the third quarter due to missed production targets, partly as a result of machinery down-time and repairs. Cheung Woh issued a profit guidance for the three months ended Nov 30, noting that the production of baseplates has not reached its target yield.