UPDATE: Singapore stocks to watch Tuesday: UOB, SGX, CityDev, Uni-Asia, Q&M, Challenger

Singapore UOB bank branchSingapore UOB bank branch

This article was originally published on Monday, 8 April 2019 at 21:23 SGT; it has since been updated to include UOB.

These are Singapore companies which may be in focus on Tuesday, 9 April 2019:

UOB

United Overseas Bank, or UOB, priced US$600 million of 3.75 percent subordinated notes due 2029 and callable in 2024, the bank said in a filing to SGX before the market open on Tuesday.

Read more: UOB prices US$600 million subordinated notes

Singapore Exchange

Singapore Exchange, or SGX, said on Monday it is launching the first total return futures (TRF) in Asia, based on the Nikkei 225 Index, with the introduction set for 13 May.

Read more: SGX launches interest-rate derivatives on Japan repo

City Developments

City Developments said on Monday that its wholly owned subsidiary CDL Constellation has entered a memorandum of general agreement, or MOGA, with Intrepid to form a joint venture for their acquisition of a plot at Sims Drive in Singapore for S$383.53 million for a housing development.

That was after Singapore’s Urban Redevelopment Authority (URA) officially awarded the property to the two companies, City Developments said in a filing to SGX on Monday.

CDL Constellation will hold 40 percent, while Intrepid — a subsidiary of Hong Leong Holdings (HLH) and Hong Leong Investments Holdings (HLIH) — will hold the remainder, the filing said. HLH and HLIH are controlling shareholders of City Developments, it said.

Read more about City Developments.

Uni-Asia Group

Shipping and property investor Uni-Asia Group provided guidance on Monday for a dividend payout rate of at least 35 percent and up to 40 percent of its consolidated net profit for the 2019 and 2020 financial years.

Read more: Uni-Asia sets dividend guidance for 2019, 2020

Q&M Dental Group

Q&M Dental Group said on Monday it will collaborate with IMU Education to develop an artificial intelligence system to support dental treatment decision-making in a project the companies believe to be the first of its kind in Southeast Asia.

Read more: Q&M ties up with IMU Education to develop AI dental treatment system

PACC Offshore Services

PACC Offshore Services Holdings, or POSH, said on Monday it appointed Lee Keng Lin as CEO and executive director, effective 1 May.

Lee is currently the deputy CEO, has been with the company since 2007, and has more than 10 years of experience in the offshore marine industry, POSH said in a filing to SGX after the market close on Monday.

The current CEO, Seow Kang Hoe Gerald, will retire, effective 1 May, but will remain as a non-executive director, POSH said in a separate filing to SGX.

In addition, POSH said it appointed Yong Hsin Yue, who is managing director of Kuok (Singapore), as non-executive director; she is the daughter-in-law of Kuok Oon Kwong, who is a cousin of Kuok Khoon Ean, chairman and non-executive director of the company.

Non-executive director Wu Long Peng is set to retire at the next annual general meeting (AGM) of the company, scheduled for later this month, and he won’t be seeking re-election, POSH said.

Read more about PACC Offshore Services.

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iFast

Online brokerage iFAST said on Monday it increased its stake in associated company iFAST India Holdings to 30.96 percent from 24.98 percent after participating in the Indian entity’s rights issue.

Read more: iFAST increases stake in iFAST India Holdings

Nera Telecommunications

Nera Telecommunications, or NeraTel, said on Monday it obtained a S$3.52 million contract from a new customer to provide cyber-security services under its network infrastructure (NI) business segment.

The contract involves managing a cyber crime monitoring hub for the new tier-one customer, which is a major service provider in Southeast Asia, NeraTel said in a filing to SGX on Monday.

In addition, NeraTel said it won other security-related contracts last year, including IP network equipment contracts from a top-tier repeat customer.

“This is a key growth area that we will be focusing on, given its increasing importance worldwide,” Beck Tong Hong, NeraTel CEO, said in the statement. “This contract will serve to showcase our cybersecurity capabilities.”

Read more about NeraTel.

Singapore Myanmar Investco

Singapore Myanmar Investco said on Monday that it has terminated its proposed deal to sell its 99.9 percent-owned subsidiary TPR Myanmar (TPR) to Tiger Infrastructure for US$10.8 million.

After sending Tiger Infrastructure a notice on 3 April to complete the deal, “the purchaser had failed to confirm that it is ready, willing and able to complete the purchase,” Singapore Myanmar Investco said in a filing to SGX on Monday.

As a result, the company terminated the deal on 5 April and will retain the purchaser’s non-refundable deposits, the filing said.

Read more about Singapore Myanmar Investco.

Challenger Technologies

Challenger Technologies said on Monday that it secured two new leases for stores, one at Jewel Changi Airport for a Challenger store and the other at West Coast Plaza for a Challenger Mini, starting the second and third quarters of this year, respectively.

The leases are in line with the company’s plan to focus on its retail operations by expanding its locations in Singapore, the electronics retailer said in a filing to SGX on Monday.

Read more about Challenger Technologies.

Sunvic Chemical

Sunvic Chemical said on Monday that after a “severe explosion” in Yancheng City, Jiangsu Province, in China on 21 March, several news agencies reported that the local government would completely shut down the chemical zone where the incident occurred.

Jiangsu Jurong Chemical, a wholly owned subsidiary, was operating in the chemical zone before the explosion, Sunvic said in a filing to SGX on Monday.

“The company will get in touch with the local government to verify such reports,” it said.

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