UPDATE: Singapore stocks to watch Wednesday: MLT, SPH, Hi-P, Keppel-KBS US REIT, Cache Logistics

Straits Times reading sculpture at Changi AirportStraits Times reading sculpture at Changi Airport

This article was originally published on Wednesday, 17 April 2019 at 1:30 A.M. SGT; it has since been updated to include Keppel Corp. and Frasers Property. 

These are Singapore companies likely to be in focus on Wednesday, 16 April 2019:

Mapletree Logistics Trust, Cache Logistics Trust and AIMS APAC REIT

Mapletree Logistics Trust, Cache Logistics Trust and AIMS APAC REIT all issued separate statements on Tuesday that CWT Pte., which is a tenant of all three REITs, has not defaulted on rental payments.

Read more: MLT, Cache Logistics, AIMS APAC REIT all say CWT has not defaulted on rental payments

Singapore Press Holdings

Singapore Press Holdings, publisher of the Straits Times, said on Tuesday it acquired a portfolio of purpose-built student accommodation assets in the U.K. for around 133.7 million British pounds, or around S$237 million.

Read more: SPH acquires UK student accommodation assets for around S$237 million

Keppel Corp.

Keppel Shipyard has received final notice to proceed with full conversion works for the Gimi floating liquefaction vessel (FLNG) project from Golar LNG subsidiary Gimi MS, in a contract worth a total US$947 million, Keppel said on Wednesday.

In related news, Keppel Corp. said on Wednesday it has completed a subscription for a 30 percent stake in Gimi MS for US$30.22 million. The deal was conducted via First FLNG Holdings, Keppel’s indirect wholly owned subsidiary, Keppel said in a filing to SGX before the market open on Wednesday.

Read more: Keppel gets notice to proceed with US$947 million contract from Gimi MS

Hi-P International

Hi-P International on Tuesday issued profit guidance for the first quarter of 2019 revenue and profit to come in similar to levels in the first quarter of 2018.

Read more: Hi-P 1Q19 revenue and profit expected to be ‘similar’ to 1Q18

Keppel-KBS US REIT

Keppel-KBS US REIT reported on Tuesday that its first quarter net property income rose 23.7 percent on-year to US$18.19 million, beating its IPO prospectus forecast for US$14.06 million, after the REIT’s acquisitions in Seattle, Washington, and Orlando, Florida.

Read more: Keppel-KBS US REIT’s 1Q19 net property income rose 24 percent on acquisitions

M1

Konnectivity said on Tuesday that it has exercised its right to compulsorily acquire all of the M1 shares held by dissenting shareholders for S$2.06 each.

Once the compulsory acquisition is completed, M1 will be delisted from SGX, Konnectivity said in the filing to SGX on Tuesday.

Konnectivity, which is a special purpose vehicle set up by M1 shareholders Singapore Press Holdings and Keppel Corp., said in March that its takeover bid for M1 had closed with control of 94.55 percent of the telco.

Read more about M1.

Frasers Property

Frasers Property said on Wednesday it was launching its Macquarie Exchange project, located at the entrance of Sydney, Australia’s new Metro station at Macquarie Park.

The project, which as an estimated completed development value of around S$750 million, is expected to receive development approval in August, Frasers Property said in a filing to SGX on Wednesday.

The project will include four buildings, iwth commercial and retail space as well as a central park, the filing said.

Read more about Frasers Property.

Singtel

Singtel said on Tuesday that its wholly owned subsidiary, Optus Cyber Security, increased its share capital to A$18.12 million (S$17.6 million or US$13.0 million) from A$8.12 million after issuing 10 million new shares at A$1 each to its holding company, Singtel Cyber Security (Asia Pacific).

Optus Cyber Security mainly provides cyber security services, Singtel said in a filing to SGX on Tuesday.

Read more about Singtel.

Ascendas India Trust

The trustee-manager of Ascendas India Trust said on Tuesday that it has increased the maximum amount of notes that can be issued under the multicurrency debt issuance program to S$1.5 billion from S$500 million, with effect from Tuesday.

Read more about Ascendas India Trust.

First REIT

First REIT’s manager, Bowsprit Capital, said on Tuesday the REIT has secured a S$100 million syndicated term loan facility from CIMB Bank Bhd.’s Labuan offshore branch and OCBC.

The facility is available for a single lump-sum drawdown within a month of signing, has a three-year maturity and may be increased by an additional S$30 million, subject to conditions, the REIT said in a filing to SGX on Tuesday.

The loan facility will be used to refinance a S$100 million term loan facility due in May, with the REIT likely to have no refinancing needs until 2021, the filing said.

Read more about First REIT.

Thakral Corp.

The Thakral family’s voluntary conditional cash offer to increase its stake in Thakral Corp. by an additional around 20.26 percent has become unconditional based on acceptances, it said in a filing to SGX on Tuesday.

That was after the family, via investment holding company Prime Trade Enterprises, received valid acceptances of at least 26.51 million shares, the filing said. But it added that on a shareholder approval basis, the offer remained conditional as only 35.7 percent of the votes were in favor, rather than the 50 percent required to make it unconditional.

The partial offer will remain open for both approval and acceptance through 22 April, it said.

Read more: Thakral family company makes bid for greater stake in Thakral Corp

MeGroup

Malaysia-based MeGroup said on Tuesday it obtained rights to operate a Hyundai 3S automobile dealership in Klang, Selangor, from Hyundai-Sime Darby Motors, which is the official distributor of Hyundai automobiles in Malaysia.

Read more: MeGroup obtains first Hyundai dealership

 

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