These are Singapore companies which may be in focus on Friday, 29 November 2019: Singapore Exchange (SGX), Lendlease Global Commercial REIT, Accordia Golf Trust, Eagle Hospitality Trust, Frasers Commercial Trust, Frasers Logistics & Industrial Trust, China Everbright Water, Duty Free International, Broadway Industrial and Pine Capital.
This article was originally published on Friday, 29 November 2019 at 12:14 A.M. SGT; it has since been updated to include Cromwell European REIT and to update the item on Accordia Golf Trust.
Singapore Exchange Regulation (SGX RegCo) has proposed Thursday removing its minimum trading price (MTP) rule as other measures to prevent market manipulation have reduced the number of alerts to the market.
Frasers Commercial Trust and Frasers Logistics & Industrial Trust
Frasers Commercial Trust and Frasers Logistics & Industrial Trust are planning to merge, Bloomberg reported Thursday, citing people familiar with the matter.
Both REITs’ units were halted from trade earlier Thursday.
Lendlease Global Commercial REIT
BlackRock has ceased to be a substantial unitholder of Lendlease Global Commercial REIT, the asset manager said in a filing to SGX Thursday.
Accordia Golf Trust
Accordia Golf Trust has received a non-binding proposal for a potential deal to divest all of its interests in its golf courses, the trust said in a filing to SGX Thursday.
The trust requested the trading halt on its units be lifted Friday.
Cromwell European REIT
Cromwell European REIT has entered a deal to acquire an office property in Agrate, Italy, from Italian alternative investment fund C3 Investment Fund – FIA for 17.7 million euros, or around S$26.6 million, the REIT said in a filing to SGX Friday.
Eagle Hospitality Trust
Howard Chorng Jeng Wu, a principal of Eagle Hospitality Trust’s sponsor, has purchased more units of the trust via his wholly owned companies, Wu said in a filing to SGX Thursday.
Frasers Commercial Trust
Frasers Commercial Trust said Thursday 2.18 million new units were issued at S$1.6041 each under the trust’s distribution reinvestment plan for the 2.40 Singapore cents per unit distribution for the July-to-September period.
The new units will begin trading on Friday, or when the trading halt on the units is lifted, the filing said.
China Everbright Water
China Everbright Water has submitted an application to the Shanghai Stock Exchange for a possible issuance of asset-backed securities to qualified investors in China, the water infrastructure player said in a filing to SGX Thursday.
Duty Free International
Duty Free International plans to seek shareholder approval for a capital reduction to return surplus cash to shareholders via the distribution of S$0.035 per share or a total of S$41.94 million, Malaysia’s largest duty free retailing group said in a filing to SGX Thursday.
The company currently has paid-up share capital of around S$410.22 million, which would fall to S$368.28 million if the capital reduction is approved, the filing said.
Duty Free International said the company has paid-up capital in excess of its needs, and the distribution would result in a more efficient capital structure.
Broadway Industrial Group said Thursday it is currently in talks with two prospects on possible merger and acquisition transactions as part of its ongoing strategic review to diversify, expand existing businesses an unlock shareholder value.
“Due to commercial sensitivity, details of the strategic review will be disclosed upon entry into definitive agreements with the potential partners at the appropriate time,” Broadway said in a filing to SGX.
“Shareholders and potential investors of the company should note that there is no certainty or assurance as at the date of this announcement that definitive agreements will be signed and/or the strategic review will result in a transaction,” the filing said.
Pine Capital Group said Thursday it has served notice to the Provincial Council of the Eastern Province of Sri Lanka to terminate a memorandum of understanding (MOU) to develop land in Sri Lanka’s Eastern Province.
The council has accepted the notice of termination, Pine Capital added in a filing to SGX.
“The company decided to terminate the MOU due to the political situation and other complex factors in Sri Lanka which has undermined investor confidence,” Pine Capital said.