UPDATE: Singapore stocks to watch Monday: Banks, CapitaLand, Temasek, Keppel, SIA, Suntec REIT

Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.

This article was originally published on Saturday, 29 June 2019 at 12:30 A.M. SGT; it has since been updated to include CapitaLand, Suntec REIT, China Everbright Water, Keppel, SPH, EC World REIT, Ezion, Addvalue, Maxi-Cash and Hupsteel.

These are Singapore companies that may be in focus on Monday, 1 July 2019:

Banks

The Monetary Authority of Singapore (MAS) announced Friday it would issue up to five new digital bank licences, in a move opening the banking sector to non-bank players.

Read more: Singapore central bank to issue up to five new digital bank licences

Keppel and SPH

Keppel Corp. agreed to acquire a 30 percent interest in KBS US Prime Property Management, the proposed manager of Prime US REIT, from KBS Asia Partner for US$21.6 million, the Singapore-listed conglomerate said in a filing to SGX Friday.

Read more: Keppel agrees to acquire stakes in Prime US REIT and its manager

CapitaLand

CapitaLand has completed the acquisition of Ascendas-Singbridge from Singapore state-owned investment company Temasek, creating one of Asia’s largest diversified real-estate groups with more than S$123 billion under management, the property company said in a statement Sunday.

Read more: CapitaLand completes acquisition of Ascendas-Singbridge

Suntec REIT

Suntec REIT has entered a deal to acquire a Grade A office building under development in Sydney for A$297 million (S$281.93 million or US$208.58 million), ARA Trust Management (Suntec), the REIT’s manager, said in a filing to SGX before the market open Monday.

Read more: UPDATE: Suntec REIT enters deal to acquire Sydney office building for A$297 million

UOB

UOB entered an agreement with Shenergy (Group) to set up a joint venture consumer finance company, called Shenergy Consumer Finance, in Shanghai, China, the Singapore bank said in a filing to SGX Friday.

Read more: UOB enters China joint venture for consumer finance

Temasek and Li & Fung

Singapore state-owned investment company Temasek has agreed to take a 21.7 percent stake in Li & Fung’s wholly owned logistics subsidiary, LF Logistics, for around US$300 million, valuing the company at around US$1.4 billion, the Hong Kong-listed company said in a filing to SGX Friday.

Read more: Temasek agrees to invest US$300 million in Li & Fung logistics subsidiary

Singapore Airlines and Malaysia Airlines

Singapore Airlines and Malaysia Airlines said last week they signed a memorandum of understanding to “significantly” increase their cooperation, including exploring a wide-ranging strategic partnership to build on an existing codeshare agreement for flights between Singapore and Malaysia.

The enhanced ties may include expanding the codeshare deal for flights beyond the two countries and enhancing frequent flyer programs as well as cooperation on cargo, maintenance and repair, the two carriers said in a press release.

A formal agreement, expected in coming months, would include SIA subsidiaries SilkAir and Scoot and Malaysia Airlines’ sister airline Firefly, the statement said.

Read more about Singapore Airlines.

Singapore Airlines

Singapore Airlines said Friday it used the remaining S$23.9 million in proceeds from its issuance of S$750 million of 3.03 percent bonds due 2024 for the purchase of aircraft.

Read more about Singapore Airlines.

CapitaLand and CapitaLand Mall Trust

The Funan mall opened Friday, with pictures suggesting large crowds, after a three-year redevelopment period, CapitaLand and CapitaLand Mall Trust said in a filing to SGX.

Read more: CapitaLand’s Funan mall opens after redevelopment

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OUE

OUE said Friday Bernard Lim Eng Chuan will cease to be chief financial officer, effective Sunday, after relinquishing his position to pursue other professional interests.

Read more about OUE.

Frasers Centrepoint Trust

Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust, said Friday Richard Ng would take the position of CEO on 1 July, while Chew Tuan Chiong would retire from the role.

The change had first been announced in April.

Chew will take the role of adviser to Frasers Property after his retirement, the trust said in a filing to SGX.

Read more about Frasers Centrepoint Trust.

Hyflux

Hyflux said Friday Singapore Exchange granted extensions until end-November for filing its financial results for fiscal 2018 and the first and second quarter of 2019.

Hyflux noted it is in the process of negotiating a restructuring deal with potential investors and its stakeholders under a court-supervised process.

“Given the pace and evolving nature of the negotiations, as well as the uncertainties surrounding the terms of the restructuring proposal, the release of financial statements of the company prepared on a going concern basis prior to the main terms of any proposal to be put forth as part of the reorganisation being sufficiently well formulated, may potentially result in inaccurate and incomplete reflection of financial
information,” Hyflux said in a filing to SGX.

Read more about Hyflux.

China Everbright Water

China Everbright Water said Friday it obtained the Haimen Waste Water Treatment Project and upgrading in Jiangsu province, which require a total investment of around 140 million yuan (S$27.58 million or US$20.39 million).

Read more: China Everbright Water obtains Haimen waste water project

EC World REIT

EC World REIT has entered into a China on-shore facility agreement with various banks, coordinated by the Hangzhou branches of DBS Bank (China) and UOB (China), as lenders of up to 1.095 billion yuan (S$215.72 million or US$159.46 million), the REIT said in a filing to SGX Friday.

