Singapore stocks to watch Wednesday: Olam, ComfortDelGro, Mapletree Commercial, UIC

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These are Singapore companies which may be in focus on Wednesday, 24 April 2019:

Olam International

Olam International made a binding offer to acquire all of Nigeria-based Dangote Flour Mills, or DFM, for 130 billion Nigerian naira, or around S$490.44 million, the agri-business said in an SGX filing Tuesday.

Read more: Olam makes bid to acquire Nigeria-based Dangote Flour Mills

ComfortDelGro

ComfortDelGro moved to expand its Australian footprint further with a planned acquisition of New South Wales bus operator B&E Blanch for A$28.3 million, or around S$27.32 million, the transportation company said Tuesday.

Read more: ComfortDelGro to acquire Australia bus operator B&E Blanch

Mapletree Commercial Trust

Mapletree Commercial Trust reported Tuesday its fiscal fourth quarter net property income rose 3.9 percent on-year to S$87.56 million on higher contributions from the VivoCity mall, the PSA Building and MLHF.

Read more: Mapletree Commercial Trust fiscal 4Q net property income up as VivoCity contribution rises

United Industrial Corp.

United Industrial Corp. reported Tuesday its first quarter net profit rose 30 percent on-year to S$90.13 million, while revenue increased 12 percent on-year to S$185.30 million. The increase was on higher sales of residential development projects and higher revenue from investment properties and information-technology operations, UIC said in a filing to SGX after the market close.

Additionally, UIC said its share of results of associated companies rose by S$20.9 million, or 269 percent on-year, on contributions from the handover of completed units at the Park Eleven (Shanghai) residential project.

In its outlook, UIC said office rentals were expected to remain firm in Singapore’s central business district amid healthy demand and less new supply. But it added that pressure on retail rents was expected to persist amid competition from e-commerce and new supply of retail space.

Read more about UIC.

SATS

Blackrock became a substantial shareholder of SATS, with its deemed interest rising to the 5 percent threshold, from 4.99 percent previously, it said in a filing to SGX after the market close Tuesday.

That was after an entity Blackrock has indirect control of purchased 127,300 shares for S$668,529 in the market, the filing said.

Read more about SATS.

Fragrance Group

Fragrance Group repurchased S$1.5 million in principal of its S$125 million 6.125 percent notes due 2021 from GP Hotel Capital at the prevailing market price, the company said in an SGX filing after the market close Tuesday.

Koh Wee Meng, a controlling shareholder and company director, has an interest in GP Hotel Capital, Fragrance said.

But the company added that the acquisition of the notes will reduce its interest expense and the audit company viewed the deal as being on normal commercial terms.

Koh’s deemed interest in Fragrance’s notes fell to S$7.5 million from S$9.0 million after the deal, it said in a separate filing to SGX.

Read more about Fragrance Group.

Courts Asia

Nojima Asia Pacific, which has made a takeover bid for Courts Asia, said on Tuesday it successfully applied to SGX-ST to waive a shareholder vote on whether to delist the consumer electronics retailer from Singapore Exchange.

While the listing manual requires shareholders to approve a delisting resolution with no more than 10 percent voting against it, as of mid-March, Nojima Asia Pacific held more than 90 percent of Courts Asia, it said in a filing to SGX.

“Accordingly, it is a given conclusion that any delisting resolution will be approved. For that reason, it would be an unnecessary expenditure of time and expense if the company were required to call a general meeting of shareholders to approve the delisting,” Nojima Asia Pacific said. The date of the delisting hasn’t yet been announced.

In a separate SGX filing, Nojima Asia Pacific said it was exercising its right to compulsorily acquire the remaining Courts Asia shares from shareholders who didn’t accept the takeover offer.

Read more about Courts Asia.

Spackman Entertainment

South Korean television-drama producer Spackman Entertainment and Singapore-based Mediacorp have signed a memorandum of understanding to co-produce a 20-episode romantic drama, tentatively titled “Equity of Love,” the two companies said Tuesday.

Read more: Spackman, Mediacorp to co-produce romantic drama series in Singapore

 

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