UPDATE: Singapore stocks to watch Monday: Keppel, M1, Keppel T&T, SPH, Creative, Wheelock, ThaiBev

Singapore street scene in Tanjong Pagar neighborhood; taken 31 August 2018.Singapore street scene in Tanjong Pagar neighborhood; taken 31 August 2018.

These are the Singapore stocks which may be in focus on Monday 24 September 2018:

Keppel, M1 and Keppel T&T

Keppel Corp. said on Monday that it was “concurrently” considering deals involving its stakes in Singapore telco M1 and Keppel Telecommunications & Transportation, both of which could lead to transactions in the shares.

Both M1 and Keppel T&T made SGX filings requesting share halts about a half hour after Keppel’s filing before the market open on Monday. Both said the halts were pending the release of an announcement.

Read more: Keppel: Weighing transactions involving M1 and Keppel T&T stakes

Singapore Press Holdings

Singapore Press Holdings said on Monday before the market open that it was approached by Keppel Corp. to participate in a possible transaction involving the M1 shares held via wholly owned subsidiary SPH Multimedia.

The possible deal could lead to a transaction in the shares of M1, SPH said in the filing to SGX.

Read more: SPH: Approached by Keppel on possible transaction on subsidiary’s M1 shares

Keppel-KBS US REIT

Keppel KBS US REIT’s manager said on Monday that it entered a deal with KBS SOR Westpark Portfolio to acquire the Westpark Portfolio, a business campus with 21 freehold buildings in the Seattle-Tacoma-Bellevue metropolitan statistical area, for US$169.4 million.

The portfolio is the REIT’s third asset in the Seattle MSA, and is in the Eastside office market, where its other two assets in the region, The Plaza Buildings and Bellevue Technology Center, are located, it said in a filing to SGX before the market open on Monday. The portfolio is adjacent to downtown Redmond, Washington, it said.

Read more: Keppel KBS US REIT to acquire Seattle-based Westpark Portfolio for US$169.4 million

Keppel-KBS US REIT

Keppel-KBS US REIT’s manager responded on Monday to media reports that KBS Realty Advisors was considering listing a REIT in Singapore, highlighting the different teams advising it.

According to a July Bloomberg report citing people with knowledge of the matter, KBS Realty Advisors was aiming to raise at least US$1 billion from selling trust units in Singapore backed by 15 properties, with the IPO expected in the fourth quarter.

Read more: Keppel-KBS US REIT responds to reports KBS Realty may list REIT in Singapore

Wheelock Properties (Singapore)

Star Attraction’s voluntary unconditional offer for all of Wheelock Properties (Singapore)’s shares has been extended for at least a second time, with the new closing date set for 2 October at 5:30 P.M. SGT, DBS Bank said on behalf of the offerer in a filing to SGX before the market open on Monday.

That was after extending it on Friday to 28 September from the previous closing date on Friday.

The offer for the shares values the Singapore unit at over S$2.5 billion and the offer price of S$2.10 in cash marks a 20.7 percent premium over the last transacted price prior to the announcement, according to previous filings. However, analysts at OCBC and UOB KayHian have advised against accepting the offer, saying it undervalues the company.

Star Attraction is a wholly-owned indirect subsidiary of Hong Kong real estate giant Wheelock and Company.

On Monday, DBS Bank said on behalf of Star Attraction that it didn’t intend to revise the offer price.

Shares of Wheelock Properties ended Friday up 0.46 percent at S$2.17.

Thai Beverage

Thai Beverage said on Friday that it increased the capital in direct, wholly owned subsidiary International Beverage Holdings Ltd. (IBHL) and in BeerCo Ltd., a direct wholly owned subsidiary of IBHL.

IBHL’s issued and paid-up share capital was increased by HK$14.54 billion (US$1.86 billion or S$2.54 billion) raising the total to HK$59.43 billion, with the increase financed by Thai Beverage’s debenture issue earlier in the week, it said in a filing to SGX after the market close on Friday.

Read more: Thai Beverage increases capital in two subsidiaries after debenture issue

Singapore Exchange

Singapore Exchange said on Friday that it was seeking public feedback on its proposal to introduce a “trade at close,” or TAC, session to take place after the closing auction routine ends.

During a five-minute-long TAC session, traders would be able to execute orders at the closing auction price for ready and unit share markets, it said in a statement on Friday.

Read more: SGX proposes ‘trade at close’ session after closing auction

Stamford Land

Stamford Land responded late on Sunday to a Singapore Exchange regulator’s comments about a “chilling effect” if companies make legal threats against minority shareholders.

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, which now appears to be blocked, and a Business Times editorial about how the annual general meeting (AGM) was conducted and about the property and hospitality company’s capital management.

An email and a Facebook message, which were sent by Shenton Wire to the shareholder outside of office hours, weren’t immediately returned; Shenton Wire’s previous attempts to contact the shareholder, including via a LinkedIn profile which now appears to be disabled, have not been returned.

