UPDATE: Singapore stocks to watch Friday: Hyflux, Frasers Property, CapitaMall Trust

Singapore CBDSingapore CBD

This article was originally published on Friday, 5 April 2019 at 1:26 A.M. SGT; it has since been updated to include Frasers Centrepoint Trust.

These are Singapore companies which may be in focus on Friday, 5 April 2019:

Hyflux

Troubled Singapore water infrastructure player Hyflux on Thursday rebutted fresh allegations from its now jilted white knight investor, SM Investments, saying the Indonesian consortium shouldn’t have been surprised by the deal termination.

Read more: Hyflux rebuts SM Investments’ allegations on third project

Read more: UPDATE: Hyflux says planned SM Investments restructuring deal has been terminated

Frasers Property

Frasers Property said on Thursday that it has been in discussions with “certain parties” who expressed interest in a stake in the Frasers Tower property in Singapore.

Read more: Frasers Property: In talks over selling stake in Frasers Tower

CapitaLand Mall Trust

CapitaLand Mall Trust said on Thursday it issued US$300 million of 10-year fixed rate notes at 3.609 percent to institutional and/or sophisticated investor(s).

Read more: CapitaLand Mall Trust issues US$300 million of 10-year notes

Frasers Property

Frasers Property said on Thursday it proposed issuing S$400 million fixed-rate subordinated perpetual securities at 4.98 percent.

Read more: Frasers Property proposes S$400 million perpetual security issue

CapitaLand

CapitaLand said on Thursday it increased its stake in its subsidiary CapitaLand – Hein Duc Joint Stock Co., or CLHD, to 99.77 percent from 99.49 percent after CLHD allotted another 36.8 million shares at 10,000 Vietnamese dong each for a total cash consideration of 368 billion dong, or around S$21.3 million.

The shares were allotted to CapitaLand’s wholly owned subsidiary CVN Nereus, the property developer said in a filing to SGX on Thursday.

Vietnam-based CLHD owns a plot of land there which it intends to develop into an integrated development, the filing said. The proceeds of the share increase will be used to fund CLHD’s working capital requirements, the filing said.

Read more about CapitaLand.

Golden Agri-Resources

Golden Agri-Resources said on Thursday that it subscribed to 500,000 shares of Temix Oleo for a total consideration of 4 million euros, or around US$4.50 million.

After the deal, Temix has become a 25 percent associated company of Golden Agri, the company said in a filing to SGX after the market close on Thursday.

Italy-based Temix mainly produces fatty acids and esters, and also distributes fatty alcohol and other chemicals, the filing said.

The consideration was fully settled in cash from internal resources, Golden Agri said.

Read more about Golden Agri-Resources.

Frasers Centrepoint Trust

Frasers Centrepoint Trust has completed the acquisition of 90,346 shares, or an around 17.1312 percent stake, in PGIM Real Estate AsiaRetail Fund from 12 shareholders for S$342.5 million, the REIT’s manager said in a filing to SGX before the market open on Friday.

Read more: Frasers Centrepoint Trust to acquire around 17 percent stake in Tiong Bahru Plaza owner

Uni-Asia

Asset manager Uni-Asia said on Thursday it completed a placement of 5.42 million new shares, raising around S$5.42 million in net proceeds after meeting with strong demand from investors.

Read more: Uni-Asia raises more than S$5 million in share placement

Sasseur REIT

Sasseur REIT’s manager, Sasseur Asset Management, said on Thursday Chen Zhen has resigned as the head of investor relations, compliance and risk management, with effect on Thursday, to pursue other interests.

A new investor relations manager was appointed, while the compliance function was outsourced to KPMG Services, which has been assisting the company since the REIT’s listing, the REIT manager said in a filing to SGX on Thursday.

Read more about Sasseur REIT.

SLB Development an Lian Beng Group

SLB Development said on Thursday it received a request from its controlling shareholder, Lian Beng Group (LBG), for an extension 12 months to 19 April 2020 to comply with disposals it agreed to make to minimize conflicts of interest from competing businesses.

SGX-ST has told SLB it had no objections to granting the extension, SLB said in a filing to SGX on Thursday.

LBG had agreed to dispose of three properties in Australia with development potential and to wind up or liquidate Phileap, which is a special purpose vehicle holding some unsold units in a Singapore freehold condominium, and Mountbatten Development, SLB said in a filing to SGX on Thursday.

LBG pointed to property cooling measures in both Singapore and Australia as making buyers more cautious of purchasing residential properties amid slowing demand.

Read more about SLB Development and Lian Beng Group.

International Cement

International Cement said on Thursday that Singapore Exchange Securities Trading, or SGX-ST, has classified its proposed acquisition of SCHWENK Namibia as a very substantial acquisition (VSA).

“This means that in addition to the approval of the Shareholders, the proposed acquisition is also subject to the approval of the SGX-ST,” it said in a filing to SGX on Thursday. “SGX-ST may approve the proposed acquisition as a VSA unconditionally or subject to condition(s), or may reject it, as it thinks appropriate.”

Based on the requirements for a VSA, International Cement said it has appointed Stirling Coleman Capital Ltd. and BDO Advisory as the financial adviser and independent valuer, respectively, for the proposed acquisition.

It added there was no certainty the acquisition would be completed or that no changes would be made to the deal’s terms.

Read more about the proposed acquisition.

MeGroup

Malaysia-based MeGroup said on Thursday its subsidiary Menang Nusantara Auto signed an agreement with Bermaz Motor Trading to renew its Mazda 4S dealership in Kuala Lumpur for another three years, ending 31 March 2022.

“The extension of our Mazda dealership is not only a reflection of our good relationship with our principal but also of our ability to meet their sales and service targets,” Wong Cheong Chee, executive chairman and CEO of MeGroup said in a filing to SGX on Thursday. “In addition to upgrading our 3S dealerships to 4S dealerships, we are also looking at opportunities to expand the group’s dealership business by either being awarded new dealerships in new territories or taking over existing ones.”

A 3S dealership offers the sale of new autos, after-sales services and sells auto parts and accessories, while a 4S dealership offers the 3S services and has additional services for auto body paintwork and collision repair.

MeGroup has six auto dealerships under the Honda, Peugeot and Mazda brands in Malaysia.

Read more about MeGroup.

Synagie

Synagie Corp. saw its share price jump 31.75 percent to S$0.083 on Thursday, but in response to a query from SGX on the unusual trade, the company said it wasn’t aware of a reason for the move.

“However, in its ordinary course of business, the company constantly explores and reviews corporate development opportunities which are in line with its corporate growth strategies,” Synagie told SGX on Thursday. “Shareholders of the Company are advised to exercise caution.”

In a separate filing to SGX later on Thursday, the e-commerce service provider said it was entering the Vietnam market, signing a large global luxury beauty company as its first brand partner to use the company’s services to expand in the Vietnamese market.

Read more about Synagie.

Y Ventures

After a query from SGX, Y Ventures said on Thursday that it wasn’t aware of any reason to explain the sharp rise in its share price during the trading session.

The stock had surged 41.27 percent to S$0.089 on a jump in volume traded.

Read more about Y Ventures.

 

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