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Stocks to watch: YuuZoo, Keppel Corp, Everbright Water, Manulife US Reit
THE following companies saw new developments that may affect trading of their shares on Monday:
YuuZoo Corporation Limited: YuuZoo said on Sunday night that YuuLog Europe, the new joint venture it recently set up with the management of Cinram Logistics France (CLF), has acquired the business and assets of CLF. The assets include a business that is expected to generate more than S$30 million in revenues this year. CLF is the market leader in entertainment-sector logistics and distribution in France.
Keppel Corporation Limited: Keppel on Sunday announced that Ang Wee Gee, chief executive officer (CEO) of Keppel Land, will be leaving the company on Dec 31 this year to pursue other interests, after more than 26 years of service. Loh Chin Hua, CEO of Keppel Corporation, who is concurrently chairman of Keppel Land, will assume the role of executive chairman of Keppel Land starting Jan 1, 2018. The company said it is evaluating possible candidates to assume the role of Keppel Land's CEO.
China Everbright Water Limited (Everbright Water): The company said its consortium has secured the Nanning Shuitang River Integrated Restoration Public-Private Partnership Project in Guangxi Zhuang Autonomous Region. A public-private partnership agreement in relation to this project with a total investment of about 1.466 billion yuan (S$303.6 million) was inked with the Inland River Management Bureau of the City of Nanning. Everbright Water will hold a 78.99 per cent equity stake in the project company.
Manulife US Real Estate Investment Trust (Manulife Reit): Manulife Reit will undertake a rights issue of over 299 million new units at the issue price of US$0.695 per rights unit to raise about US$208 million to fund a proposed acquisition in New Jersey. The Reit on Sunday said in a release that it will acquire from John Hancock Life Insurance Company the 30-storey Class A office building in Jersey City known as 10 Exchange Place, for US$313.2 million.