UPDATE: Singapore stocks to watch Friday: SGX, Noble, Olam, SoilBuild, China Jinjiang

Little India street scene in Singapore; taken July 2018.Little India street scene in Singapore; taken July 2018.

These are the Singapore stocks which may be in focus on Friday 21 September 2018:

Singapore Exchange

Tan Boon Gin, chief executive of Singapore Exchange’s chief regulator, SGX RegCo, said companies should resist taking an “overly legalistic” approach to dealing with minority shareholders as it could have a “chilling” effect on shareholders’ engagement, the Business Times reported on Thursday.

“We encourage all parties to focus on the issues and not personalities,” Tan said at SGX’s annual general meeting, according to the report.

That came after Stamford Land earlier this month said the company and its directors filed a writ of summons against a shareholder who made allegations in a Facebook post and a Business Times editorial about how the annual general meeting (AGM) was conducted and about the property and hospitality company’s capital management. Shenton Wire was previously unable to reach the shareholder for comment.

Noble Group

Troubled commodity trader Noble Group said on Thursday that it was unaware of any formal legal action after media reports that Iceberg Research and what the company called “certain alleged although as yet unidentified holders of the company’s perpetual securities” may file claims.

“As at the time of this announcement, the company has not been served with any formal process relating to such action and the company is not aware of the grounds for any such action, nor does the company have any further details relating to the same,” Noble said in a filing to SGX after the market close on Thursday.

Read more: Noble: Unaware of any formal legal action by Iceberg Research or perpetual security holders

Olam International

Olam International said on Thursday that its wholly owned subsidiary, Olam Treasury, secured a second term loan facility aggregating 30.0 billion yen, or around US$265.0 million, in the Japanese loan market.

The facility was in two tranches, a 20.7 billion yen three-year tranche and a 9.3 billion yen five-year tranche, which are guaranteed by Olam, it said in a filing to SGX after the market close on Thursday. It was syndicated in the Japanese loan market and oversubscribed during the book building process, it said.

“We are extremely pleased to have completed our second Samurai loan facility in the Japanese market. The transaction is in line with our strategic objectives of lender diversification and tenor extension at competitive pricing levels,” Jayant Parande, president and global head of treasury and investor relations at Olam, said in the statement.

Sembcorp Marine

Singapore state-controlled investment company Temasek Holdings said on Friday that its deemed interest in Sembcorp Marine rose to 62.05 percent from 61.56 percent after its subsidiary, Fullerton Fund Management, acquired 10.34 million shares. The shares were transferred to Fullerton under a March agreement with NTUC Income Holdings, it said in a filing to SGX before the market open on Friday.

Fullerton is an independently managed portfolio company of Temasek, it said. Temasek doesn’t control any Sembcorp Marine shares directly, it said.

SoilBuild Business Space REIT

SoilBuild Business Space REIT’s manager said on Thursday that its trustee, DBS Trustee, has priced S$65 million 6.00 percent subordinated perpetual securities under its S$500 million multicurrency debt issuance program, which was established in 2015.

The perpetual securities are expected to be issued on 27 September, it said in a filing to SGX after the market close on Thursday. The net proceeds, after deducting issue expenses, will be used for general corporate purposes of the REIT and its subsidiaries, which may include acquisitions, such as the acquisition of Australian properties it announced earlier this month, it said.

HSBC’s Singapore branch has been appointed as the sole dealer and bookrunner for the offering, it said.

SoilBuild Business Space REIT

Lim Chap Huat, a co-founder of SoilBuild Group, has agreed to subscribe for S$30 million in aggregate principal amount of the perpetual securities, while SoilBuild Business Space REIT’s manager announced on Thursday, it said in a filing to SGX on Friday before the market open.

Lim holds 96.29 million shares of the REIT, or a 9.096 percent stake, as well as owning all of SoilBuild Group Holdings, which owns all of the shares of the REIT’s manager, it said.

China Jinjiang Environment

China Jinjiang Environment said on Thursday that its wholly owned subsidiary, Hangzhou Jinjiang Environment Investment, has transferred its entire 70.0 percent equity interest in Yucheng Jinhang New Energy to unrelated third party Shandong Fuhang New Energy Environmental Protection.

As China Jinjiang Environment hadn’t made any capital contribution to Yucheng New Energy prior to the transfer, Shandong Fuhang won’t be paying any consideration, it said in a filing to SGX after the market close on Thursday. Shandong Fuhang already owned the remaining 30 percent of Yucheng New Energy, it said.

Since its incorporation in April 2017, Yucheng New Energy has been unable to secure a concession for a waste-to-energy (WTE) project and has been dormant, it said, adding the transfer was undertaken to allow China Jinjiang to focus on other pipeline WTE projects.

Singapore Exchange

Singapore Exchange said on Thursday that it welcomed Lion Futures Ltd. as a trading member of its derivatives market. It said that Lion Futures was incorporated in Hong Kong in May 2016, with its main businesses including providing dealing and advisory services in international futures markets.

Lion Futures’ admission brings the number of trading members in SGX’s derivatives market to 63, in addition to its 25 clearing members, it said in a filing after the market close on Thursday.

OCBC

OCBC said on Thursday that it bought back 100,000 shares in the market at S$11.13 each for a total consideration, including other costs, of S$1.11 million.

Since the April 2018 beginning of the buyback mandate, OCBC has bought back 6.425 million shares, or 0.154 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.

Silverlake Axis

Silverlake Axis said on Thursday that it bought back 928,400 shares in the market at S$0.4325 each for a total consideration, including other costs, of S$402,296.

Since the October 2017 start of the buyback mandate, Silverlake Axis has bought back 180,178,400 shares, or 6.81 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.

Q&M Dental

Q&M Dental said on Thursday that it bought back 395,000 shares in the market at S$0.495 to S$0.51 each for a total consideration, including other costs, of S$199,107.

Since the April 2018 start of the buyback mandate, Q&M Dental has bought back 9,198,300 shares,, or 1.16 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.

SunMoon Food

SunMoon Food said on Thursday that it bought back 646,000 shares in the market at S$0.04854 each, for a total consideration, including other costs, of S$31,413.

It was the first buyback under the mandate which began in July 2018 and represented 0.0898 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.

This article was originally published on Friday 21 September 2018 at 7:11 A.M. SGT; it has since been updated to add an item on Sembcorp Marine.

Get the Shenton Wire morning briefing in your inbox