This article was originally published on Tuesday, 12 March 2019 at 22:21 SGT; it has since been updated to include UOB, China Sunsine Chemical and Y Ventures.
These are Singapore companies which may be in focus on Wednesday, 13 March 2019:
UOB’s first Panda bond, or yuan-denominated bond sold in China by a foreign issuer, met strong demand, with the three-year 2 billion yuan (S$404.38 million or US$298.12 million) offering pricing at 3.49 percent, the Singapore bank said on Wednesday.
HSBC Holdings, HSBC Asia Holdings, the Hongkong and Shanghai Banking Corp., and HSBC Global Asset Management (Hong Kong) all ceased to be substantial shareholder of Valuetronics, it said in a filing to SGX after the market close on Tuesday.
That was after HSBC Asia ex-Japan Smaller Companies Equity Fund disposed of 184,000 shares for S$125,359, bringing the four entities’ deemed interest to 4.96 percent, below the 5 percent threshold to be considered a substantial shareholder, from 5.002 percent previously, it said.
Cache Logistics Trust
Eastspring Investments (Singapore) became a substantial shareholder of Cache Logistics Trust after acquiring 2.21 million units at S$0.7136 each in a market transaction, it said in a filing to SGX after the market close on Tuesday.
Its deemed interest in the trust rose to 5.15 percent, above the 5 percent threshold to be considered a substantial shareholder, from 4.95 percent previously, the filing said.
Eastspring Investments (Singapore) is deemed to be interested in the shares due to its disposal rights as a fund manager, it said.
In a separate filing, Prudential Singapore Holdings said it was also deemed interested in the shares; Eastspring Investments is Prudential PLC’s Singapore asset-management business.
China Sunsine Chemical
China Sunsine Chemical said late on Tuesday that its wholly owned subsidiary Shandong Sunsine Chemical entered a deal for the People’s Government of Shanxian County to grant the company a plot of land for a total investment of up to 2.5 billion yuan (S$505.43 million or US$372.66 million), of which 1.5 billion yuan will be earmarked for property, plant and equipment.
The land, located in Shandong Shanxian Chemical Zone, will be developed in phases and will be funded via internal resources, it said in a filing to SGX on Tuesday.
“With the acquisition of the land, the group is building up another comprehensive production base to expand its production capabilities, and will further strengthen its market leadership position in the rubber chemicals industry,” China Sunsine Chemical said.
CH Offshore filed notice on Tuesday that it has posted pre-tax losses for three consecutive financial years, while its average daily market capitalization for the past six months was around S$75.42 million.
The company pointed to the listing rules which call for SGX to put a company on a watch-list if it reports three straight years of pre-tax losses and an average daily market capitalization over the previous six months of less than S$40 million.
“The company will make an immediate announcement should it be notified by the exchange that it will be placed on the watch-list,” CH Offshore said in the filing to SGX.
Y Ventures said late on Tuesday that it appointed Deloitte & Touche Enterprise Risk Services as an independent reviewer after consultation with SGX RegCo and the company’s sponsor.
The review will include the adequacy and effectiveness of the group’s internal controls for the 2014-2018 financial reporting period and to quantify any misstatements in its prior financial statements due to internal control lapses, Y Ventures said in a filing to SGX late on Tuesday.
The reviewer will also investigate the circumstances and responsible parties involved in internal control lapses and misstatements, as well as identify any possible breaches of the Singapore Exchange Rulebooks, Companies Act and/or Securities and Futures Act, the filing said.