Singapore stocks to watch Thursday: StarHub, Keppel DC REIT, Mapletree Industrial, OCBC, Stamford Land

Singapore five-dollar note Photo by Leslie Shaffer

These are the Singapore stocks which may be in focus on Thursday 6 September 2018:

StarHub

StarHub said on Wednesday that it entered an agreement with Leone Investments, an indirect wholly owned subsidiary of Singapore state investment company Temasek Holdings, to form a joint venture cyber-security company.

Leone will hold 60 percent of the joint venture and StarHub will have the remainder, it said.

Read more: StarHub and Temasek subsidiary enter joint venture to form cyber-security company

Keppel DC REIT, Keppel Corp. and UBS

UBS Group AG became a substantial shareholder of Keppel DC REIT on 31 August, with its deemed interest rising to 5.45 percent, or 73.64 million shares, from zero previously, it said in a filing to SGX on Wednesday after the market close.

That was after subsidiary UBS AG took a 4.48 percent direct interest and a 0.97 percent deemed interest, it said.

In a separate filing on Wednesday, Keppel Corp. said that it completed the sale to UBS AG Singapore Branch of 55,118,336 units, or around 4.08 percent, of Keppel DC REIT, at at least S$1.36 each, which was announced on 30 August.

The sale was completed at S$1.36 each for an aggregate cash consideration of S$74.96 million, Keppel said on Wednesday, adding that after the completion, its indirect interest in Keppel DC REIT was around 25.2 percent.

Mapletree Industrial Trust

Mapletree Industrial Trust’s manager said on Wednesday that it had established a S$2 billion euro medium term securities program, appointing DBS Bank and OCBC as arrangers and dealers.

Under the program, the issuers may periodically issue notes or perpetual securities denominated in any currency, with the net proceeds from each tranche to be used by Mapletree Industrial Trust and its subsidiaries for general corporate purposes, it said in a filing to SGX after the market close on Wednesday.

Frasers Logistics & Industrial Trust

Frasers Logistics & Industrial Trust’s manager said on Wednesday that it had completed the acquisition of two properties in Australia, a deal which was announced on 31 August.

DBS

DBS Group said on Thursday that it priced an issue of S$1 billion 3.98 percent perpetual capital securities first callable in 2025, under its US$30 billion global medium term note program.

The securities, which are expected to be issued on 12 September, are intended to qualify as additional tier 1 capital of DBS Group Holdings, it said in a filing to SGX shortly before the market open on Thursday.

As long as the securities haven’t been redeemed, the distribution rate will be reset on 12 September 2025, and every seven years afterward at a rate equal to the then prevailing seven-year Singapore dollar swap offer rate plus 1.65 percent per annum, it said.

The net proceeds will be used for finance and treasury activities, including intercompany loans or other forms of financing to DBS Bank and its subsidiaries, it said.

OCBC

OCBC said on Wednesday that it bought back 100,000 shares in the market at S$11.19 each for a total consideration including other costs of S$1.12 million.

Since the 30 April 2018 beginning of the buyback mandate, OCBC has bought back 5.725 million shares, or 0.137 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 Wednesday.

Soilbuild Construction

Soilbuild Construction said on Wednesday that its wholly owned subsidiary Soil-Build (Pte.) was awarded a civil works contract worth around S$7.0 million by Jurong Town Corporation to build covered linkways and cycling paths at Changi Business Park and One-North.

The project is expected to start this month and be completed by the first quarter of 2020, it said in a filing to SGX after the market close on Wednesday.

The contract isn’t expected to have a material impact on net tangible assets per share and earnings per share for the current financial year, it said.

Silverlake Axis

Silverlake Axis said on Wednesday that it established a wholly owned subsidiary, QR Agoracloud, on 27 July in Malaysia to accelerate retail digital innovation via cloud-based software-as-a-service services for retailers.

The service is to enable retailers to have faster speed-to-market execution, omni-channel and online-to-offline sales and experience, retail analytics and to create collaboration between suppliers and customers, it said in a filing to SGX after the market close on Wednesday.

QRA’s establishment was funded by internal resources and isn’t expected to have a material impact on net tangible assets and earnings per share for the current financial year ending 30 June 2019, it said.

Sunpower Group

Sunpower Group said on Wednesday that it completed the acquisition of Hentong Group’s 100 percent interest in Zhangjiagang Yongxing Thermal Power, or Target A, and its 40 percent interest in Jiangsu Hengtong Electricity Sales, or Target B.

The proposed purchase consideration for Target A is 765 million yuan, and for Target B it was 8 million yuan, it said in a filing to SGX after the market close on Wednesday, noting the deals were announced in July and August.

Stamford Land

Stamford Land said on Wednesday it bought back 501,200 shares in the market at S$0.485 each for a total consideration including other costs of S$243,446.

Since the 27 July 2018 start of the buyback mandate, Stamford Land has bought back 4,664,200 shares, or 0.54 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 Wednesday.

Vard Holdings

The exit offer to acquire Vard Holdings shares has been extended to 19 September at 5:30 P.M. SGT, from 5 September, Citigroup said in a filing to SGX on Wednesday. Citigroup is acting on behalf of the offerer, Fincantieri Oil & Gas, it said.

Around 94.20 percent of Vard shares have been acquired or agreed to be acquired or have valid acceptances of the exit offer, it said.

In a separate filing, Vard Holdings said the expected date and time for the suspension of trading of the shares will be 9:00 A.M. SGT on 20 September, immediately after the close of the exit offer.

Noble Group

Noble Group said on Wednesday that it formed a wholly owned subsidiary, Noble Intermediate Hold, in the British Virgin Islands on Tuesday, with a principal business of investment holding.

The subsidiary is intended to be an intermediate holding company for New Noble’s interests in its assets and subsidiaries following the completion of its proposed restructuring, it said in a filing to SGX after the market close on Wednesday.

At the date of incorporation, Noble Intermediate Hold’s issued and paid-up share capital and net tangible asset value and book value was US$100, comprising 100 shares at US$1 each, which was paid in cash and funded with internal resources, it said.

This article was originally published on Thursday, 9 September 2018 at 6:47 A.M. SGT; it has since been updated to include an item on DBS. 

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