UPDATE: Singapore stocks to watch Friday: SIA, Frasers Property, Jardine C&C, CRCT, Cromwell European REIT

Singapore Airlines plane on the ground at Singapore’s Changi Airport; taken November 2018.Singapore Airlines plane Changi Airport.

These are Singapore companies which may be in focus on Friday, 16 August 2019.

Companies mentioned in this item: Singapore Airlines, Frasers Property, Frasers Property (Thailand), Jardine Cycle & Carriage, CapitaLand Retail China Trust, Cromwell European REIT, Delong Holdings, Hupsteel and Soilbuild Construction.

This article was originally published Friday, 16 August 2019 at 1:21 A.M. SGT; it has since been updated to include an additional item on CRCT.

Singapore Airlines

Singapore Airlines Group carried 3.30 million passengers in July, up 6.3 percent on-year, while passenger carriage, measured in revenue passenger-kilometers, increased 5.9 percent on-year, slower than capacity growth of 6.0 percent, the carrier said Thursday.

Read more: Singapore Airlines carried 6 percent more passengers in July

Frasers Property and Frasers Property (Thailand)

Frasers Property (Thailand) has acquired 94.50 percent of Golden Land Property in its tender offer for the Thailand-listed property company, Singapore-listed Frasers Property said in a filing to SGX Thursday.

Read more: Frasers Property (Thailand) acquires nearly 95 percent of Golden Land Property

Jardine Cycle & Carriage

Jardine Cycle & Carriage said Thursday its wholly owned subsidiary, Platinum Victory (PVPL) has submitted an application to launch a tender offer for shares of Vietnam-listed Refrigeration Electrical Engineering (REE).

PVPL currently owns 24.9 percent of REE, and under Vietnam’s laws, acquiring more than 25 percent of the company requires a public tender offer, Jardine C&C said in a filing to SGX.

If the tender offer is approved, PVPL will seek to acquire up to 10.11 percent of REE at 45,000 Vietnamese dong a share, compared with Thursday’s closing price of 36,550 dong, the filing said, adding the maximum aggregate price for the stake would be 1.4 billion dong, or around US$60.8 million.

The tender offer is only for shares held by non-Vietnamese entities as REE is subject to a 49 percent foreign ownership limit, Jardine C&C said.

Read more about Jardine Cycle & Carriage.

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CapitaLand Retail China Trust

CapitaLand Retail China Trust (CRCT) said Friday unitholders who wish to accept their allotment of new units under the preferential offering need to do so by 26 August.

Subsidiaries of CapitaLand, which hold a 25.76 percent interest in CRCT, and the CapitaLand Mall Trust trustee, which holds 12.28 percent, will take up their allotment of units in the offering, CRCT said in a filing to SGX.

Trading of the new units is expected to begin 3 September, the filing said.

Read more about CapitaLand Retail China Trust.

CapitaLand Retail China Trust

CapitaLand Retail China Trust said Thursday Lee Chee Koon had ceased to be a non-executive, non-independent director and chairman of the executive committee for the REIT’s manager.

“Lee Chee Koon is group CEO of CapitaLand Group. CapitaLand Group’s business has expanded following completion of the acquisition of Ascendas-Singbridge’s businesses; his stepping down will enable him to spend more time growing the business of CapitaLand Group,” CRCT said in a filing to SGX.

Lucas Ignatius Loh Jen Yuh, president for China at CapitaLand, has been appointed as a non-executive, non-independent director and chairman of the executive committee for the REIT’s manager, CRCT said.

“With his extensive working experience in China and strong credentials, Mr. Loh will be able to share his perspectives of the China market and contribute to the board’s deliberations,” CRCT said.

Read more about CapitaLand Retail China Trust.

Cromwell European REIT

UBS Group ceased to be a substantial shareholder of Cromwell European REIT after the disposal of 66.41 million units via an off-market transaction, the Swiss investment bank said in a filing to SGX Thursday.

The deal brought UBS’ deemed interest in the REIT to 3.85 percent, below the 5 percent threshold for being a substantial shareholder, from 6.46 percent previously, the filing said.

Read more about Cromwell European REIT.

Delong Holdings

Best Grace Holdings said Thursday its takeover bid for Delong Holdings had become unconditional after the valid acceptances of the offer and shares owned, controlled or agreed to be acquired reached 90.73 percent of the total, above the offer’s 90 percent threshold.

Best Grace doesn’t intend to extend the offer beyond 10 September and it doesn’t intend to maintain the listing status of Delong, it said in a filing to SGX. Best Grace will exercise its right to compulsorily acquire the remaining shares of Delong, as the free float will be less than 10 percent, the filing said.

Read more about Delong Holdings.

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Hercules has extended the closing date for its takeover bid for Hupsteel to 30 August from 16 August, with the offer price of S$1.20 a share final, the offerer said in a filing to SGX Thursday.

As of Thursday, Hercules has received valid acceptances for around 83.42 percent of Hupsteel’s 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, Hercules has previously said.

Read more about Hupsteel.

Soilbuild Construction

Soilbuild Construction said Thursday it increased its investment in its wholly owned subsidiary, Soil-Build Pte. Ltd. (SBPL), to S$37 million from S$15 million, to strengthen the unit’s capital base.

The additional investment was funded via internal resources and isn’t expected to have a material impact on earnings per share for the current financial year, Soilbuild said in a filing to SGX.

Read more about Soilbuild Construction.

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