Update: Singapore stocks to watch Friday: ST Engineering, Keppel, Venture, CapitaLand, China Jinjiang

Singapore 50-dollar bill

These are the Singapore stocks which may be in focus on Friday, 14 September 2018:

ST Engineering

ST Engineering said on Thursday that its wholly owned U.S. subsidiary Vision Technologies Aerospace entered a deal to acquire all of MRA Systems from General Electric for US$630 million, or around S$868 million.

Baltimore, Maryland-based MRA Systems, or MRAS, which has around 800 employees, is an original equipment manufacturer (OEM) of engine nacelle systems for both narrow-body and wide-body aircraft, ST Engineering said in the filing to SGX after the market close on Thursday.

Read more: ST Engineering to buy MRA Systems from General Electric for US$630 million

City Developments

City Developments said on Friday that it acquired a Grade-A commercial building, Aldgate House, in London for 183 million British pounds, or around S$328 million, as part of its strategy to increase recurring income from gateway cities.

“A key focus for CDL is to grow our recurring income significantly over the next 10 years through acquisitions and organic growth which will
help to mitigate the volatility of development projects,” Frank Khoo, City Developments chief investment officer, said in the statement on Friday. “CDL will continue to seek opportunities in the U.K. to further enhance our recurring income streams.”

Read more: City Developments acquires London commercial building for S$328 million

Keppel Corp.

Keppel Capital’s Alpha Investment Partners and Allianz Real Estate have tied up to buy an office building in Shanghai, China, for around US$48 million, Keppel said in an SGX filing after the market close on Thursday.

The acquisition will be made by Alpha Asia Macro Trends Fund III (AAMTF III), which is managed by Keppel Capital’s private fund management arm Alpha, it said.

Read more: Keppel Capital’s Alpha and Allianz enter JV to buy Shanghai office building for US$48 million

Venture Corp.

Venture Corp. said late on Thursday that it wasn’t aware of any reason for its share price’s 5.69 percent drop to S$15.90 during the trading session.

That was in response to an Singapore Exchange Securities Trading (SGX-ST) query about the unusual price and volume movements.

Volume during the session was 2.652 million shares, compared with the 30-day average volume of 1.57 million shares, according to Bloomberg data.

Read more: Venture Corp: Not aware of any reason for sharp share price drop

CapitaLand

CapitaLand said on Thursday that it has not accepted the unconditional mandatory general cash offer from Transtrend Holdings, which is a wholly owned subsidiary of Lai Sun Development Co., to acquire all the issued shares of Lai Fung Holdings.

CapitaLand, via a wholly owned subsidiary, owns an around 19.69 percent stake in Lai Fung, it said in a filing to SGX after the market close on Thursday.

Lucas Ignatius Loh Jen Yuh, who was appointed CapitaLand’s president for China and investment management in August, and Puah Tze Shyang, who is chief investment officer and regional general manager for Southwest China at CapitaLand China, are both directors of Lai Fung and also members of the Lai Fung independent board committee, which was established to make a reommendation on the share offer, it said.

The independent board committee had agreed with the independent financial adviser that the terms of the Lai Fung share offer were not fair and reasonable, with the offer price of HK$5.22 loer than the closing price quoted on the Stock Exchange of Hong Kong from 1 June 2017 to 10 August 2018, it said.

Transtrend’s offer said it intended to maintain the listing of Lai Fung shares in Hong Kong and didn’t intend to exercise any rights to acquire any Lai Fung shares where the offer wasn’t accepted, it said.

Viva Industrial Trust and ESR-REIT

Viva Industrial Trust’s manager said on Thursday that said that its proposed merger with ESR-REIT has been given approval by a Singapore court on Thursday to proceed.

The trust manager said in the filing to SGX that it would make a further announcement later on the indicative timetable when there are material developments.

Viva Industrial Trust

Viva Industrial Trust’s manager said on Thursday that the REIT’s trustee, Perpetual (Asia), entered into an agreement with HSBC’s Singapore branch for a six-month unsecured loan facility of S$100.0 million.

The loan proceeds will be used to repay the existing S$100.0 million 4.15 percent Series 001 notes due 19 September 2018, which are outstanding under the S$500.0 million multi-currency medium-term note program established in 2014, it said in a filing to SGX after the market close on Thursday.

China Jinjiang Environment

China Jinjiang Environment said on Thursday that its wholly owned subsidiary Sunrise Development sold its remaining 34.0 percent stake in Yueyang Jinneng Environment Green Energy.

It sold an 11.0 percent equity interest in Yueyang Jinneng to Yueyang Gaoneng Shidai Environment Technology for a total consideration of around 13.9 million yuan, or around S$2.8 million, it said in a filing to SGX after the market close on Thursday.

It sold a 23.0 percent interest in Yueyang Jinneng to Yueyang Urban Construction Investment Group for a total consideration of around 26.9 million yuan, or around S$5.4 million, it said.

Both Yueyang Gaoneng and Yueyang Construction are unrelated third parties which are existing shareholders of Yueyang Jinneng, it said. Before the disposal, Yueyang Jinneng was 56.0 percent owned by Yueyang Gaoneng, 34.0 percent by Sunrise Development and 10.0 percent by Yueyang Construction, it said.

