Singapore stocks to watch Friday: Ascendas REIT, Manulife US REIT, Raffles Infrastructure, Addvalue

Ascendas REIT’s Techview property located in the Kaki Bukit Industrial Area in SingaporeAscendas REIT’s Techview property located in the Kaki Bukit Industrial Area in Singapore

These are Singapore companies which may be in focus on Friday, 4 October 2019: Ascendas REIT, Manulife US REIT, Vibrant Group, Raffles Infrastructure and Addvalue Technologies.

Ascendas REIT

Ascendas REIT has acquired an office building to be built in suburban Melbourne, Australia, for A$110.9 million, or around S$104.4 million from ESR FPA (Wellington Road), the REIT said in a filing to SGX Thursday.

Read more: Ascendas REIT acquires Australia office building under construction for A$111 million

Manulife US REIT

Drachs Investments No.3 became a substantial shareholder of Manulife US REIT after the acquisition of 6.9 million units for US$6.04 million in a placement, the Jersey registered private company said in a filing to SGX Thursday.

The acquisition brought Drachs Investments No.3’s direct stake above the 5 percent threshold for become a substantial shareholder, to 5.08 percent, from 4.92 percent previously, the filing said.

Read more about Manulife US REIT.

Vibrant Group

Vibrant Group said Friday it has completed the partial redemption of S$22.18 million of its S$66 million 7.50 percent notes due 2020, or 33.61 percent of the total principal amount of the notes outstanding.

All of the redeemed notes will be canceled, Vibrant said in a filing to SGX.

Read more about Vibrant Group.

Raffles Infrastructure

Raffles Infrastructure said Thursday it signed a memorandum of understanding with its new controlling shareholder, Magic Micro (MMC) to cooperate on infrastructure and smart city projects.

Kosdaq-listed MMC became a controlling shareholder, with a 20.3 percent stake, after its acquisition of 13.8 million shares for around S$6.9 million on 10 September, Raffles Infrastructure said in a filing to SGX. State-owned enterprise China Capital Investment (Group) is also a controlling shareholder, the filing said.

“The benefits of partnering with Magic Micro are immeasurable. Together, we will unlock a wider suite of opportunities globally. We are looking to tap into Magic Micro’s technological expertise and network for future projects. This is a vote of confidence in our long-term strategy of investing in Asia’s infrastructure,” Eric Choo, CEO of Raffles Infrastructure, said in the statement.

Read more about Raffles Infrastructure.

Raffles Infrastructure

Raffles Infrastructure issued a clarification on its appointment of Ng Pei Eng as its chief financial officer after SGX queried whether she had ever been concerned with the management of any entity investigated for a breach of any law or regulatory requirement.

The company said that when it answered “no,” it had interpreted the question to mean “while she was with the corporation.” But after seeking advice, Raffles Infrastructure was correcting its reply to “yes,” as Ng was CFO from 2007 to 2011 at China Stationary Ltd. (CSL), which in 2017 was suspended from trading by Bursa Malaysia for failing to provide third-quarter financial results within the stipulated time.

“This was six whole years after Ms. Ng had left in August of 2011; she was never even in charge of CSL’s accounts as a publicly listed company, to boot, since CSL was officially admitted to the Bursa on or about 24 February 2012 after she left in August 2011,” Raffles Infrastructure said in a filing to SGX.

“We hope with this fuller explanation, the Exchange will see that Ms. Ng really has nothing to do with any breach by CSL nor has she been involved, at all, in any breach committed by CSL,” the filing said.

Read more about Raffles Infrastructure.

Addvalue Technologies

Addvalue Technologies said Thursday its wholly owned subsidiary Addvalue Innovation has delivered its first flight Inter-satellite Data Relay System (IDRS) terminal for installation on an LEO satellite scheduled for commercial service launch by the satellite operator it has contracted with.

The delivery paves the way for generating “substantial recurring IDRS airtime income,” Addvalue said in a filing to SGX, adding it expected IDRS airtime revenue to grow rapidly as it delivers more terminals to the satellite operator in coming months.

“We expect our IDRS hardware sales and more importantly, the associated airtime revenue to grow at an accelerated pace starting from early 2020. Further, we anticipate a few more IDRS contracts to be signed for the remaining period of the financial year ending 31 March 2020,” Addvalue said.

Read more about Addvalue Technologies.

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