UPDATE: Singapore stocks to watch Monday: Keppel, Hyflux, SGX, Thai Beverage, Yoma

SGX ticker at Shenton Way building in Singapore; taken October 2018.SGX ticker at Shenton Way building in Singapore; taken October 2018.

This article was originally published on Saturday, 9 March 2019 at 19:19 SGT; it has since been updated to include Halycon Agri, DLF Holdings and International Cement.

These are Singapore stocks which may be in focus on Monday, 11 March 2019:

Keppel

Keppel Offshore & Marine’s wholly owned subsidiary Keppel FELS received a repeat order valued around US$425 million from Awilco Drilling for a mid-water semisubmersible drilling rig for harsh environment use, Keppel said in a filing to SGX after the market close on Friday.

Read more: Keppel gets repeat rig order from Awilco for around US$425 million

Hyflux

Hyflux said on Friday that MAA Kuthari Global (MKG) filed a notice of arbitration on 1 March to begin proceedings against indirect wholly owned subsidiary Hyflux EPC LLC (HEL), which is incorporated in Oman.

The arbitration, which was filed with the Singapore International Arbitration Centre (SIAC), is due to disputes related to a 2016 sub-contract for installing mechancial, electrical and instrumentation and control systems for a proposed desalination facility in Qurayyat, Hyflux said in a filing to SGX on Friday.

“Hyflux is currently seeking legal advice on MKG’s claims, and will take all necessary steps to protect its rights,” the filing said.

Hyflux added that it wasn’t able assess and disclose the financial impact of the arbitration proceedings due to the uncertainty over its ongoing reorganization process and the unpredictability of its financial outlook this year.

Read more about Hyflux.

Singapore Exchange

Singapore Exchange said on Friday that the securities daily average value (SDAV) rose to S$1.06 billion in February, up 8 percent on-month and a six-month high, on higher trading activity in the real estate and information technology (IT) sectors, but the level was still down 39 percent on-year.

The total securities market turnover value was S$19.1 billion in February, down 12 percent on-month and down 42 percent on-year over 18 trading days, compared with 22 trading days in January and 19 in February 2018, SGX said.

Total derivatives volume for February was 18.2 million, down 2 percent on-month and up 1 percent on-year, SGX said.

Read the full market statistics report for February.

Halcyon Agri

Halcyon Agri said on Monday, via an announcement in the Business Times, that it plans to redeem all all of its US$150 million 4.5 percent senior perpetual securities on 26 April at the full principal amount, along with the distribution through the redemption date.

Read more about Halcyon Agri.

Cache Logistics Trust

Prudential PLC became a substantial shareholder of Cache Logistics Trust, with its deemed interest rising above the 5 percent threshold with the purchase of 1.78 million units at S$0.7172 each, it said in a filing to SGX after the market close on Friday.

The deemed interest increased to 5.06 percent from 4.89 percent due to Prudential PLC’s deemed interest in units managed by its subsidiaries as fund managers, the filing said.

Read more about Cache Logistics Trust.

Thai Beverage

Thai Beverage said on Friday it incorporated two new subsidiaries for investment management purposes: Food and Beverage Holding (FBH) and Green Bean Co. (GB).

Both Green Bean and FBH, which were incorporated in Thailand, have a registered capital of 10 million Thai baht each (around S$428,319 or US$315,149), with each consisting of 1 million shares at 10 baht each, it said in a filing to SGX after the market close on Friday.

ThaiBev holds 99.9998 percent of FBH and of Green Bean, it said, adding that two shareholders hold one share each in FBH and in Green Bean.

Read more about Thai Beverage.

Yoma Strategic

Yoma Strategic said on Friday its effective interest in associated company Summit SPA Motors fell to 23.16 percent from 40 percent after Sumitomo Corp. subscribed for 4 million new shares for US$4 million.

Sumitomo, which was an existing shareholder in Summit SPA, saw its stake rise to 76.84 percent, it said in a filing to SGX after the market close on Friday.

“The new investment was undertaken to strengthen and expand the business of Summit SPA,” the filing said.

Yoma said it remained positive on Summit SPA and has procured a call option which requires Sumitomo to sell Yoma 20 percent of the new shares. The call option is exercisable for 24 months and will allow Yoma to bring its Summit SPA stake back up to 40 percent “at the appropriate time,” the filing said.

Read more about Yoma Strategic.

Courts Asia

Nojima Asia Pacific issued on Friday a reminder letter to Courts Asia shareholders that the S$0.205 a share takeover bid for the appliance retailer will close on 15 March.

The letter, which was filed to SGX on Friday, said that Nojima Asia Pacific “does not intend to revise the offer price under any circumstances.”

It added that Nojima Asia Pacific now owned, controlled or had agreed to acquire 86.35 percent of Courts Asia’s shares as of 1 March.

Read more about Courts Asia.

AsiaPhos

Sichuan Mianzhu Norwest Phosphate Chemical, a wholly owned subsidiary of Singapore-listed AsiaPhos, received a notice of claim from the Mianzhu Municipal People’s Court which was filed by 20 former employees who resigned in 2018, it said in a filing to SGX on Friday.

The former employees are claiming severance pay of 1.844 million yuan, or around S$373,000, the filing said.

“Mianzhu Norwest’s lawyers have formally advised that there are no merits to the claim and Mianzhu Norwest will be defending the claim accordingly,” AsiaPhos said. “For the avoidance of doubt, the board would like to inform shareholders that no legal proceedings have
commenced at this stage.”

Read more about AsiaPhos.

International Cement

International Cement said on Monday it planned to acquire all of Namibia-based SCHWENK Namibia from SCHWENK Zement International for US$19.34 million, adding that buying an operational cement plant will help it expand quickly in Africa to take advantage of China’s Belt and Road initiative.

The deal also includes International Cement acquiring a shareholders’ loan from SCHWENK Zement for US$85.07 million, which will be paid in cash, International Cement said in a filing to SGX before the market open on Monday.

SCHWENK Namibia has a 69.83 percent stake in Ohorongo Cement, which operates a cement plant in Namibia with an annual capacity of around 1 million metric tonnes, and a 100 percent stake in Energy For Future (EFF), which seeks out alternative energy sources, both of which are incorporated in Namibia, the filing said.

International Cement said it intends to fund the deal with third-party financing or borrowing.

DLF Holdings

DLF Holdings said on Sunday it entered a joint venture with Prosper Environmental & Engineering (PEE) to work on a project awarded to PEE from a leading marine engineering industry player for the fabrication, erection and installation of steelwork for building the living quarters of a marine admiralty yard.

The joint venture company will be the project coordinator overseeing overall management, while PEE will remain the contractor, DLF said in a filing to SGX on Sunday.

PEE, which is a wholly owned subsidiary of Prosper Marine, will pay DLF 80 percent of the work order profit in exchange for the joint venture and for providing the funding and working capital requirements of the joint venture, the filing said.

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