China Jinjiang Environment

China Jinjiang Environment said on Thursday that its wholly owned subsidiary Lin’an Jiasheng Environment acquired an additional 5 percent of Songyuan Xinxiang New Energy from Mr. Pan Junan, an unrelated third party, for an aggregate consideration of 4.41 million yuan, or around S$830,000.

That boosted the company’s stake in Songyuan Xinxiang to 95 percent, with the remaining 5 percent held by unrelated third party Mr. Zhang Hui, it said in a filing to SGX after the market close on Thursday.

Sunpower Group

Sunpower Group said on Thursday that a 20MW coal-fired power station project unit designed by its subsidiary Shandong Yangguang Engineering Design Institute for a Pakistan textile mill has entered trial performance tests and is expected to soon enter full operation.

The project was for Master Power Private Co., a subsidiary of the Master Group of Industries, a Pakistan-based conglomerate with interests ranging from textiles, automotive production to wind farms and the manufacture of spring and foam mattresses, it said in a filing to SGX after the market close on Thursday.

DBS

DBS said on Thursday that it bought back 650,000 shares at S$24.36 to S$24.58 each for a total consideration, including other costs, of S$15.95 million.

Since the April 2018 beginning of the buyback mandate, DBS has bought back 9,054,800 shares, or 0.3532 percent of the issued shares excluding treasury shares at the mandate’s start, it said in a filing to SGX after the market close on Thursday.

OCBC

OCBC said on Thursday that it bought back 100,000 shares at S$11.07 each for a total consideration, including other costs, of S$1,108,433.

Since the April 2018 start of the buyback mandate, OCBC has bought back 6,125,000 shares, or 0.146 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 Thursday.

Singapore Exchange

Singapore Exchange said on Thursday that it bought back 147,000 shares in the market at S$7.27 to S$7.31 each for a total consideration, including other costs, of S$1,075,222.

Since the September 2017 start of the buyback mandate, Singapore Exchange has bought back 1,514,000 shares, or 0.1 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 Thursday.

CapitaLand

CapitaLand said on Thursday that it was listed in the Dow Jones Sustainability World Index for the seventh year in the row, as one of only two Singapore stocks in the world listing. It added that it retained its listing in the Dow Jones Sustainability Asia Pacific Index, where it has been included for a decade.

“CapitaLand’s inclusion in these global and regional sustainability indices is a strong affirmation of our environmental, social and governance (ESG) practices,” Tan Seng Chai, group chief people officer of CapitaLand Group and chairman of the CapitaLand Sustainability Steering Committee, said in the filing to SGX on Thursday.

Baker Technology and CH Offshore

Baker Technology said its wholly owned subsidiary BT Investment has increased its holding in CH Offshore to 387,535,300 shares, or around 54.98 percent on Thursday, from 383,794,865 shares, or around 54.45 percent.

That was after the transfer of CH Offshore shares transferred and settled on Thursday of shares tendered in acceptance of its S$0.13 mandatory unconditional cash offer, which closed on 7 September, it said in a filing to SGX after the market close on Thursday.

Hi-P International

Hi-P International said on Thursday that it bought back 200,000 shares in the market at S$0.91 to S$0.92 each for a total consideration, including other costs, of S$183,293.

Since the April 2018 beginning of the buyback mandate, Hi-P has bought back 6,219,600 shares, or 0.769 percent of the issued shares excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Thursday.

Stamford Land

Stamford Land said on Thursday that it bought back 34,900 shares at S$0.49 each for a total consideration, including other costs, of S$17,126.

Since the July 2018 start of the buyback mandate, Stamford Land has bought back 6,101,600 shares, or 0.706 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 Thursday.

Roxy-Pacific Holdings

Roxy-Pacific Holdings said on Thursday that it bought back 200,000 shares in the market at S$0.40 each for a total consideration, including other costs, of S$80,248.

Since the April 2018 beginning of the buyback mandate, Roxy-Pacific has bought back 6,782,400 shares, or 0.5699 percent of the issued shares excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Thursday.

China Sunsine Chemical

China Sunsine Chemical said on Thursday that it bought back 20,000 shares in the market at S$1.07 each for a total consideration, including other costs, of S$21,466.

Since the April 2018 beginning of the buyback mandate, China Sunsine has bought back 382.300 shares, or 0.078 percent of the isssued shares excluding treasury shares at the time the mandate started, it said in a filing to SGX after the market close on Thursday.

Q&M Dental

Q&M Dental said on Thursday it bought back 889,900 shares in the market at S$0.455 to S$0.47 each for a total consideration, including other costs, of S$414,882.

Since the April 2018 beginning of the buyback mandate, Q&M Dental has bought back 7,532,100 shares, or 0.95 percent of the issued shares excluding treasury shares at the start of the mandate, it said in a filing to SGX after the market close on Thursday.

This article was originally published on Friday, 14 September 2018 at 7:07 A.M. SGT; it has since been updated to add items on City Developments, Baker Technology and CH Offshore. 

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