Update: Singapore stocks to watch Monday: Sembcorp Industries, Wilmar, Citic Envirotech, Noble, Venture

Singapore 50 dollar bill

These are the Singapore stocks to watch for Monday 25 June 2018:

Sembcorp Industries

Sembcorp Industries said its wholly owned subsidiary Sembcorp Solar Singpaore won a 50-megawatt rooftop solar project from the Singapore’s Housing & Development Board (HDB) and the Singapore Economic Development Board (EDB).

The company will build, own, operate and maintain grid-tied rooftop solar systems across 848 HDB blocks under the West Coast and Choa Chu Kang Town Councils and 27 other government sites, it said in a filing to SGX on Sunday.

Construction will begin in the third quarter of this year, with completion expected by the second quarter of 2020, it said.

The contract value wasn’t disclosed. Sembcorp said the project would be internally funded and wasn’t expected to have a material impact on earnings per share for the financial year ending December 31.

The project is part of the SolarNova program, a “whole-of-government” effort led by HDB and EDB to accelerate deploying solar systems in Singapore and drive the growth of the city-state’s solar industry, it said.

It will bring Sembcorp’s total solar energy portfolio in the city-state to 104 megawatts of capacity at more than 1,500 sites, which would be enough to power around 27,400 four-room HDB flats per year, it said.

Sembcorp Industries

Sembcorp Industries said that its wholly owned subsidiary Sembenviro Recycling completed the sale of its 60 percent stake in Sembcorp Tay Paper Recycling to Tay Paper Resources. Sembcorp Tay Paper Recycling has ceased to be part of the group, it said in a filing to SGX after the market close on Friday.

Wilmar International

Kuok Khoon Hong, co-founder, chairman and CEO of Wilmar International, raised his deemed interest in the company to 12.327 percent from 12.3112 percent, according to a filing to SGX after the market close on Friday.

Two companies Kuok is deemed interested in, Longhlin Asia and Hong Lee Holdings, acquired 500,000 Wilmar shares each for S$3.07 a share in open market purchases, it said.

That bought Kuok’s total stake, including direct interest, to 12.3427 percent, up from 12.3269 percent, it said.

Kuok is deemed interested in Wilmar shares held by HPRY Holdings, HPR Investments, Hong Lee, Kuok Hock Swee & Sons, Longhlin Asia, Pearson Investments, through trust accounts he controls and through his spouse, Yong Lee Lee, the filing said.

Citic Envirotech

Citic Envirotech (CEL) said it secured a 2.5 billion yuan, or around S$515 million, engineering procurement and construction contract for ecological restoration in Meigu County, Sichuan Province, China.

For the project, the residents of 36 townships will be relocated from their homes, with CEL to design and construct essential housing and infrastructure, including water supply and wastewater treatment, in 11 newly designed residential areas, the company said in a filing to SGX on Sunday.

After the residents are re-housed, CEL will then clean up and remediate the land across the 36 townships, with the planning, design and implementation of an ecological environmental system, it said.

Noble Group

Noble Group said it and its indirect wholly owned subsidiary Core Ambition entered a memorandum of agreement to sell a Kamsarmax dry bulk carrier vessel to Fairmyl Shipping, with Transmed Shipping offering a guarantee on buyer performance.

The consideration for the Hong Kong-registered vessel named Ocean Ambition will be US$23.415 million in cash, the filing made after the market close on Friday said. The vessel’s book value and net tangible asset value at March 31. 2018, were around US$22.72 million for each.

“Noble Group has decided to avail itself of favourable market conditions to monetise the vessel,” it said. “Noble Group intends to charter back the vessel on a time charter basis.”

The gain on the proposed sale would be around US$700,000, based on the vessel’s carrying value, it said. Part of the proceeds of the sale will be used to pay down the vessel’s mortgage, with net proceeds after the payment expected at US$8.2 million, and that will be transferred to new entity Asset Co., under Noble’s restructuring plan, or it will be used toward repayment of facilities on other Noble-owned vessels, it said.

Noble Group

Noble Group said that on Friday its indirect wholly owned subsidiary Maylion Pty. acquired an additional 52.5 percent stake in Australian coal exploration and development company East Energy Resources (EER).

Before the transaction, Maylion held 40.9 percent of EER, bringing its total stake to 93.4 percent, it said in a filing to SGX before the market open on Monday. The additional shares were issued to satisfy an around A$28 million, or around US$21 million, which has been fully impaired since the third quarter of last year, it said.

