UPDATE: Singapore stocks to watch Wednesday: Noble, Chip Eng Seng, City Developments

These are Singapore shares which may be in focus on Wednesday 12 December 2018:

Noble

Troubled commodity trader Noble Group said on Tuesday that it would seek the appointment of a court-appointed officer in Bermuda to implement its restructuring plan despite Singapore authorities’ decision to disallow transferring its listing status to New Noble, its post-restructuring entity.

Read more: Noble: To seek court appointed officer in Bermuda to implement restructuring

Chip Eng Seng

Chip Eng Seng said on Tuesday that it redeemed and cancelled around S$206 million of its notes after the change of control of the company triggered a put option giving noteholders the option to require redemption.

Read more: Chip Eng Seng redeems around S$206 million in notes after change of control

City Developments

City Developments said on Tuesday that its wholly owned subsidiary Central Mall acquired all of Centro Investment Holding, or CIH, for a total consideration of around S$29.3 million.

Read more: City Developments acquires Centro Investment Holding for around S$29 million

Citic Envirotech

Citic Envirotech said on Tuesday that it formed two subsidiaries, Novo Environmental Water (Hanchuan) and Novo Environmental Water (Xiaogan), to undertake public-private-partnership (PPP) projects in Xiaogan City, Hubei Province, in China.

Read more: Citic Envirotech forms two subsidiaries for Xiaogan City projects

Global Palm Resources

Global Palm Resources said on Wednesday that its wholly owned subsidiary Global Palm Resources (GPRPL) has agreed to acquire a total of 95 percent of Indonesian palm oil plantation player PT Bumi Raya Agro.

Read more: Global Palm Resources agrees to buy Indonesian palm oil player Bumi Raya Agra

Keppel REIT

Keppel REIT’s manager, Keppel REIT Management, said in Tuesday that the divestment of a 20 percent interest in Ocean Properties LLP, which holds the Ocean Financial Centre property in Singapore’s central business district, has been completed.

Under the deal, Keppel REIT entered into an amended limited partnership agreement for Ocean Properties, with Allianz, which purchased the 20 percent stake, and Avan Investments, which holds 0.1 percent of Ocean Properties, it said in a filing to SGX after the market close on Tuesday.

ST Engineering

ST Engineering said on Tuesday that it has applied to Singapore’s Accounting and Corporate Regulatory Authority (ACRA) to remove a dormant subsidiary of its aerospace arm, iShopAero, from the register.

IShopAero was formed in 1992 to provide parts exchange services, it said.

“This is part of ST Engineering’s ongoing effort to streamline its business portfolio,” the company said in a filing to SGX after the market close on Tuesday.

Accrelist

Accrelist said on Tuesday that the proposed acquisition of Amazingtech has been terminated by mutual agreement with the sellers after they were “unable to reach a consensus” on resolving difficulties encountered while trying to fulfill the conditions of the deal. The period for fulfilling the agreements had also lapsed, it said in a filing to SGX after the market close on Tuesday.

At the end of May, Accrelist had said it agreed to buy 6,000 shares of Amazingtech, or 5 percent of the company, from four shareholders for S$378,967, and to subscribe for 6,666 new shares, or another 5 percent stake, for S$621,033.

Amazingtech is a FinTech blockchain IT services provider and online platform developer, it said.

IFS Capital

IFS Capital said on Tuesday that it was selected by the Ministry of Law as one of six firms to pilot new consumer-moneylending business models. Receiving a moneylending licence is subject to meeting requirements imposed by the ministry, it said.

“This new licence will give the company the opportunity to expand its current corporate lending business and provide financial solutions to the consumer market,” IFS Capital said in the filing to SGX after the market close on Tuesday.

This article was originally published on Wednesday 12 December 2018 at 7:03 A.M. SGT; it has since been updated to add an item on Global Palm Resources.

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