UPDATE: Singapore stock briefs Thursday: OUE C-REIT, Eagle Hospitality, Sim Leisure, Parkway Life, King Wan, Hanwell, Darco Water

OUE Hospitality Trust's Mandarin Orchard on Orchard RoadOUE Hospitality Trust's Mandarin Orchard on Orchard Road. Image taken pre-Covid

These are Singapore companies which may be in focus on Thursday, 2 September 2021: Eagle Hospitality Trust, Sim Leisure, Parkway Life REIT, King Wan, Hanwell Holdings, Darco Water Technologies, Tiong Woon Corp. and Tiong Seng Group.

This item was originally published on Thursday, 2 September 2021 at 12:43 a.m. SGT; it has since been updated to include OUE Commercial REIT, Metal Component Engineering and Addvalue Technologies. 

OUE Commercial REIT

OUE Commercial REIT will be included in the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index), effective 20 September, the REIT’s manager said in a filing to SGX Thursday.

Read more: OUE Commercial REIT to join FTSE EPRA Nareit Global Real Estate Index series

Eagle Hospitality Trust

Troubled Eagle Hospitality Trust’s Delta Woodbridge Hotel will be sold for US$23.5 million, compared with a New Jersey court entering a final judgement on foreclosure of around US$37.6 million, the REIT’s trustee said in a filing to SGX Wednesday.

Read more: Eagle Hospitality Trust’s Delta Woodbridge Hotel to be sold for less than the mortgage

Parkway Life REIT

Parkway Life REIT has requested Moody’s Investors Service withdraw its Baa2 long-term issuer rating on the REIT and the provisional (P)Baa2 rating on the REIT’s S$500 million multicurrency debt issuance program, the REIT said in a filing to SGX Wednesday.

“It should be noted that in accordance with the latest measures implemented by the Monetary Authority of Singapore, the single-tier leverage limit for Singapore REITs was raised from 45 percent to 50 percent with effect from 16 April 2020, without the requirement for a credit rating,” the REIT said.

Sim Leisure

Malaysian theme park operator Sim Leisure, which has struggled with the hit from the Covid-19 pandemic on visitors, said late Wednesday it entered a subscription agreement to issue new shares to raise around S$3.6 million.

Read more: Theme park operator Sim Leisure to issue subscription shares to raise around S$3.6M

King Wan

King Wan Corp., in response to a query from SGX about a surge in its stock price, said Wednesday it was in ongoing discussions with a party about potentially entering a joint venture to carry out retrofitting and upgrading services.

Read more: King Wan points to talks for potential JV after share price surges more than 50 percent

 

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Addvalue Technologies

Addvalue Technologies said Thursday its subsidiary, Addvalue Innovation, has launched a product called ADRS1000, a re-configurable digital radio module to let customers accelerate development and deployment of complex wireless systems which will be used for 5G.

The ADRS1000 official rollout is expected in the first quarter of next year, the company said in a filing to SGX.

Read Addvalue’s statement on the new product.

Eurosports Global

Eurosports Global said Wednesday it has promoted Joshua Goh to deputy CEO and director of EuroSports Technologies from an executive role in the CEO office, effective Wednesday.

Goh, age 31, is the nephew of Goh Kim Hup, interim executive chairman and CEO, the company said in a filing to SGX.

As an additional disclosure, Eurosports Global noted the company has been served with an order by the Commercial Affairs Department and the Monetary Authority of Singapore to produce documents for an investigation. The documents have been provided to authorities and the investigations are still ongoing, the company said.

Hanwell Holdings

Hanwell Holdings said Wednesday it would redesignate Goi Seng Hui, age 74, to executive chairman from non-executive chairman, effective Wednesday.

Goi holds around 1.65 million Hanwell Holdings shares and 409,700 shares in listed subsidiary Tat Seng Packaging Group, the company said in a filing to SGX. He is also a director and substantial shareholder of listed companies Envictus International, GSH Corp., JB Foods and Tung Lok Restaurants (2000), the filing said.

Goi is the father of Goi Kok Ming (Wei Guoming), a non-executive and non-independent director of the company, the filing said.

Darco Water Technologies

After Darco Water Technologies Executive Director and CEO Poh Kok Hong submitted his resignation, with effective data of cessation at 28 February, saying he had unresolved differences with the board of directors on material matters, the company responded Wednesday with a rebuttal filed to SGX.

The company said it would make further announcements when there are material developments and advised shareholders and potential investors to exercise caution in dealing with its securities.

Read Darco Water Technologies’ response to Poh’s statements.

Tiong Woon Corp.

Tiong Woon Corp. said Wednesday it had appointed Lee Kim Song, age 43, as general manager for Tiong Woon Marine, adding it is an executive role responsible for business direction and strategy.

From 2018-2021, Lee was commercial manager at ASL Offshore & Marine, and from 2010-2017, he was head of operations at Toll Offshore Petroleum Services, Tiong Woon said in a filing to SGX.

Tiong Seng Group

Tiong Seng Group said Wednesday it appointed Amos Ong as non-executive chairman of Tiong Seng Chang De (Private), the group’s wholly owned property development subsidiary, effective Wednesday.

Ong was CEO of Maybank’s Hong Kong branch and Maybank Philippines from 1999 to 2012, and has been a part of Maybank Singapore’s senior management team from 2012-2020, the company said in a filing to SGX.

Read Tiong Seng Group’s statement.

Metal Component Engineering

Metal Component Engineering’s (MCE) wholly owned subsidiary 5Digital signed a term sheet to pay 7 billion rupiah for a 70 percent stake in PT Gaido Digital Medika’s (GDM) enlarged share capital, the Catalist-listed company said in a filing to SGX Thursday.

GDM, which has not started business, is the newly set up digital health arm of Gaido Group, the filing said.

“Gaido Group and its founder have shown MCE specific opportunities in the West Java region for MCE’s smart hospital and ePharmacy segments, which allows MCE to go to market much faster than working alone as a Singapore company,” Ahillan Pupalasingam, chief investment officer for MCE, said in the statement.

Read MCE’s full statement.

 

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