UPDATE: Singapore stocks Monday: SembMarine, Boustead Projects, Nanofilm, Yangzijiang, First REIT, Food Empire, Soilbuild REIT, Nam Lee Metal

Singapore street scene at Duxton HillSingapore street scene at Duxton Hill

These are Singapore companies which may be in focus on Monday, 27 September 2021: Boustead Projects, Nanofilm Technologies, Yangzijiang Shipbuilding, First REIT, Food Empire Holdings, Soilbuild Business Space REIT, Yeoman Capital Management, Nam Lee Pressed Metal Industries, and Beng Kuang Marine.

This article was originally published on Saturday, 25 September 2021 at 1:22 a.m. SGT; it has since been updated to include Sembcorp Marine (SembMarine), Lum Chang, GSH Corp., Hwa Hong Corp., International Cement Group and Metech International. 

Sembcorp Marine

Sembcorp Marine (SembMarine) said Monday it has used S$430 million of the S$1.5 billion 2021 rights issue proceeds to repay a loan facility.

Read more: SembMarine rights issue meets solid demand, with Temasek group set to make compliance offer

Boustead Projects

SC Aetas (Cayman), owner of the Orchard Hills/Orchard Hills Residences property, has failed to resume paying principal and interest on its S$110 million in defaulted mezzanine notes, and the consortium which acquired the notes has taken ownership the company’s share capital, Boustead Projects said Friday.

Read more: Boustead Projects consortium takes over share capital of Orchard Hills property owner

Nanofilm Technologies

Dr. Shi Xu’s total holding in Nanofilm Technologies declined to 54.04 percent from 55.04 percent after disposing of around 6.59 million shares of the company for S$27.12 million in an off-market transaction, according to a filing to SGX.

Read more: Temasek subsidiary Venezio enters deal to buy some Nanofilm shares from controlling shareholder

Yangzijiang Shipbuilding

Yangzijiang Shipbuilding clarified Friday its debt investment has no direct exposure to troubled China Evergrande Group. The real estate sector makes up around 26 percent of the group’s debt portfolio, Yangzijiang said in a filing to SGX.

Shares of Yangzijiang ended Friday up 1.4 percent at S$1.43, well off the early September high of S$1.66, as China-related shares have been battered by concerns Chinese property developer China Evergrande, which has around US$305 billion in outstanding debt, faces a potential default.

First REIT

First REIT said Friday it has decided not to exercise its right of first refusal over PT Lippo Karawaci TBK’s plan to sell four plots of land located in Tangerang in Banten province, West Java including a public hospital building located on it, PT Siloam International Hospitals Tbk.

Read more: First REIT passes on acquisition of West Java property

 

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Hwa Hong Corp.

Hong Leong Investment Holdings, the ultimate holding company of Hong Leong Finance, saw its deemed interest in Hwa Hong Corp. drop to 5.11 percent from 18.92 percent after its subsidiaries sold around 90.14 million shares for S$33.35 million in an off-market deal, according to a filing to SGX Monday.

Read more: Kwek Leng Peck’s Hong Leong Investment cuts stake in Hwa Hong

Lum Chang

Lum Chang Holdings’ 70 percent-owned subsidiary Wembley Properties has entered a deal to sell its recently completed serviced residence block in London, United Kingdom, to Crosstree Co-Living Holdings for around 28.87 million British pounds, or around S$53.12 million, in cash, the company said in a filing to SGX Saturday.

Read more: Lum Chang subsidiary enters deal to sell London serviced residences at discount to carrying value

Metech International

Metech International’s wholly owned subsidiary Asian Green Tech has entered a deal with X Diamond Capital to set up a joint venture, called Asian Eco Technology, in Singapore to manufacture and distribute lab-grown diamonds, the company said in a filing to SGX Friday.

Read more: Metech enters JV deal with X Diamond Capital to manufacture lab-grown diamonds

International Cement Group

International Cement Group’s wholly owned subsidiary International Cement Korday (ICKorday) has entered a joint venture with Khazak national Nurzhan Shakirov to build a cement plant in Jambyl, Kazakhstan, the company said in a filing to SGX Monday.

ICKorday will hold 87.5 percent of the joint venture, while Shakirov will hold the remainder, the filing said, adding the project’s total investment will be around US$150 million, which International Cement will fund via internal sources and third-party financing.

“Construction of a new cement plant in Kazakhstan presents an attractive opportunity for the group to establish a stronger foothold in Central Asia where demand for cement remains strong,” International Cement said in the statement.

Read International Cement’s statement on the deal.

Food Empire Holdings

Food Empire Holdings issued a clarification Friday that the company is frequently approached by potential investors, but currently, there are no immediate or concrete proposals by the company or the Tan family to take the company private or delist it.

The statement followed an article published in Mergermarket said the Tan family was exporting strategic options for its stake in Food Empire and working with an advisor to engage potential investors, according to a filing to SGX.

The company is a food and beverage maker, with products including instant beverages, frozen convenience food and snack food. Its brands include Kracks potato chips, Orien Bites frozen finger food, Bolt malt drink and three-in-one instant coffee brands CafeRite and Petrovskaya Sloboda.

Soilbuild Business Space REIT

Soilbuild Business Space REIT’s S$65 million fixed-rate perpetual securities issued on 27 September 2018 will have a distribution rate of 4.645 percent at the first reset date on 27 September through the next reset date on 27 September 2024, the REIT’s manager said in a filing to SGX Friday.

Nam Lee Pressed Metal and Yeoman Capital

Yeoman Capital Management has become a substantial shareholder of Nam Lee Pressed Metal Industries, with its total interest rising over the 5 percent threshold, according to a filing to SGX Friday.

Read more: Yeoman Capital becomes substantial shareholder of Nam Lee Pressed Metal

GSH Corp.

GSH Corp. Executive Chairman Sam Goi Seng Hui, known as the “popiah king for his role as chairman of popiah-skin maker Tee Yih Jia, has acquired 433,400 GSH shares in the market for S$73,678, taking his total interest in the company to 63.62 percent from 63.6 percent previously.

GSH Corp. is a Southeast Asian property developer and hotel operator.

Beng Kuang Marine

In response to a query from SGX, Beng Kuang Marine said Friday it wasn’t aware of a reason for the surge in its share price Friday to close up 55.4 percent at S$0.101 in high volume.

“The company is focused on value creation for its businesses and shareholders and is constantly considering and exploring possible corporate actions and exercises to achieve the same. However, such discussions are at the preliminary stage and may or may not materialise,” the company said in a filing to SGX.

Beng Kuang Marine provides infrastrucure engineering for shipbuilding, ship conversion, offshore construction and engineering support for the oil and gas industry. The company also owns and charters vessels including tugs, barges and livestock carriers.

 

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