UPDATE: Singapore stocks to watch Monday: Keppel, Ascendas REIT, CityDev, Spackman, Sembcorp Industries

The skyline in Singapore’s central business district.The skyline in Singapore’s central business district.

These are the Singapore stocks which may be in focus on Monday, 1 October 2018:

Keppel Corp.

Keppel Land said on Friday that it raised its stake in Nam Long Investment Corp., or NLG, after selling some of its holdings of the Ho Chi Minh City housing developer’s convertible bonds and converting the rest to shares.

Ibeworth Pte., a wholly owned subsidiary of Keppel Land, sold 51 percent of its total 500 billion Vietnamese dong, or total of around S$29.4 million, of its NLG convertible bonds for 393 billion dong, or around S$23.2 million, to third party investors, it said in a filing to SGX on Friday after the market close.

Read more: Keppel Land raises stake in Nam Long Investment via convertible bond sale and conversion

Keppel Corp.

Keppel Land’s joint venture, Keppel Puravankara Development (KPDL), has entered a deal to acquire a 3.09 hectare site in Yeshwantpur, Bangalore, from Metro Cash & Carry India (MCCIN) for 4.05 billion rupees, or around S$81.0 million, to build a retail-and-office tower, it said on Monday.

The total development cost, including the land cost, for the mixed-use development is expected to be 10.4 billion rupees, or around S$207.4 million, it said.

Read more: Keppel Land JV enters deal to develop Bangalore office tower

OCBC

OCBC said on Monday that it had terminated OCBC Wing Hang Bank’s deal to sell its 33.33 percent stake in Hong Kong Life Insurance to First Origin International as closing conditions were not satisfied before the deadline.

The deposit of HK$710 million (US$90.70 million or S$123.98 million) paid by First Origin International has been forfeited to the sellers and they will continue to own Hong Kong Life, it said in a filing to SGX before the market open on Monday.

Correction: This item has been updated to reflect that OCBC indicated the closing conditions were not met by the deadline.

Read more: OCBC terminates plan to sell stake in Hong Kong Life Insurance

Jardine Matheson

Jardine Matheson Chairman Sir Henry Keswick will retire with effect from the end of this year as he has reached his 80th birthday, the company said in a press release dated on Friday, but filed to SGX on Monday.

Sir Henry, who will be appointed chairman emeritus on 31 December, will be replaced by Ben Keswick as executive chairman and Ben Keswick will continue in his role as managing director, it said.

Read more: UPDATE: Jardine Matheson: Chairman Sir Henry Keswick to retire

Ascendas REIT

Ascendas REIT plans to acquire another 26 logistics properties in the U.K. for 257.5 million British pounds, or around S$459.2 million, from Griffen Group UK Holding, the REIT manager said on Saturday.

The proposed acquisition is expected to generate a net property yield of around 5.54 percent before transaction costs and 5.39 percent post-transaction costs, it said in the filing to SGX on Saturday.

Read more: Ascendas REIT: To acquire another 26 UK logistics properties for S$459.2 million

City Developments and Millennium & Copthorne Hotels

Millennium & Copthorne Hotels said on Friday that its CEO Jennifer Fox and the board mutually agreed she would step down as CEO and director, effective 27 September.

Fox took on the role as CEO approximately three months ago and BBC reported on Friday that it was possible Fox and M&C’s chairman had “differences of direction.”

Tan Kian Seng, who is group chief of staff and the former interim CEO prior to Fox’s appointment, will resume acting as interim CEO from 28 September, it said in a filing submitted to SGX by City Developments on Friday.

City Developments owns 65.2 percent of Millennium & Copthorne Hotels after its attempt to take the hotel operator private last year didn’t succeed, according to the hotel company’s 2017 annual report.

CapitaLand and CapitaLand Mall Trust

CapitaLand Mall Trust and CapitaLand said on Friday that Funan, its redevelopment project on the site of the former Funan DigitaLife Mall, is set to open ahead of schedule in the second quarter of 2019, instead of in the third quarter of next year, amid an earlier-than-expected structural completion.

