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Stocks to watch: Vibrant, M1, Soilbuild Reit, Mapletree Logistics Trust, Keppel Reit
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Vibrant Group: Logistics player Vibrant Group's partner in a Malaysian property joint venture now wants to wind up the unit over allegations of illegal payment. Its wholly owned Singapore Enterprises got a petition on Jan 18 to wind up Saujana Tiasa Sdn Bhd, the 50-50 joint venture set up in August 2013 with a company called Desa Tiasa Sdn Bhd. The two companies had teamed up to buy a freehold condominium in Kuala Lumpur. But Desa Tiasa has now alleged that the S$30.9 million in advances made by Singapore Enterprises were actually against Malaysian law. Vibrant shares closed down 0.2 Singapore cent, or 1.27 per cent, at S$0.156 on Monday.
M1, Keppel, SPH: Keppel Corp and Singapore Press Holdings (SPH) joint venture company, Konnectivity, has announced that there will be no increase in its offer price of S$2.06 per M1 share they do not already own, and extended the closing date of its offer by at least two weeks. The closing date for the offer has been extended from 5.30pm on Feb 4 to Feb 18, or a later date that may be announced. M1 shares ended unchanged at S$2.07 on Monday.
Soilbuild Reit: Soilbuild Business Space Reit's (real estate investment trust) distribution per unit for its fourth quarter rose to 1.45 Singapore cents from 1.38 cents, lifted by one-off liquidation proceeds received from Technics Offshore Engineering and higher contribution from Solaris as well as its Australia acquisitions. This came as Q4 income available for distribution increased 5.7 per cent to S$15.4 million from the previous year. The counter closed unchanged at S$0.605 on Monday.
Mapletree Logistics Trust: Mapletree Logistics Trust's DPU was up 5 per cent year on year at two Singapore cents for the third quarter ended Dec 31, 2018, compared to 1.9 Singapore cents in the year-ago period. Income distributable to unitholders for the quarter was S$71.9 million, up 23.3 per cent from S$58.3 million in the year-ago period, according to results out on Monday evening. Net property income was up 25.9 per cent at S$104.5 million, on the back of a 23 per cent rise in gross revenue to S$120.8 million. Mapletree Logistics Trust units closed unchanged at S$1.34 on Monday before the results release.
Keppel Reit: Keppel Reit's DPU was down 4.9 per cent at 1.36 Singapore cents for the fourth quarter ended Dec 31, 2018, compared to 1.43 Singapore cents in the year-ago period. This was on the back on a 4.3 per cent fall in distributable income to S$46.2 million, compared to S$48.2 million a year earlier. Net property income for the quarter was down 15.8 per cent year on year at S$30.5 million, compared to S$36.2 million. Units in Keppel Reit closed flat at S$1.18 before the results release.