UPDATE: Singapore stocks to watch Monday: Keppel, ThaiBev, SATS, CityDev, OUE, Keppel Infrastructure

Chang Beer, made by Thai BeverageChang Beer, made by Thai Beverage

These are Singapore companies which may be in focus on Monday, 30 September 2019: Keppel, City Developments, Keppel Infrastructure Trust, Basslink, OUE, Thai Beverage, Sunpower and Eurosports Global.

This article was originally published on Sunday, 29 September 2019 at 13:32 SGT; it has since been updated to include SATS. 


Keppel Telecommunications & Transportation entered deals to sell its stakes in Keppel Logistics (Foshan) and Keppel Logistics (Hong Kong) to Sinotrans’ subsidiary Sinoway Shipping for S$39 million, Keppel said in a filing to SGX Friday.

Read more: Keppel to divest Keppel Logistics (Foshan) and Keppel Logistics (Hong Kong)

City Developments

City Developments said Saturday its takeover offer for Millennium & Copthorne Hotels has resulted in valid acceptances representing 99.21 percent of the shares it doesn’t already own.

With ownership of M&C topping 90 percent, City Developments plans to compulsorily acquire the remaining shares, the property developer said in a statement.

The cancellation of M&C’s listing is expected on 11 October, City Developments said.

Read more about City Developments.


SATS’ 49 percent-owned Taj SATS Air Catering (TAJSATS) plans to acquire all of Taj Madras Flight Kitchen (TMFK) from all of its shareholders, the airline catering company said in a filing to SGX Sunday.

SATS currently owns 30 percent of TMFK and will be selling the stake to TAJSATS for178.74 million Indian rupees, or around S$3.5 million, the filing said. As of end-August, the book value of SATS’ TMFK stake was S$2.8 million, the filing said.

“The TMFK restructuring is intended to simplify the existing shareholding structures of TAJSATS and TMFK, with the aim to achieve better operational and management synergies, and to reduce duplication of compliance and regulatory costs,” SATS said.

Read more about SATS.

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Keppel Infrastructure Trust and Basslink

Basslink, which is part of Keppel Infrastructure Trust’s portfolio, said Sunday its interconnector returned to service, one day ahead of the previously announced 30 September target.

“We are very happy that the Basslink Interconnector has returned to service even earlier than we forecasted. This is testament to the dedication of our repair team and the support of our stakeholders, including Hydro Tasmania,” Malcolm Eccles, chief executive of Basslink, said in a statement KIT filed to SGX.

Read more about Keppel Infrastructure Trust and Basslink.

Thai Beverage

Thai Beverage said late Friday it was named a Global Beverage Industry Leader in the Dow Jones Sustainability Indicies (DJSI) for its corporate sustainability leadership for the second straight year.

“The DJSI recognition of ThaiBev as the world’s most sustainable beverage company for the second year validates our commitment to become a sustainable leader in global beverage industry by investing in technology and innovation, and embedding sustainability practices in our business,” Thapana Sirivadhanabhakdi, president and CEO of Thai Beverage, said in a statement filed to SGX.

Steps the beverage maker said it has been taking include sourcing responsibly, improving efficiency, using more renewable energy and increasing collection of post-consumption packaging for reuse and recycling.

Read more about Thai Beverage.

Thai Beverage

Thai Beverage said Friday indirect subsidiary International Beverage Holdings (UK) incorporated a new wholly owned subsidiary, Chang Beer UK in the U.K.

Chang Beer UK will have a registered capital of 10,000 British pounds and will mainly be involved in trading and distribution of alcoholic products, Thai Beverage said in a filing to SGX.

International Beverage Holdings (UK) is a direct, wholly owned subsidiary of International Beverage Holdings, which is a direct wholly owned subsidiary of Thai Beverage, the filing said.

Read more about Thai Beverage.

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OUE entered an agreement to lend PT Maxx Coffee Prima, or PT MCP, S$10 million for six months at an interest rate of 5.44 percent a year, the property developer said in a filing to SGX Friday.

The deal is an interested person transaction, with Executive Chairman and OUE controlling shareholder Dr. Stephen Riady and his brother and OUE controlling shareholder, James Tjahaja Riady, having a deemed interest of more than 30 percent in PT MCP, the filing said.

Read more about OUE.

Sunpower Group

Sunpower Group said Friday its wholly owned subsidiary Jiangsu Sunpower Technology has signed a deal to acquire an additional 10 percent stake in Shandong Yangguang Engineering Design Institute, which will bring its stake to 90 percent.

The purchase price is 8.8 million yuan (S$1.71 million), based on Yangguang Institute’s 2018 financial results, Sunpower said in a filing to SGX.

Under a 2017 deal, Jiangsu Sunpower Technology acquired 80 percent of Yangguang Institute, and agreed to acquire 10 percent each year for the next two years, the filing said.

Read more about Sunpower Group.

Eurosports Global

Eurosports Global said Friday Chang Chung Yhow Joel has ceased to be its chief operating officer due to the expiration of his employment contract.

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