That meant the consideration paid by Noble was “effectively nil,” the filing said, adding that based on the latest financial statements, the book value and net tangible asset value attributable to the additional shares was also nil. EER’s market capitalization was around A$1.78 million, based on the number of issued shares prior to the transaction, it noted, adding the open market valuation attributable to the 52.5 percent shareholding interest in EER was around A$930,000.

Noble Group

Noble Group informed the holders of its US$400 million perpetual capital securities that it has deferred the distribution due on 25 June, it said in a filing to SGX on Monday before the market open.

Venture Corp.

Venture Corp. said it bought back 60,000 shares at S$17.94 each in market transactions on Friday for a total consideration of S$1.079 million. That brought to 528,000 shares, or 0.184 percent of the issued shares excluding treasury shares, bought back since the late April start of the buyback mandate, it said in a filing to SGX after the market close.

Yanlord Land

Zhong Sheng Jian, founder, chairman and CEO of Yanlord Land, last week purchased 2.15 million shares of the company for S$3.54 million in a market transaction, according to an SGX filing on Friday after the market close.

That raised his direct interest to 3.74 percent from 3.63 percent and including deemed interest of 66.19 percent, that brought his total interest to 69.93 percent, it said.

The deemed interest is held by Yanlord Holdings Pte., which is 95 percent owned by Zhong and 5 percent by his spouse, it said.

Keppel Corp.

Keppel Corp. said it bought back 200,000 shares at S$7.07-S$7.08 each in the market for a total consideration, including other costs, of S$1.42 million. That brought to 2.011 million shares, or 0.1107 percent of the issued shares excluding treasury shares, bought back since the late April buyback mandate began, it said in a filing to SGX after the market close on Friday.

SATS

SATS bought back 50,000 shares at S$4.93-S$4.95 each in the market for a total consideration, including other costs, of S$247,291, according to an SGX filing after the market close on Friday. That brought to 5.34 million shares, or 0.4771 percent of issued shares excluding treasury shares, bought back since the July 21, 2017, start date for the buyback mandate, it said.

Cache Logistics Trust

ARA Asset Management has proposed acquiring all of CWT Pte.’s shares in ARA-CWT Trust management, manager of Cache Logistics Trust, and in Cache Property management, the Cache’s property manager, Cache Logistics Trust said in a filing to SGX before the market open on Monday.

CWT currently owns 40% of the manager and 60 percent of the property manager, it said.

“With our strong foothold in Asia Pacific and extensive experience in managing REITs, we are confident that exercising our full management control over Cache represents a greater alignment of interest which will be beneficial to unitholders in the long-term,” John Lim, ARA’s group CEO, said in the statement.

OUE Lippo Healthcare

OUE Lippo Healthcare said China Merchants Lippo Hospital Management (Shenzhen) (CMLHM) entered into a framework agreement to create a new joint venture in China to manage Shanghai Changhang Hospital in Shanghai.

CMLHM is a 50-50 joint venture between its indirect wholly-owned subsidiary Lippo Healthcare, which is held through Brainy World Holdings, and China Merchants Landmark (Shenzhen) (CMSZ), which is part of the China Merchants Group, it said in a filing to SGX after the market close on Friday.

The framework agreement will be with China Changjiang National Shipping Group and Shanghai Changjiang to form a joint venture between China Changjiang and CMLHM, it said. CMLHM will hold a 51 percent stake in the joint venture, while China Changjiang will hold the remainder, it said. China Changjiang is also part of China Merchants Group, it said.

Shanghai Changjiang, which is a wholly owned subsidiary of China Changjiang, currently operates the hospital, it said.

No Signboard Holdings

GuGong Pte. raised its direct interest in No Signboard Holdings to 73.7 percent from 73.68 percent, it said in a filing to SGX after the market close on Friday. Lim Yong Sim (Lin Rongsen), No Signboard’s chairman and CEO, holds 93.64 percent of GuGong Pte., it said.

That brought Lim’s deemed interest to 73.7 percent, it said.

Interra Resources

Interra Resources said its 60 percent-owned joint venture Goldpetrol Joint Operating Co. has completed development well CHK 1208 in Myanmar’s Chauk oil field for 65 barrels of oil a day. CHK 1208 is the fourth well drilled in Myanmar this year and the tenth in Goldpetrol’s development program started in 2013, it said in a filing to SGX after the market close on Friday.

This article was originally published at 7:42 A.M. SGT Monday 25 June 2018; it has since been updated.