Singapore stocks to watch Wednesday: CapitaLand, Sembcorp Industries, Addvalue, Falcon Energy

Singapore’s central business district (CBD) with CapitaLand and Singtel buildings; taken September 2018.CapitaLand and Singtel buildings in Singapore’s central business district.

These are the Singapore stocks which may be in focus on Wednesday 10 October 2018:

CapitaLand

CapitaLand said on Tuesday that its associated companies completed the divestment of their equity interests in two retail malls in China, the CapitaMall Cuiwei and the CapitaMall Quanzhou.

After the completion, it will have divested the stakes in companies holding all 20 of the retail malls in China that CapitaLand had previously announced plans to divest, it said in a filing to SGX after the market close on Tuesday.

Sembcorp Industries

Sembcorp Industries said on Tuesday that it bought back 200,000 shares in the market at S$2.99575 each for a total consideration, including other costs, of S$599,871.

Since the April 2018 start of the buyback mandate, Sembcorp Industries has bought back 2 million 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 Tuesday.

Addvalue Technologies

Addvalue Technologies said on Tuesday that its wholly owned subsidiary, Addvalue Innovation, obtained another hardware-cum-airtime service contract with a global Low Earth Orbit (LEO) satellite operator to use Addvalue’s Inter-satellite Data Relay System (IDRS) service.

The customer has committed to an initial order of IDRS terminals to support its launch program, starting in 2019, with a obligation to subscribe for at least three years of the IDRS service at a pre-agreed airtime pricing, it said in a filing to SGX after the market close on Tuesday.

Read more: Addvalue Technologies: Obtains ‘significant’ contract for IDRS service

Jardine Matheson and Jardine Strategic

JMH Investments, a wholly owned subsidiary of Jardine Matheson, acquired 349,800 shares in Jardine Strategic in the market at US$34.72 to US$36.10 each , it said in a filing to SGX after the market close on Tuesday.

Jardine Matheson is a subsidiary of Jardine Strategic, it said. JMH Investments will retain the Jardine Strategic shares, it said.

SATS

SATS said on Tuesday that it bought back 217,800 shares in the market at S$4.91 to S$4.93 each for a total consideration, including other costs, of S$1.074 million.

Since the July 2018 start of the buyback mandate, SATS has bought back 237,800 shares, or 0.0213 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 Tuesday.

Keppel REIT

Keppel REIT’s manager said on Tuesday that RBC Investor Services Trust, acting as Keppel REIT’s trustee, obtained a S$64 million term loan facility.

In the event the manager, Keppel REIT Management Ltd., ceases to be Keppel REIT’s manager and a wholly owned subsidiary of Keppel Corp. is not appointed in its place, the lender may give notice for any outstanding amounts to be repaid, it said in a filing to SGX after the market close on Tuesday.

That occurrence would cause a cross default under other Keppel REIT group borrowings, with the total facilities that could be affected estimated at around S$3.455 billion, it said.

Falcon Energy

Falcon Energy said on Tuesday that its auditors, Deloitte & Touche LLP, issued a qualified opinion on its results and indicated “material uncertainties which may cast significant doubt on the group’s and the company’s ability to continue as a going concern” for the fiscal 2018 results.

The qualified opinion was on the outstanding trade receivable balance from a debtor amounting to US$63.38 million before allowance of US$23.38 million, where the auditor wasn’t able to conclude on the recoverability of the remaining balance from the debtor or whether the allowance for doubtful debt is adequate, Falcon Energy said in a filing to SGX after the market close on Tuesday.

Falcon said it reported a net capital deficiency of US$172.98 million in its results for the fiscal year ended 30 June, and that the group was exposed to increased liquidity risk on its ability to negotiate a debt restructuring plan.

Q&M Dental

Q&M Dental said on Tuesday that shareholders of its associated company Aidite on Monday approved the company’s proposed delisting from the New Third Board at an extraordinary general meeting.

Aidite’s announcement said “as there has been no trading in its shares and no equity fund raising since its listing and taking into account its development strategy, Aidite wishes to further strengthen its foundation and seek more opportunities in the established capital markets in
the future,” the Q&M filing stated.

The proposed delisting is subject to approval by the New Third Board, it said.

Sunpower Group

Sunpower Group said on Tuesday that it incorporated a wholly owned subsidiary, Tongling Sunpower Clean Energy, in China, with a registered capital of 30 million yuan and with a principal business of supplying heat and electricity to enterprises.

The investment will be funded by internal resources and/or the net proceeds of a convertible bond issue in 2017, it said.

Stamford Land

Stamford Land said on Tuesday that it bought back 870,800 shares in the market at S$0.495 each for a total consideration, including other costs, of S$431,692.

Since the July 2018 beginning of the buyback mandate, Stamford Land has bought back 9,546,000 shares, or 1.105 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 Tuesday.

SingHaiyi Group

SingHaiyi Group said on Tuesday that it bought back 150,000 shares in the market at S$0.09 each for a total consideration, including other costs, of S$13,549.

Since the July 2018 start of the buyback mandate, SingHaiyi has bought back 4,959,200 shares, or 0.116 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 Tuesday.

Vibrant Group

Vibrant Group said on Tuesday its associated company, Ececil Pte., entered a lease with a co-working space last week for all of 139 Cecil Street in Singapore for a six-year term.

It noted that the building is expected to be operational by mid-2019, as it is under-going major alterations, including expanding the existing 11-storey office building to 16 floors.

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