UPDATE: Singapore stocks to watch Tuesday: SIA, M1, Hyflux, Starhill Global REIT, MINT

Singapore Airlines boarding gate; July 2018Singapore Airlines boarding gate; July 2018

This article was originally published on Tuesday, 19 March 2019 at 12:04 A.M. SGT; it has since been updated to include Singapore Airlines, Yuuzoo, Pine Capital Group and to update M1 and DeClout.

These are Singapore companies which may be in focus on Tuesday, 19 March 2019:

Singapore Airlines

Singapore Airlines said on Tuesday it planned to issue S$500 million of five-year fixed-rate bonds under its S$2 billion medium term bond program, which was established last week.

Read more: Singapore Airlines to offer S$500 million five-year bonds

M1

Konnectivity said on Monday its takeover offer for M1 has closed with control of 94.55 percent of the Singapore telco’s shares, and it will exercise its rights to compulsorily acquire the remaining shares.

M1 requested a mandatory suspension of its shares on Tuesday due to its free float falling below 10 percent.

Read more: Konnectivity takeover offer for M1 closes

Hyflux

Troubled water and energy infrastructure player Hyflux said on Monday that investor SM Investments may be entitled to terminate its restructuring agreement with the Singapore company after the Tuaspring plant was issued a default notice.

Read more: Hyflux: Tuaspring default notice entitles SM Investments to cancel restructuring deal

Starhill Global REIT

Starhill Global REIT entered into new master tenancy agreements for the Starhill Gallery and Lot 10 properties in Malaysia with the current master tenant, Katagreen Development, the REIT manager said in a filing to SGX after the market close on Monday.

Read more: Starhill Global REIT enters new master tenancy agreements for Malaysia malls

Mapletree Industrial Trust

Mapletree Industrial Trust said on Monday it issued S$125 million of 3.58 percent fixed rate notes due 2029 under its S$2 billion euro medium term securities program.

The proceeds of the notes will be used to refinance existing borrowings, the trust’s manager said in a filing to SGX after the market close on Monday.

The notes are expected to be assigned a “BBB-plus” rating by Fitch Ratings, in line with the trust’s long-term issuer default rating, the filing said.

Read more about Mapletree Industrial Trust.

China Jinjiang Environment

China Jinjiang Environment said on Monday that it secured two waste-to-energy (WTE) projects in China, one in Bayannur City, Inner Mongolia Autonomous Region, and the other in Gaobeidian City, Hebei Province.

Read more: China Jinjiang Environment secures 2 waste-to-energy projects in China

Pine Capital Group

Pine Capital Group said early on Tuesday that two independent directors have stepped down, effective Monday, because they were “unable to obtain sufficient information in a timely manner to discharge fiduciary responsibilities.”

Read more: Pine Capital says two independent directors stepped down over lack of information

Perennial Real Estate Holdings

Perennial Real Estate Holdings said on Monday it redeemed in full the S$125 million 4.90 percent notes due 18 March 2019, which were issued under its S$2 billion multicurrency debt issuance program.

It redeemed the full principal amount along with the accrued interest on Monday as it was the maturity date, it said in a filing to SGX.

Read more about Perennial Real Estate Holdings.

DeClout and Procurri

DeClout said on Monday that Novo Tellus PE Fund 2 exercised its call option to require the company to sell 36.32 million Procurri shares for S$11.99 million. The completion of the sale is expected to take place on 21 March, it said.

Novo Tellus, which specializes in industrial and technology investments in Southeast Asia, has become Procurri’s largest shareholder, with a 29.6 percent stake, Procurri said in a separate filing to SGX on Tuesday.

Procurri provides IT lifecycle services, third-party maintenance and data center equipment.

Read more about Procurri and DeClout.

MindChamps PreSchool

MindChamps PreSchool said on Monday it entered an interested person transaction, buying all of the electronic books and related applications and software from its 90 percent-owned subsidiary Family Online for S$989,841.

Read more: MindChamps PreSchool enters deal to buy e-books business from subsidiary

Yoma Strategic

Yoma Strategic said on Monday it completed the acquisition of a 65 percent stake in Myanmar restaurant chain YKKO via its wholly owned subsidiaries Yoma F&B and Popa Myanmar.

In addition, Yoma F&B completed the acquisition of 60 percent of YKKO Trademarks, which holds and licenses intellectual property used by YKKO, Yoma said in a filing to SGX on Monday.

Read more: Yoma Strategic to acquire 65 percent stake in Myanmar restaurant chain YKKO

Lian Beng Group

Lian Beng Group said on Monday its wholly owned subsidiary Deenn Engineering secured a construction contract worth around S$117 million to construct a building.

Work is expected to begin on Tuesday, with a contract period of 36 months, it said in a filing to SGX on Monday.

The contract brought Lian Beng’s construction order book to S$1.32 billion as of Monday, the filing said.

Read more about Lian Beng.

YuuZoo Networks and YNG

YNG Corp. said on Tuesday it has received access to a S$30 million funding facility from Switzerland-based Asia Financial Group in a three-year agreement. Under the deal, YNG will issue ordinary shares to AFG at a 7.5 percent discount to the stock’s closing price, it said in a filing to SGX on Tuesday.

That came a day after YNG said it would need to close all of its Singapore-based subsidiaries and terminate the employment of all its workers in the city-state due to SGX suspending trading in YNG’s shares. YuuZoo Corp. is a subsidiary of YNG.

 

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