Read more: Stamford Land responds to SGX official’s concern on legal threats against minority shareholders

Noble

Noble said on Friday that it had begun the scheme of arrangement process, issuing a practice statement letter to its creditors ahead of applying for hearings in England and Bermuda and meetings with creditors to vote on the plans.

“A scheme of arrangement is a statutory procedure under English law and Bermuda law which allows a company to agree a compromise or arrangement with its creditors (or classes of creditors), and for the terms of that compromise or arrangement to bind any non-consenting or opposing minority creditors,” the letter explained.

Valuetronics

Valutronics said on Friday that the power has resumed at its manufacturing facility in Danshui Town, Huizhou City, in Guangdong Province in China after a flash flood on 17 September caused by typhoon Mangkhut had caused power outages, resulting in temporary work stoppages.

“With the return of normal power supply, production has since resumed at the Danshui Plant and will ramp up gradually. The management is currently assessing the effects of the flooding, and working with loss adjuster appointed by insurance underwriter on our insurance claim,” it said in a filing to SGX on Friday.

It noted that its main manufacturing facility at Western District of Science and Technology Park in Huizhou City in Guangdong, wasn’t affected by the typhoon and continued normal operations.

Creative Technology

Creative Technology said on Monday that it launched the Creative SXFI AMP headphone amplifier dongle for Android users, which uses its Super X-Fi technology for 3D sound.

The dongle uses an amplifier which provides maximum audio fidelity and can be used with studio-grade headphones, it said. It will be launched in Singapore first via its website, with worldwide delivery to start in November, Creative said.

Read more: Creative Technology launches SXFI AMP headphone amplifier dongle

Sabana Shariah Compliant Industrial REIT

Sabana Shariah Compliant Industrial REIT’s manager said on Monday that its trustee received a cashier’s order of S$2.15 million from its tenant, Adviva Distribution, to be applied toward the settlement of outstanding rental arrears and late payment charges as of 31 August.

The tenant and trustee on Friday entered an agreement to change the lease to give the trustee rights to mitigate occupancy risks by bringing in direct subtenants, subject to JTC Corp. approval, it said in the filing to SGX on Monday. There will be no reduction in the fixed rent paid by the tenant, it said.

Once the payment is applied to the outstanding rental arrears the Sabana REIT manager didn’t expect any material adverse impact to its distribution per unit for the current financial year, it said.

City Developments

City Developments said on Friday that it bought back 100,000 shares at S$8.82 to S$8.97 each for a total consideration, including other costs, of S$891,958.

Since the April 2018 start of the buyback mandate, City Developments has bought back 1.7 million shares, or 0.187 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 Friday.

SoilBuild Business Space REIT

SoilBuild Business Space REIT’s manager said in an SGX filing after the market close on Friday Lim Chap Huat, the executive director of SoilBuild Construction Group, acquired S$30 million of the 6.0 percent subordinated perpetual securities, which were priced on Thursday.

Ho Toon Bah, an executive director of SoilBuild Construction Group, has purchased S$2.0 million of the securities, it said in a separate filing to SGX on Friday.

Koh Brothers Eco Engineering

Koh Brothers Eco Engineering said on Friday that as of the close of its rights cum warrants issue on 19 September, it had received valid acceptances and excess applications for 517,492,846 rights shares with warrants, or 98.88 percent of the total available for subscription.

Valid acceptances were received for 399,938,300 rights shares with warrants, while excess applications were received for 117,554,546, which were allocated from the 123,379,644 rights shares with warrants which were not taken up by entitled shareholders, it said in a filing to SGX after the market close on Friday.

The company expects the rights shares with warrants to be allotted and issued on 26 September, and to be credited into securities accounts on 27 September, it said. The rights shares are expected to be listed and quoted on Catalist at the start of trade on 27 September, while the warrants are expected to be listed and quoted on 28 September, it said.

MindChamps PreSchool

MindChamps PreSchool said on Monday its wholly owned subsidiary, MindChamps Early Learning & Care @ Eastwood, completed the acquisition of two preschool centers in Sydney, Australia, located at Hurstville and Wheeler Heights. It said S$1.19 million of its IPO proceeds was used to partially fund the acquisition, with the remainder paid via an acquisition loan.

After the acquisition, it operates a total of 10 early learning centers in Australia, located in or around Sydney, as well as two MindChamps Reading and Writing centers there, it said in a filing to SGX before the market open on Monday.

Silverlake Axis

Silverlake Axis said on Friday that it bought back 1 million shares in the market at S$0.4293 each for a total consideration, including other costs, of S$430,116.

Since the October 2017 start of the buyback mandate, Silverlake Axis has bought back 181,178,400 shares, or 6.85 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.

Japan Foods Holding

Japan Foods Holding said on Friday that it bought back 25,000 shares at S$0.495 each for a total consideration, including other costs, of S$12,447.

Since the July 2018 start of the buyback mandate, Japan Foods has bought back 377,800 shares, or 0.217 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 Friday.

This article was originally published on Monday 24 September 2018; it has since been updated to include items on SPH, Keppel-KBS US REIT, Sabana Shariah Compliant Industrial REIT and Creative Technology.

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