Singapore stocks to watch Wednesday: Wilmar, Singapore Press, mm2 Asia

Straits Times reading sculpture at Changi AirportStraits Times reading sculpture at Changi Airport

These are the Singapore stocks to watch on Wednesday 4 July 2018:

Wilmar International

Agriculture giant Wilmar International’s co-founder, Martua Sitorus, will resign from the board with effect from 15 July 2018, the company said on Tuesday in several SGX filings.

Hendri Saksti, Wilmar’s country head for Indonesia, has also tendered his resignation and will leave the company on 31 August, it said.

Saksti is the brother-in-law of Sitorus, who co-founded Wilmar in 1991 with current chairman and CEO Kuok Khoon Hong.

Sitorus was Wilmar’s chief operating officer from July 2006 to June 2013 and executive deputy chairman from July 2013 to March 2017. He was re-designated as a non-independent non-executive director on 1 April 2017.

Sitorus has pared down his Wilmar stake in recent years, and now has a deemed interest of just 1.744 percent.

mm2 Asia, Singapore Press Holdings

Entertainment firm mm2 Asia and Singapore Press Holdings (SPH) will jointly operate news portal AsiaOne under a deal that will see mm2 take a 51 percent stake in the 23-year-old online news site, according to an SGX filing.

SPH said its wholly owned subsidiary SPH Invest subscribed for 490,000 shares, or 49 percent of the joint venture AsiaOne Online, at S$1 a share.

AsiaOne was previously a subsidiary of SPH.

Mm2’s entry into the venture will result in the portal carrying more lifestyle and entertainment content, it said.

Suzie Wang will take the helm of AsiaOne Online as its new CEO, while also serving as mm2’s Head, Digital Media Group, the filing said.

Frasers Logistics & Industrial Trust

Frasers Logistics & Industrial Trust entered to sell its property at 80 Hartley Street, Smeaaton Grange, New South Wales, Australia, for A$90.5 million, or around S$90.5 million, the REIT manager said in a filing to SGX on Tuesday after the market close.

The sale consideration was at a 40.3 percent premium to the property’s book value of A$64.5 million as of the end of the first quarter and nearly 40 percent above the acquisition price of A$65.0 million, it said, adding the property’s latest valuation on 1 July was for A$85.0 million.

FLT is expected to book an estimated net gain of around A$17.7 million over the property’s book value, it said.

“The net divestment proceeds may be distributed to unitholders and/or used for funding potential acquisition opportunities, reducing existing debt and/or other general corporate purposes,” it said.

SK Jewellery Group

SK Jewellery Group has opened a store in Bangkok as part of plans to expand beyond its core markets on Singapore and Malaysia, according to a filing to SGX.

The “Love & Co” flagship store at Bangkok’s CentralWorld mall marks the group’s foray into Thailand, and follows its recent expansion into China, it said.

Asiatravel.com

Asiatravel.com Holdings, which operates online hotel and travel sites, has called for a trading halt in its shares pending an announcement.

Megachem

Megachem Ltd., a distributor of chemical supplies, said its Thai associate, Megachem (Thailand) Public Company, has incorporated a joint venture in Myanmar that will trade in construction material, hospital equipment, seeds and fertilizers.

Megachem (Thailand) owns 51% of the joint venture while the balance 49% is held by a company called Prime Index Co. Ltd.

This article was originally published on Wednesday 4 July 2018 at 8:37 A.M. SGT; it has since been updated.