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Stocks to watch: Wilmar, SPH, Tiong Seng, Clearbridge, SK Jewellery
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Wilmar International: Yihai Kerry Arawana Holdings, a unit of mainboard-listed agribusiness Wilmar International, plans to form a 50:50 joint venture (JV) with UK-headquartered food giant Associated British Foods (ABF) to manufacture and distribute yeast and bakery ingredients in China. In a bourse filing on Monday, Wilmar announced that Yihai Kerry Arawana and ABF have executed a binding term sheet setting out their intentions for the JV. Shares of Wilmar closed at S$3.32 on Monday, up three Singapore cents.
Singapore Press Holdings (SPH): The trustee of Straits Capitol Trust (SCT) has entered into a facility agreement with OCBC Bank and Standard Chartered Bank (Singapore) for a four-year £205 million (S$354.7 million) secured term loan, SPH said in an exchange filing late on Monday night. SPH wholly owns Times Properties, which is the sole unitholder of Straits Capitol Trust. Proceeds from this facility will be used to repay partially the existing loan from Times Properties to finance the acquisition costs of the UK student accommodation portfolio, said SPH, which publishes The Business Times. SPH shares closed down three Singapore cents or 1.28 per cent on Monday at S$2.31.
Tiong Seng Holdings: Construction firm Tiong Seng Holdings has entered into an agreement to dispose its entire 55 per cent stake in Chinese unit Jiangsu Huiyang Construction Development Co for 67 million yuan (about S$13.4 million), the mainboard-listed firm announced on Monday. Tiong Seng will pay the consideration in two tranches: the first 30 million yuan on the seventh working day upon the signing of the sale-and-purchase agreement, and the remaining 37 million yuan upon completion of the disposal. Shares of Tiong Seng closed flat at S$0.23 on Monday.
Clearbridge Health: Catalist-listed Clearbridge Health will build a 1,500 square foot clinic in Causeway Bay, Hong Kong to better cater to both domestic patients and medical tourists, the company announced in a bourse filing on Monday. Previously, the firm’s Hong Kong clinic was about 800 square feet and served some 350 patients per month, primarily medical tourists from mainland China. Shares of Clearbridge closed at 15.1 Singapore cents on Monday, down 0.2 Singapore cent.
SK Jewellery: SK Bullion, a subsidiary of SK Jewellery Group, will receive a one-time settlement payment of US$149,132 from its bankrupt supplier Miami Metals II, the Catalist-listed company announced in an SGX filing on Monday. As part of the bankruptcy proceedings for Miami Metals II, SK Bullion had earlier filed a claim for US$746,000 it had prepaid for an order of silver minerals placed in October. Miami Metals II, then known as Republic Metals Corp, did not fulfil the order. SK Jewellery shares last traded at 9.5 Singapore cents on Friday.