UPDATE: Singapore stocks to watch Wednesday: Singapore Airlines, Oxley, ThaiBev, Starhill Global

A Singapore Airlines Scoot plane on the tarmac at Changi Airport in October 2018.A Singapore Airlines' Scoot plane at Changi Airport

This article was originally published on Wednesday, 20 March 2019 at 1:06 A.M. SGT; it has since been updated to include Procurri.

These are Singapore companies which may be in focus on Wednesday, 20 March 2019:

Singapore Airlines

Singapore Airlines said on Tuesday it would offer S$500 million of bonds due 2024 at 3.03 percent to retail investors in Singapore and institutional and accredited investors.

Read more: Singapore Airlines prices S$500 million bond offering at 3.03 percent

Oxley Holdings

Oxley Holdings said late on Tuesday it was terminating the letter of intent, or LOI, to sell Mercure and Novotel Hotels to Gracious Land for S$950 million as the potential buyer didn’t make a deposit payment.

Read more: Oxley terminates deal to sell Mercure and Novotel Hotels for S$950 million

Thai Beverage

Thai Beverage said on Tuesday that it incorporated two new subsidiaries in Thailand with its associated company F&N for the purpose of investment management.

Read more: Thai Beverage incorporates two subsidiaries with F&N in Thailand

Starhill Global REIT

S&P Global Ratings revised Starhill Global REIT’s ratings outlook to negative from stable on Tuesday on the expectation the trust’s financial leverage will be stretched over the next 18 to 24 months.

Read more: S&P revises Starhill Global REIT rating outlook to negative on leverage concerns

PSA International

PSA International, the Polish Development Fund (PFR) and IFM Global Infrastructure Fund (GIF) have entered a deal to jointly acquire all of DCT Gdansk, Poland’s largest container terminal, from Macquarie Infrastructure and Real Assets (MIRA) managed fund Global Infrastructure Fund II, MTAA Super, AustralianSuper and Statewide Super.

Read more: PSA, PFR and IFM Investors tie up to acquire Poland’s largest container terminal


CapitaLand said on Tuesday its wholly owned subsidiary CapitaLand (China) Investment completed the divestment of its 100 percent interest in Beijing CapitaLand Property Management (BCPM) to an unrelated party for 20.8 million yuan, or around S$4.2 million.

BCPM owns the clubhouse for the Orchid Garden residential development and 137 carpark lots in the La Foret residential development, both of which are in Beijing, CapitaLand said in a filing to SGX on Tuesday.

“The divestment is in line with CapitaLand’s strategy of delivering better value to shareholders through proactive portfolio reconstitution,” the filing said.

Read more about CapitaLand.

TEE International

TEE International said on Tuesday it wasn’t aware of any reason for the jump in its share price and traded volume, beyond the change in the holding of a substantial shareholder.

That was in response to an SGX query after its share price surged 23 percent to close at S$0.123 on volume of 45.54 million shares, sharply above its average three-month volume of 3.01 million shares, according to SGX data.

In a separate SGX filing, TEE International said CEO and Managing Director Phua Chian Kin disposed of 20 million shares at S$0.11 each in an off-market transaction, taking his direct stake in the company down to 55.04 percent from 58.13 percent previously. Phua also has a deemed interest in 1.24 million shares, or a 0.19 percent stake, held by his spouse, Tay Kuek Lee, the filing said.

Read more about TEE International.

Pine Capital Group

Pine Capital Group said in an SGX filing on Tuesday that it appointed Wee Heng Yi Adrian as an independent director, pointing to his qualifications as an advocate and solicitor in Singapore and a non-practicing solicitor in England and Wales.

The announcement followed the company’s pre-open SGX filing on Tuesday saying two independent directors 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


Procurri said on Wednesday that its wholly owned subsidiary Procurri Europe formed a new wholly owned subsidiary, Procurri GmbH, in Hamburg Germany, which will have issued and paid-up capital of 25,000 euros (S$38,370 or US$28,386).

The new subsidiary will mainly be involved in the sale and distribution of computer hardware products, maintenance and other IT-related systems and networks, the company said in a filing to SGX before the market open on Wednesday.

Read more about Procurri.

China Sunsine Chemical

China Sunsine Chemical said on Tuesday that Miao Jing, its chief engineer, has resigned effective 15 March, to pursue other career opportunities. Miao Jing was appointed to the position, which is in charge of research and development and quality assurance, in March 2016, the company said in a filing to SGX after the market close on Tuesday.

Read more about China Sunsine Chemical.

F J Benjamin

F J Benjamin, a storied Singapore operator of luxury fashion brands under franchise, said on Tuesday it entered an exclusive deal with French brand Faure Le Page Maroquinier to retail their leather goods and accessories.

The first Southeast Asian Faure Le Page boutique will open in Singapore in June at Ngee Ann City shopping center, the filing said, adding it was only the ninth outlet worldwide.

The brand has “a strong cult following,” the filing said.

The agreement is for five years, with the possibility of a second five-year term, F J Benjamin said.

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