These are Singapore stocks which may be in focus on Tuesday, 25 November 2019: Singapore Exchange (SGX), Frasers Hospitality Trust, Thai Beverage, SIIC Environment, Pine Capital, MindChamps PreSchool, Sino Grandness Food and Hiap Seng Engineering.
This article was originally published on Tuesday, 25 November 2019 at 23:52 SGT; it has since been updated to include Olam International.
Olam International’s wholly owned subsidiary Olam West Coast has entered a deal to sell the real estate assets of its California onion and garlic processing facility to Mesirow Financial for US$110.3 million, the agri-business company said in a filing to SGX Monday.
Industrial and Commercial Bank of China (ICBC), China Central Depository & Clearing (CCDC) and Singapore Exchange (SGX) have signed a memorandum of understanding (MOU) to jointly promote the newly launched ChinaBond-ICBC RMB Bond indexes, the companies said in a statement Monday.
Frasers Hospitality Trust
Moody’s Investors Service said Monday it changed its ratings outlook on Frasers Hospitality Trust to negative from stable.
Thai Beverage’s direct wholly owned subsidiary Pan International (Thailand) has increased its registered capital by 9 million baht, consisting of 90,000 ordinary shares with a called up capital of 100 baht a share, the beverage maker said in a filing to SGX Monday.
Pan International now has registered capital of 10 million baht, divided into 100,000 ordinary shares, the filing said.
The funds will be used for current business operations, Thai Beverage said.
Thai Beverage holds 99.9998 percent of Pan International, while two direct wholly owned subsidiaries of Thai Beverage hold one share each, the filing said.
SIIC Environment’s indirect non-wholly owned subsidiary, Shanghai SIIC Baojin’gang Environmental Resources Technology (Baojin’gang) has obtained approval to be the project company for the Baoshan Renewable Energy Utilization Center Project, the company said in a filing to SGX Monday.
Pine Capital said Monday Executive Chairman Tomi-Jae Wanlun Tjio, aged 57, has resigned effective Friday for personal reasons.
He was appointed on 12 September 2019, Pine Capital said in a filing to SGX, adding there was no matter in relation to the cessation that needed to be brought to shareholders’ attention.
MindChamps PreSchool has tied up with Australian theater school Actors Centre Australia (ACA) to add extra elements of acting, singing and dancing to the curriculum, the preschool operator said in a filing to SGX Monday.
David Chiem, MindChamps’ founder and CEO, announced the first MindChamps Performing Arts Preschool in Orchard Road, which will open in the new school year.
“Screen time is engaging children so much that they are becoming disengaged from human connection,” Chiem said in the statement. “It is a critical time for overcoming this disconnect by developing children’s understanding of themselves and others, and their social abilities.”
Sino Grandness Food Industry
Sino Grandness Food Industry said Monday its indirect wholly owned subsidiary, Shenzhen Grandness Industry Groups, has filed a police report with Chinese authorities and has sought legal advice after the proposed purchaser of Grandness (Shanxian) Food breached its contractual obligation to make payment.
“The advice of the law firm is that the company should commence a claim against the purchaser, and concurrently lodge a police report to start a criminal investigation and initiate litigation,” Sino Grandness said. “At present, the board is discussing with its legal advisers on the courses of action available to it.”
The purchaser had agreed to acquire Grandness (Shanxian) Food, which ceased operations last year, for 80 million yuan, the Singapore-listed company said in a filing to SGX. The purchaser has claimed it isn’t obligated to transfer the funds because Shenzhen Grandness Industry Groups hasn’t transferred Grandness (Shanxian) Food’s legal representative position or accounting books, the statement said.
While Shenzhen Grandness Industry Groups had lodged the transfer of the shares expecting the purchaser to arrange the first payment within three days, the payment was not made despite repeated reminders, Sino Grandness said.
Hiap Seng Engineering
Hiap Seng Engineering said Monday SGX has rejected its application for an extension of time to announce its financial statements for the quarter ended 30 September.
The company is working to announced its fiscal second quarter results by 27 November, Hiap Seng Engineering said in a filing to SGX.