Singapore stocks to watch Tuesday: Mandarin Oriental, Chip Eng Seng, Keppel Infrastructure, No Signboard

Singapore’s Marina Bay SandsSingapore’s Marina Bay Sands

These are the Singapore stocks which may be in focus on Tuesday 9 October 2018:

Mandarin Oriental

Mandarin Oriental International said on Tuesday that The Excelsior hotel in Hong Kong will be closed at the end of 2019’s first quarter for redevelopment of the site into a mixed-use commercial building.

“The decision reflects strong commercial property values in Hong Kong and the expected higher yield associated with a commercial building at a time when the hotel requires significant investment,” Mandarin Oriental said in a filing to SGX before the market open on Tuesday.

Read more: Mandarin Oriental: To redevelop Excelsior in Hong Kong

Chip Eng Seng

Chip Eng Seng said on Monday the sales of nearly 30 percent of its issued shares were completed, with Celine Tang now a substantial shareholder.

Celine Tang now holds 26.98 percent of Chip Eng Seng’s shares directly, in concert with her husband Gordon Tang, and holds a deemed stake of 2.75 percent, via shares held by Senz Holdings, a company in which Celine Tang is a director, it said in a filing to SGX after the market close on Monday.

Read more: Chip Eng Seng: Stake sales completed and Celine Tang now a substantial shareholder

Keppel Infrastructure Trust

Basslink Pty., part of the Keppel Infrastructure Trust portfolio, has referred its dispute with Hydro Tasmania to arbitration after failing to resolve the matter using other procedures, it said in a statement filed to SGX after the market close on Monday.

The dispute with Hydro Tasmania centers around a nearly six-month outage in 2015 of the 370-km electricity interconnector between Australia’s Victoria state and Tasmania, held by Basslink, which reportedly contributed to an energy crisis in Tasmania.

Read more: Keppel Infrastructure Trust: Basslink dispute to go to arbitration

CapitaLand

CapitaLand said on Monday that it increased its shareholding in wholly owned subsidiaries C31 Ventures Fund 1 (C31VF1) and C31VF1-001V after the allotment of additional redeemable preference shares for cash.

C31 Ventures, another wholly owned CapitaLand subsidiary, took 14.43 million redeemable preference shares of C31VF1 for S$14.43 million, while C31VF1 took 14.01 million redeemable preference shares of C31VF1-001V for S$14.01 million, it said in a filing to SGX after the market close on Monday.

After the share increase, CapitaLand’s interest in the issued redeemable preference shares of C31VF1 and C31VF1-001V increased to 32.79 million and 21.25 million respectively, it said.

C31VF1 and C31VF1-001V are investment holding companies incorporated in Singapore, it said.

Singapore Exchange

Singapore Exchange said on Monday that its total securities market turnover for September was S$19.4 billion, down 17 percent on-month and off 11 percent on-year across the period’s 20 trading days. August had 21 trading days and September 2017 had 20 trading days, it said.

The securities daily average value, or SDAV, was S$971 million in September, down 13 percent on-month and off 11 percent on-year, it added.

Aspial Corp.

Aspial Corp. said on Monday that it was “on the path of deleveraging,” with a total of S$9.25 million of its notes tendered early for cash, with the remaining S$61.00 million to be settled at maturity in November.

It also said it raised the amount of 2019 notes it would repurchase to S$15.0 million from S$10.0 million, while a total of S$29.25 million was received from 2018 and 2019 noteholders in exchange for 2021 notes. Due to the strong interest from shareholders, business associates and other investors, Aspial plans to issue another S$20.75 million in aggregate principal amount of the 2021 notes, it said.

“We have consistently made dedicated efforts to improve our debt profile by paying off our shorter-term debt and our latest round of repurchase of our Notes reaffirms this objective,” Koh Wee Seng, CEO of Aspial, said in the statement filing to SGX after the market close on Monday.

In addition Aspial’s mixed-use development on Beach Road, CityGate, is expected to be completed in the fourth quarter, with the proceeds expected to be used to improve its debt and gearing profile, it said.

No Signboard Holdings

No Signboard Holdings said on Monday that it entered a franchise agreement with Haimarrow Food Service Co., Ltd. and HFS Global to open outlets of South Korea-based Mom’s Touch Chicken and Burger in Singapore and Malaysia.

The agreement begins on the earliest of 2 January 2019 or as soon as the first outlet is opened, and runs for 10 years, with an option to renew for another 10 years, it said.

Read more: No Signboard enters franchise deal to open Mom’s Touch restaurants

Stamford Land

Stamford Land said on Monday that it bought back 549,100 shares in the market at S$0.495 each for a total consideration, including other costs, of S$272,212.

Since the July 2018 start of the buyback mandate, Stamford Land has bought back 8,675,200 shares, or 1.004 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 Monday.

SingHaiyi Group

SingHaiyi Group said on Monday that it bought back 60,100 shares in the market at S$0.09 each for a total consideration, including other costs of S$5,454.11.

Since the July 2018 start of the buyback mandate, SingHaiyi has bought back 4,809,200 shares, or 0.112 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 Monday.

Singapore Myanmar Investco

Singapore Myanmar Investco, or SMI, obtained exclusive rights to distribute and market Brazilian flip-flop brand Havaianas in Myanmar for five years, it said in a filing to SGX after the market close. The agreement may be extended for an additional five years, it added.

SMI plans to open a network of Havaianas concept stores and shop-in-shops in Myanmar, it said.

“Especially suited to Myanmar’s’s tropical climate, Havaianas will be widely welcomed by the increasingly brand-conscious and fashionable consumers in Myanmar’s major cities,” Mark Bedingham, president and CEO of SMI, said in the statement. “We expect to further broaden the distribution and marketing of Havaianas across all major tourist destinations in the country as well.”

Rex International

Rex International said on Monday that it divested its indirectly held 25.72 percent stake in Steeldrum Oil to Columbus Energy (St. Lucia) in exchange for 28.08 million Columbus shares, valued at around US$1.54 million.

That was above the US$1.11 million book value of the Steeldrum stake, with the potential for additional deferred consideration if “certain events” in the Cory Moruga and Innis-Trinity fields materialize, it said in a filing to SGX after the market close on Monday.

The Steeldrum stake was held by its indirect, wholly owned subsidiary Rex Caribbean Holding (RCH), it noted.

“The divestment is in line with our strategy to focus on our core assets and strengthens our financial position as we continue to focus and invest to bring our assets in Norway and Oman into production,” Dan Brostrom, executive chairman of Rex International, said in the statement.

Spackman Entertainment

Na Kyoungwon, Spackman Entertainment’s chief financial officer, acquired 500,000 shares of the company for S$21,500 in a market transaction, bringing his direct interest to 1,026,800 shares, or 0.116 percent of the issued shares, it said in a filing to SGX after the market close on Monday.

A separate filing to SGX said interim CEO Richard Lee acquired 500,000 shares of the company in the market for S$21,500, raising his direct interest to 1,013,900 shares, or 0.114 percent of the issued shares.

Japfa

Japfa said on Monday that it bought back 500,000 shares in the market at S$0.61 to S$0.625 each for a total consideration, including other costs, of S$310,761.

Since the April 2018 start of the buyback mandate, Japfa has bought back 1.075 million shares, or 0.061 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 Monday.

SunMoon Food

SunMoon Food said on Monday that it bought back 100,000 shares at S$0.049 each for a total consideration, including other costs, of S$4,944.90.

Since the July 2018 start of the buyback mandate, SunMoon Food has bought back 1,350,500 shares, or 0.1876 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 Monday.

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