Singapore stocks to watch Tuesday: M1, DeClout, Great Eastern, Keppel

M1 retail outlet at Orchard Road In SingaporeM1 retail outlet at Orchard Road In Singapore

These are Singapore companies which may be in focus on Tuesday, 8 January 2019:

M1

Konnectivity issued offer documents and options proposal for its voluntary conditional general offer to acquire all outstanding shares of Singapore telco M1 at S$2.06 each, it said in an SGX filing on Monday.

The offer is aimed at obtaining at least 50 percent plus one share of M1 and the offer will become unconditional once that threshold of acceptances has been reached, the filing said.

Konnectivity is a special purpose vehicle set up by M1 shareholders Keppel Corp. and Singapore Press Holdings (SPH) for the offer. It has a deemed interest of around 33.32 percent of M1, with Keppel Telecommunications & Transportation, which is 79 percent owned by Keppel, owning 19.2 percent, while SPH has a 13.45 percent stake held via wholly owned subsidiary SPH Multimedia.

On Monday, M1 shares ended down 0.96 percent at S$2.06.

DeClout

Exeo Global plans to make a voluntary conditional cash offer of S$0.13 each for all of DeClout’s shares, according to documents submitted to SGX on Monday after the market close.

Read more: DeClout receives takeover bid from Kyowa-tied Exeo Global

Great Eastern Holdings

Insurer Great Eastern Holdings said on Monday that its wholly owned subsidiary Great Eastern Life Assurance entered an agreement to transfer its ElderShield 300 and ElderShield 400 basic policies to Singapore’s Ministry of Health (MOH).

That was after the MOH announced it had reached an agreement with ElderShield insurers to take over administering the program in 2021 to allow policyholders to upgrade more smoothly to the new CareShield Life program, a disability insurance program to be introduced next year.

Keppel Corp.

Keppel Corp. said on Monday that the interest payment on the US$200 million of floating rate notes due 2020, which were issued by its wholly owed subsidiary Keppel GMTN, will be US$1,722.42 for each note with a principal of US$200,000 for the 5 October 2018 to 6 January 2019 period.

The notes were issued under its US$2 billion euro medium term note program established in 2013, it said in a filing to SGX after the market close on Monday.

Japfa

Indonesia-listed Japfa Comfeed Indonesia, which is more than 52 percent owned by Singapore-listed Japfa, said on Monday that Indonesia’s supreme court rejected the appeal of its subsidiaries PT Santosa Agrindo, or Santori, and PT Austasia Stockfeed against a finding of guilt in violation of laws related to cartels, prohibition of monopolistic practice and unfair business competition for trading of imported cattle.

Santori had been fined 5.45 billion rupiah, or around US$380,000, and Austaisa had been fined 8.83 billion rupiah, or around US$615,000, and those fines are now payable, it said in the filing to SGX after the market close.

Kingsmen Creatives

Kingsmen Creatives said on Monday that it would acquire the remaining 10 percent of Kingsmen Indochina, or KIC, it didn’t already own from Lim Hock Chye Stephen for S$917,000 in new shares of the company.

Read more: Kingsmen Creatives to acquire remaining 10 percent of Kingsmen Indochina

Hiap Seng Engineering

Hiap Seng Engineering said on Monday its board will delay considering options for how it will meet the minimum trading price requirement for its shares, which are on SGX’s watch-list.

“Having considered the critical factors such as the weak financial performance of the group against the current depressed market conditions, the board is of the opinion that it is not an appropriate time to consider the options,” Hiap Seng said in a filing to SGX after the market close on Monday.

It added that it would continue to monitor oil-and-gas industry developments and equity capital markets and would provide updates later.

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