It noted that 72 percent of the overall construction has been completed.

Read more: CapitaLand Mall Trust: Funan to open ahead of schedule

Sembcorp Industries

Sembcorp Industries said on Friday that one of its overseas majority-owned wastewater-treatment joint ventures was served with a further claim related to an alleged discharge of off-specification wastewater.

It noted that in its fiscal 2017 financial statements, it disclosed a provision of S$25.4 million related to the incident.

Read more: Sembcorp Industries: JV served with further claim on wastewater discharge

Keppel REIT

Keppel REIT Management said on Friday that it appointed Paul Tham, age 36, as CEO, with effect from 1 January 2019, replacing Tan Swee Yiow, who will become CEO of Keppel Land on the same date.

Tham is currently the deputy CEO of Keppel REIT Management as well as the chief financial officer of Keppel Capital, which is Keppel Corp.’s asset management arm, it said in a filing to SGX on Friday after the market close.

Read more: Keppel REIT’s manager appoints new CEO as current CEO to take top role at Keppel Land

Thai Beverage

Thai Beverage said on Saturday that it created two new senior positions: The first position is chief operating officer Thailand to oversee creating synergies and complement the product group structure and the second was chief finance officer international business to strengthen value creation in acquisitions and international subsidiaries.

The role of chief operating officer for Thailand will be taken by Ueychai Tantha-Obhas, who is a director and senior executive vice president and chief of route-to-market, it said in a filing to SGX on Sunday.

The role of chief finance officer international business will be filled by Michael Chye Hin Fah, executive vice president and chief brand investment, who will also become executive vice president for the finance and accounting group, it said.

Thapana Sirivadhanabhakdi, president and CEO, will also assume the role of chief beer product group to seek opportunities in beer business, it said.

Sembcorp Industries

Sembcorp Industries said on Friday that it bought back 200,000 shares at S$3.0765 each for a total consideration, including other costs, of S$616,041.

Since the April 2018 start of the buyback mandate, Sembcorp Industries has bought back 1.6 million shares, or 0.09 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.

Mapletree Logistics Trust

Mapletree Logistics Trust’s manager said on Friday that the trust’s acquisition of a portfolio of five logistics properties in Singapore has been completed, with a total acquisition cost of around S$804.2 million.

Of the aggregate S$375.0 million gross proceeds of its private placement, 87.0 percent, or S$326.2 million, was used to partially fund the consideration of the acquisition, while around S$48.8 million was used to partially pay the upfront land premium to JTC Corp., stamp duties and other fees, it said in a filing to SGX after the market close on Friday.

The acquisition cost total included the consideration of S$730.0 million, the upfront land premium of around S$45.9 million paid to JTC Corp., the acquisition fee to the manager of around S$3.7 million and estimated stamp duties and other fees of around S$24.6 million, it said.

Ascendas Hospitality Trust

Ascendas Hospitality Trust’s manager said that the acquisitions of the interests in Hotel WBF Kitasemba West and Hotel WBF Kitasemba East by Ascendas Hospitality Honmachi Tokutei Mokuteki Kaisha have been completed.

It expected the acquisition of the interests in Hotel WBF Honmachi would be completed by the end of January, it said in a filing to SGX after the market close on Friday.

The trust manager had announced in June that Ascendas Hospitality Japan 2, a wholly owned entity of Ascendas Hospitality REIT Trust, would acquire the three hotels in Osaka, Japan, it said.

Aspial Corp.

Aspial Corp. said on Friday that its offer to buy back some of its bonds has resulted in S$9.25 million in aggregate principal amount of its 2018 notes being tendered and accepted for purchase.

