Singapore stocks to watch Friday: STI, ST Engineering, Sembcorp, Kingsmen Creatives, ESR

Stock ticker at SGX building on Shenton Way; taken October 2018.Stock ticker at SGX building.

These are Singapore companies which may be in focus on Friday, 7 June 2019:

Straits Times Index

The quarterly review of the Straits Times Index resulted in no changes to the constituents, FTSE Russell said in a statement Thursday.

The STI reserve list, which is the five highest ranking non-members of the index by market capitalization, will be Mapletree Commercial Trust, Mapletree Logistics Trust, Suntec REIT, Mapletree North Asia Commercial Trust and Keppel REIT, the statement said. The reserve list stocks will replace any index members that become ineligible before the next review, the statement said.

The next review is in September.

ST Engineering

ST Engineering’s aerospace arm has entered a joint venture with Vietnam Airlines’ subsidiary Vietnam Airlines Engineering Co. to provide component maintenance, repair and overhaul services, the Singapore company said in a filing to SGX Thursday.

Read more: ST Engineering sets maintenance joint venture with Vietnam Airlines

Sembcorp Industries

Sembcorp Industries’ waste-management arm, SembWaste, and the Building Construction and Timber Industries Employees’ Union entered a deal to improve training for around 700 SembWaste employees.

Read more: Sembcorp, BATU ink deal to improve employee training

Kingsmen Creatives

Kingsmen Creatives has expanded its licensing agreement with toy giant Hasbro to open NERF family entertainment center attractions to include the U.S. market, the Singapore-listed design and production group said Thursday.

Read more: Kingsmen Creatives to expand Hasbro deal for NERF attractions

ESR

Asia Pacific logistics real estate firm ESR has proposed a listing on the Stock Exchange of Hong Kong of 560.7 million shares at HK$16.20 to HK$17.40 each. If the offer price is at the mid-point of the range, the net proceeds would be around HK$9.12 billion, ESR said in a statement Tuesday.

The Hong Kong offering began on Thursday and will end on 12 June, with the results announced 19 June, the statement said, adding dealing in the shares on SEHK will begin on 20 June under the stock code 1821.

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Sabana REIT and Vibrant Group

Vibrant Group said Thursday it completed the sale of 68.60 million units of Sabana Shari’ah Compliant Industrial REIT, adding it plans to use the net proceeds to repay an existing banking facility from UOB.

In a separate statement, Sabana REIT’s manager advised unitholders to exercise caution when dealing in the REIT’s units.

Read more: Vibrant Group to sell stakes in Sabana Investment Partners and Sabana REIT

Sembcorp Industries

Sembcorp Industries said Thursday its wholly owned subsidiary Sembcorp Utilities incorporated a new subsidiary called Sembcorp Energy Markets to trade in asset-backed energy products.

The new subsidiary will have a paid-up capital of S$2, Sembcorp said in a filing to SGX.

Read more about Sembcorp Industries.

Allied Technologies

Lawyer Jeffrey Ong Su Aun, who became uncontactable after S$33 million allegedly went missing from Allied Technologies’ escrow account at his firm, was arrested in Malaysia and charged in a Singapore court Saturday, according to a Channel News Asia report Thursday.

The charge was one count of cheating for allegedly falsely telling CCJ Investments it had entered a loan agreement with Suite Development and inducing it to pay S$6 million, the report said. The funds were allegedly partly used to refinance Suite Development’s mortgage, with the remainder deposited into the client account of Ong’s law firm JLC Advisors, the report said.

Read more about Allied Technologies.

Pine Capital Group

Pine Capital Group said Thursday that Singapore’s High Court did not give the company’s former interim CEO Tan Choon Wee permission to appeal the court’s decision to dismiss his injunction application which sought to reinstate himself and Lin Kuan Liang Nicolas as directors of subsidiary Advance Capital Partners Asset Management (ACPAM).

“In summary, the High Court had ruled against the plaintiff and in favor of the company,” Pine Capital said in a filing to SGX. Tan has been ordered to pay some court costs to the company, it added.

Tan and Lin did not return Shenton Wire’s previous requests for comment.

“The company will continue to seek legal advice from its legal advisors and will, in consultation with its legal advisors, continue to take the steps necessary to vigorously defend the action,” Pine Capital said.

Read more about Pine Capital Group.

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