UPDATE: Singapore stocks to watch Wednesday: Temasek, Sembcorp, Gallant, OCBC, UOB, OUE

The OUE Bayfront building in Signapore’s central business district. Credit: Shenton WireThe OUE Bayfront building in Signapore’s central business district. Credit: Shenton Wire

This article was originally published Wednesday, 11 June 2019 at 12:15 A.M. SGT; it has since been updated to include OUE, China Jinjiang Environment and Challenger Technologies.

These are Singapore companies which may be in focus on Wednesday, 11 June 2019:

Temasek

Temasek-tied private-equity vehicle Astrea V will offer S$180 million class A-1 bonds at 3.85 percent for subscription to retail investors in Singapore, Astrea V and Azalea Investment Management said in a statement Tuesday.

Read more: Temasek-tied Astrea V to offer S$180 million 3.85 percent bonds to retail investors

Sembcorp Industries and Gallant Venture

Sembcorp Industries said Tuesday its wholly owned subsidiary Sembcorp Development disposed of its entire 10.27 percent stake in Gallant Venture, or 548.04 million shares, for S$62 million in cash.

Read more: Sembcorp sells Gallant Venture stake at below-market price

OCBC and Great Eastern

Bank of Singapore entered a deal to acquire 70 percent of Pacific Mutual Fund from Lion Global Investors and the remaining 30 percent from Koperasi Angkatan Tentera Malaysia for a total 35.6 million ringgit (S$11.67 million or US$8.56 million) in cash, OCBC said in a filing to SGX Tuesday.

Read more: OCBC’s Bank of Singapore to acquire Pacific Mutual Fund for around 36 million ringgit

OUE

Around 89.67 percent of OUE’s S$150 million 3.0 percent exchangeable bonds due 2023, or S$134.5 million worth, were tendered for purchase by the company for cash, the property developer said in a filing to SGX Wednesday.

Read more: OUE: Majority of holders S$150 million 3 percent bonds tender for redemption

UOB and ARA US Hospitality Trust

UOB ceased to be a substantial shareholder of ARA US Hospitality Trust after its deemed interest fell to 1.65 percent from 4.02 percent previously, which took its total interest to 4.01 percent, below the 5 percent threshold, from 6.38 percent previously, UOB said in a filing to SGX Tuesday.

That was after UOB partially exercised an over-allotment option for up to 22.73 million units, acquiring 9.36 million ARA US Hospitality Trust units and allowing the option on the remainder to lapse, the filing said.

Read more about ARA US Hospitality Trust and UOB.

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China Jinjiang Environment

China Jinjiang Environment confirmed Wednesday Zheneng Group will acquire a controlling stake in the waste-to-energy player after Dou Zhenggang, Wei Xuefeng, and their daughter, Jennifer Wei, agreed to sell 430 million shares for 1.63 billion yuan (S$332.49 million or US$236.48 million).

Read more: China Jinjiang confirms Zheneng Group to acquire controlling stake

First Resources

FIL Ltd. and Pandanus Partners ceased to be substantial shareholders in First Resources, with their deemed interests falling to 4.8 percent, below the 5 percent threshold, from 5.03 percent previously, it said in a filing to SGX Tuesday.

That was after the disposal of 3.60 million shares for S$5.62 million in an off-market transaction, the filing by a representative of FIL said.

FIL is deemed to be interested in the shares because they are held by funds and/or accounts managed by FIL’s direct and indirect subsidiaries, which are fund managers, the filing said. Pandanus Partners is deemed interested in the First Resources shares due to its interest in the voting shares of FIL, it said.

Read more about First Resources.

Challenger Technologies

Challenger Technologies Wednesday sent a delisting circular to its shareholders, with SGX saying it had no objection to the consumer electronics retailer delisting its shares.

In addition, Deloitte & Touche Corporate Finance advised Challenger’s non-conflicted directors the exit offer is “fair and reasonable,” resulting in their recommendation to accept the offer, the company said in a filing to SGX Wednesday.

Read more about Challenger Technologies.

Isetan (Singapore)

SGX issued a query on trading activity to Isetan (Singapore) Tuesday after unusual share price movements.

The stock ended Tuesday up 4.12 percent at S$4.30, and it is up a cumulative 23.56 percent since the close of trade on Thursday.

Read more about Isetan (Singapore).

Accrelist

Accrelist said Tuesday it opened its fifth medical aesthetics clinic under the Accrelist Medical Aesthetics brand last week, with the newest location at Clementi Mall.

“Singapore’s ageing population is set to contribute positively to the medical aesthetics sector as minimally invasive treatments become more widely accepted by affluent consumers,” Accrelist said in a filing to SGX.

Terence Tea, executive chairman and managing director of Accrelist, said the company plans to add four to eight more clinics in Singapore and Malaysia, with three laser clinics set to launch later this year in Peninsular Malaysia.

“We are also exploring new business opportunities within the sector such as exclusive distributorship of injectable fillers and developing our own in-house products,” he said in the statement.

Read more about Accrelist.

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