With S$51 million in aggregate of the 2019 notes offered for sale, exceeding Aspial’s offer to buy back up to S$10 million, the company increased the maximum amount it would purchase to S$15 million, it said in a filing to SGX after the market close on Friday. The decision on which bonds to purchase was made via balloting, it said.

It added that S$3.75 million of the 2018 notes and S$25.5 million of the 2019 notes were offered to be exchanged for a like principal amount of Singapore-dollar-denominated 6.25 percent notes due 2021, with the aggregate principal of those notes at S$29.25 million.

After the offer’s expiration, the final principal amounts of 2018 notes is S$61.0 million and of 2019 notes is S$83 million, it sia.d

Boustead Projects

Boustead Projects said on Friday that it has received a tender acceptance letter from JTC Corp. awarding a public tender under the Industrial Government Land Sales Program (GLS) for the land parcel known as Lot MK17-10824P at Braddell Road.

The tender went to Boustead Projects’ wholly owned subsidiary, BP-SH1, it said in a filing to SGX after the market close on Friday.

In a separate SGX filing on Friday, Boustead Projects said it created a joint venture company in Singapore called Snakepit-BP 1, in which it and its partner each hold 50 percent.

Snakepit-BP 1 will have an inital paid-up capital of S$2.00 and will primarily be an investment holding company, it said.

Separately, Boustead Projects also registered a limited liability partnership in Singapore called Snakepit-BP LLP, in which the company, Snakepit-BP 1 and its joint venture partner will each hold 25.5 percent, 49 percent and 25.5 percent respectively, it said. The primary activity of Snakepit-BP LLP, which will have an initial capital contribution of S$1.00, will be property development for long-term lease, it said.

Silverlake Axis

Silverlake Axis said on Friday it bought back 744,400 shares in the market at S$0.4378 each for a total consideration, including other costs, of S$326,518.

Since the October 2017 start of the buyback mandate, Silverlake Axis has bought back 183,178,400 shares, or 6.92 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.

Japan Foods

Japan Foods said on Friday that it bought back 18,000 shares in the market at S$0.49 each for a total consideration, including other costs, of S$8,871.

Since the July 2018 start of the buyback mandate, Japan Foods has bought back 395,800 shares, or 0.227 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.

Kimly

Kimly said on Sunday, in reference to an article in Chinese by Lianhe Wanbao on former non-executive and non-independent director, Ong Eng Sing, that the company doesn’t comment on news or information from third-party sources and urged shareholders to be cautious.

In a translation from the Chinese, the article said that “sources familiar to the company told the paper that Mr. Ong had already made preparations to move over to Kimly Limited,” Kimly said in the filing to SGX.

“Where there are material developments relating to the group, the company will make the appropriate announcements,” it said.

Ong retired from the board in January of 2018.

Spackman Entertainment Group

Spackman Entertainment Group said on Friday that Terius Behind Me, the group’s launch into drama production and its first co-produced drama show, led viewership ratings on its 27 September premiere in South Korea.

Terius Behind Me scored what the company called high viewership ratings of 7.5 percent, 8.7 percent, 7.2 percent and 7.4 percent for the first four episodes released on Thursday, according to Nielson Korea, it said in a filing to SGX after the market close on Friday.

Spackman Entertainment Group

Spackman Entertainment Group interim CEO and executive director Richard Lee purchased 113,900 of the company’s shares on Thursday for a consideration of S$4,669.90, raising his holding to a 0.013 percent direct stake from no holdings previously, it said in a filing to SGX after the market close on Friday.

In a separate filing on Friday, it said Na Kyoungwon, executive director and chief financial officer of the company, last week acquired 26,800 shares in the company for S$1,125.60, for a direct interest of 0.003 percent, up from zero previously. In a separate transaction, Na Kyoungwon acquired 500,000 shares for S$20,500 on Friday, raising the direct interest to 0.059 percent, it said.

This article was originally published on Monday 1 October 2018 at 7:47 A.M. SGT; it has since been updated to include items on Jardine Matheson and OCBC. 

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