Singapore stocks to watch Tuesday: Stamford Land, CityDev, Sembcorp, UOB, Spackman

Singapore street scene with taxis; taken August 2018.Singapore street scene with taxis; taken August 2018.

These are the Singapore stocks which may be in focus on Tuesday, 4 September 2018:

Stamford Land

Stamford Land on Monday issued detailed minutes from its annual general meeting (AGM) just days after it issued a filing denying allegations made by a shareholder in a Facebook post, which were later repeated in a Business Times letter to the editor.

The minutes provided more detailed color on the meeting, including a verbal tussle over trying to get a shareholder to return the microphone after making a long statement and an explanation of why no refreshments were provided.

“Chairman stated that there have been earlier AGMs held at hotels such as Fullerton and Amara. However, due to misconduct, especially at the buffet lines, the group gained a bad name with these hotels, who refused to entertain future bookings from the group,” the minutes said.

City Developments

City Developments said on Monday it bought back 100,000 shares in the market at S$9.00 to S$9.09 each for a total consideration including other costs of S$907,284.

Since the April 2018 start of the buyback mandate, City Developments has bought back 1.1 million shares, or 0.12 percent of the issued shares excluding treasury shares at the time the buyback mandate began, it said in a filing to SGX after the market close on Monday.

Sembcorp Industries

Sembcorp Industries said on Monday that it bought back 150,000 shares in the market at S$2.75155 each for a total consideration including other costs of S$413,229.

Since the April 2018 start of the buyback mandate, Sembcorp Industries has bought back 1.2 million shares, or 0.067 percent of the issued shares excluding treasury shares at the time the mandate began, it said in a filing to SGX after the market close on Monday.

Cromwell European REIT

Cromwell European REIT’s manager said on Monday that Simon Garing, age 49, was appointed executive director and CEO of Cromwell EREIT Management, the REIT’s manager, with effect from Monday.

Garing has resigned from his role as the chief capital officer of Cromwell Property Group, which is the sponsor of Cromwell European REIT, prior to assuming the appointment, it said in a filing to SGX after the market close on Monday.

The REIT manager said Elena Arabadjieva, age 46, was promoted to chief operating officer and will also continue in the role of head of investor relations, which she has held since 2017, it said.

UOB

UOB said on Tuesday that it plans to issue 500 million euro 0.25 percent covered bonds due 2023 as the sixth series under its US$8 billion global covered bond program.

The bonds are expected to be rated Aaa by Moody’s Investors Service and AAA by Standard & Poor’s Rating Services, it said.

UOB Limited, HSBC France, Norddeutsche Landesbank – Girozentrale –, Societe Generale and UBS Limited have been appointed as lead managers for the covered bonds, it said in the filing to SGX before the market open on Tuesday.

Cache Logistics Trust

Cache Logisitcs Trust’s manager said on Monday that it welcomed ARA Asset Management as a both a new substantial and as its largest unitholder, with around 9.2 percent of the trust’s units.

The latest purchase of an additional 43.66 million units on 30 August followed the 24 August purchase to 5.12 percent, which made it a substantial unitholder, it said in a filing to SGX after the market close on Monday.

“The acquisition of a substantial position in Cache, as well as the recent takeover of a full control of the manager and the property manager, demonstrates ARA’s confidence and strong support in the REIT,” Daniel Cerf, CEO of the trust’s manager, ARA Trust Management (Cache), said in the statement. “We will continue to capitalise on ARA’s established foothold and expanding partnerships to continue executing our well-defined portfolio rebalancing and growth strategy to enhance earnings growth over time.”

China Everbright Water

China Everbright Water said on Monday that several of its projects have recently begun operations:  Ji’nan Huashan Waste Water Treatment Project, Ji’nan Sludge Treatment Project and Dezhou Ling County Waste Water Treatment Project Plant 2 Upgrading (Ling County Project Plant 2 Upgrading) in Shandong Province.

“Such commencement of operation demonstrates the local governments’ strong support and recognition to the company, and also indicates that the company has more operating projects to generate environmental and social benefits to the local communities, while creating economic benefits to the company,” it said in a filing to SGX after the market close on Monday.

Frasers Commercial Trust

Frasers Commercial Trust’s manager said on Monday that it fully repaid the S$40.0 million three-year transferable term loan facility agreement dated 6 August 2015 and it prepaid the outstanding S$156.6 million in full under the S$365.0 million five-year transferable term loan facility agreement dated 15 September 2014.

The repayments were funded from proceeds of the sale of the property at 55 Market Street in Singapore, which was completed last week, it said in a filing to SGX on Monday after the market close.

Civmec

Civmec said on Monday that its equity interest in Civtec Africa has been diluted to 31.9 percent from 50 percent after it increased its issued shares to 274,999,624 from 175,704,642 previously via the allotment of an additional 99,294,982 shares at 2.53 Ugandan shillings each, or S$0.00092.

Civtec Africa is an indirect subsidiary of Civmec, with equity from Civmec Construction & Engineering Uganda, or CCE Uganda, which is an indirect subsidiary of Civmec and other investors, it said in a filing to SGX after the market close on Monday.

CCE Uganda didn’t subscribe for additional shares in the Civtec Africa share issue, but Civtec Africa will remain an associated company of CCE Uganda, it said.

Chip Eng Seng

Chip Eng Seng said on Monday that its wholly owned subsidiary CES WL has completed its investment in White Lodge Education Group Services on Friday, making it an indirect subsidiary.

CES WL and WL Holdco, which is an affiliate of Navis Capital, entered a deal to acquire 70 percent of White Lodge, which was announced on 20 July, it said in a filing to SGX after the market close on Monday.

Spackman Entertainment Group

Spackman Entertainment Group said on Monday that it received notice from the Singapore Exchange Securities Trading (SGX-ST) for the listing and quotation of 94,634,034 new shares in the company at an issue price of S$0.058 each.

That was in relation to the proposed issuance of the new ordinary shares as part of a sale and purchase agreement between Spackman Entertainment and some existing shareholders of an associated company, Spackman Media Group, it said in a filing to SGX after the market close on Monday.

Stamford Land

Stamford Land said on Monday it bought back 868,400 shares in the market at S$0.485 each for a total consideration including other costs of S$421,805.

Since the July 2018 start of the buyback mandate, Stamford Land has bought back 4,100,600 shares, or 0.475 percent of the issued shares excluding treasury shares at the time the mandate began, it said in a filing to SGX after the market close on Monday.

Japan Foods

Japan Foods said on Monday that it bought back 80,000 shares in the market at S$0.495 each for a total consideration including other costs of S$39,829.

Since the July 2018 start of the buyback mandate, Japan Foods has bought back 161,400 shares, or 0.093 percent of the issued shares excluding treasury shares at the beginning of the mandate, it said in a filing to SGX after the market close on Monday.

Noble Group

Noble Group said on Monday that Noble Norway, a wholly dormant subsidiary it incorporated in Norway, was voluntarily dissolved as of Monday.

The book value and net tangible asset value of Noble Norway shares was nil as of Monday, it said in a filing to SGX.

Get Shenton Wire headlines in your inbox