Read more: EC World REIT enters into more than 1 billion yuan in loan facilities

ESR-REIT

ESR-REIT completed the divestment of the two-storey general industrial property at 31 Kian Teck Way for around S$5.8 million, or a premium of 1.7 percent over the book value, the REIT said in a filing to SGX Friday.

“This divestment is in line with the manager’s proactive asset management strategy to rejuvenate ESR-REIT’s portfolio by recycling capital from divesting lower-yield non-core properties,” Adrian Chui, executive director and CEO of the REIT’s manager, said in the statement. “The divestment will allow us to improve the quality of ESR-REIT’s portfolio and optimise returns for unitholders.”

After the divestment, the REIT’s portfolio will have 56 properties in Singapore, the filing said.

Read more about ESR-REIT.

Ascendas REIT

Ascendas Funds Management (S), the manager of Ascendas REIT, said Friday Paul Toussaint ceased to be the CEO for Australia due to an internal reorganization.

Toussaint will be re-deployed to another entity in the group, and will continue to manage Ascendas REIT’s business, operations and assets in Australia via a service agreement with the manager, Ascendas Funds Management (S) said in a filing to SGX.

Read more about Ascendas REIT.

Frasers Hospitality Trust

Frasers Hospitality Asset Management said Friday Eu Chin Fen would step down as CEO of the managers of Frasers Hospitality Trust, effective 1 July.

She will be “assuming wider responsibilities” within Frasers Hospitality, which is a strategic business unit of Frasers Property, the trust said in a filing to SGX.

The move was originally announced in May.

Read more about Frasers Hospitality Trust and Frasers Property.

Ezion

Ezion Holdings said Friday it has reorganized its senior management team, effective Monday, including tapping a new chief financial officer and deputy CEO.

Read more: Ezion revamps senior management team

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First Resources

First Resources and its indirect subsidiary, PT Subur Arum Makmur, increased their investments in PT Borneo Ketapang Permai by 393.57 billion rupiah (around US$28 million) and 20.71 billion rupiah (around US$1.5 million) respectively, the palm oil producer said in a filing to SGX Friday.

First Resources will continue to hold 95 percent of PT Borneo Ketapang Permai, while PT Subur Arum Makmur holds the remainder, the filing said.

Read more about First Resources.

JUMBO Group

JUMBO Group said Friday a third NG AH SIO Bak Kuh Teh franchised outlet was opened in Taiwan, located in Hsinchu City. Including the four outlets in Singapore, that brings the brand’s total to seven locations, JUMBO said in a filing to SGX.

The franchisee, Ho Sing Food, opened the first outlet outside Singapore in July 2018, the filing said.

“We are excited to open our third NG AH SIO Bak Kut Teh outlet in Taiwan in less than a year, and heartened that NG AH SIO Bak Kut Teh, one of Singapore’s pioneer Bak Kut Teh brands, is well-received by the Taiwanese consumer market,” Ang Kiam Meng, group CEO and executive director of JUMBO, said in the statement.

JUMBO plans at least one more NG AH SIO Bak Kut Teh outlet in Taiwan  over the next 12 months, as well as expecting to open the first JUMBO Seafood restaurant in South Korea and another Tsui Wah Hong Kong-styled “Cha Chaang Teng” outlet in Singapore, the filing said.

Read more about JUMBO Group.

Maxi-Cash

Maxi-Cash Financial Services has offered to buy back up to S$5 million of its S$70 million 5.50 percent notes due 2020, or to exchange all of the notes for 6.35 percent notes due 2022, the pawnshop operator said in a filing to SGX Monday.

Read more: Maxi-Cash offers to buy back some of its notes due 2020

Kencana Agri

Kencana Agri said Friday its chief financial officer, Jap Hartono, resigned to pursue other career opportunities, effective 1 July.

Read more about Kencana Agri.

Hupsteel

Hercules Pte. launched a voluntary, conditional offer to acquire all of Hupsteel for S$1.20 a share, marking a premium of around 51.9 percent over the last traded price Thursday, the company said in a filing to SGX Friday.

The offerer does not intend to increase the offer price as it represents “an attractive cash exit opportunity” for shareholders who may find it difficult to exit their positions due to low trading volume in the shares, the filing said.

The bid is conditional on receiving acceptances giving Hercules control of more than 90 percent of the shares, with the intention of delisting the company, the filing said. So far, Hercules has irrevocable undertakings to accept the offer of around 54.16 percent, the filing said.

Hercules is a bid vehicle for a consortium comprising members of the Lim family, the filing said.

Hupsteel requested its trading halt be lifted Monday.

Addvalue Technologies

Addvalue Technologies said Sunday it placed a S$3.45 million 8 percent two-year convertible loan note, convertible into 150 million new shares at S$0.023 each, with investor Paul C. Burke.

Burke, who is the founder and chairman of Konnectronix, currently owns 3.32 percent of Addvalue, and would own 10.46 percent if the note is fully converted, the filing said. The note will be held as Burke’s personal private investment, the filing said.

The proceeds will be used for the development of the space program and for working capital, including the relocation of the office premises, the filing said.

Read more about Addvalue Technologies.

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