UPDATE: Singapore stocks Monday: Wilmar, ART, SPH, Raffles Education, FEHT, Swiber, Mermaid Maritime, ValueMax, SIA Eng, AIT

Straits Times reading sculpture at Changi AirportStraits Times reading sculpture at Changi Airport

Singapore companies in focus on Monday, 1 November 2021:

  • Wilmar posts 3Q21 core net profit rose 15 percent, beating UOBKH forecast
  • Ascott Residence Trust enters deal to acquire US student accommodation asset for US$83.25M
  • Far East Hospitality Trust posts steady 3Q21 net property income despite lower serviced residence demand
  • Swiber to sell vessel to Mermaid Maritime for US$7M, well below book value
  • UPDATE: Temasek’s Mapletree Investments forms consortium to bid against Temasek-tied Keppel for Temasek-linked SPH

Others: Raffles Education, Ascendas India Trust, Ascott Residence Trust, ValueMax Group, SIA Engineering, Yamada Green Resources, Metech International, Yoma Strategic Holdings, Chip Eng Seng and BlackGold Natural Resources.

This item was originally published on Sunday 31 October 2021 at 2:37 a.m. SGT; it has since been updated to include an additional item on Metech International and items on Ascott Residence Trust, Cromwell European REIT, Rex International and Nera Telecommunications (NeraTel).

Temasek, Mapletree Investments, SPH, SPH REIT, Hotel Properties and Keppel Corp.

Mapletree Investments, which is wholly owned by Singapore state-owned investment company Temasek Holdings, has formed a consortium to bid against Keppel Corp., which counts Temasek as its largest shareholder, for SPH, which is also tied to Temasek.

The consortium’s offer only slightly pips Keppel’s bid, leading to speculation a bidding war might emerge, although that would look like a Temasek vs. Temasek bout with a Temasek-tied prize.

SPH and SPH REIT are set to resume trading Monday.

Read more: Temasek’s Mapletree Investments forms consortium to bid against Temasek-tied Keppel for Temasek-linked SPH

Ascott Residence Trust

Ascott Residence Trust (ART) plans to acquire a freehold 548-bed student accommodation asset, named Seven07, located in Champaign, Illinois, in the U.S. for US$83.25 million, the hospitality trust said in a filing to SGX Monday.

Read more: Ascott Residence Trust enters deal to acquire US student accommodation asset for US$83.25M

Wilmar International

Wilmar International reported Friday its third quarter core net profit increased 15 percent on-year to US$576.44 million, its record for the period and beating a forecast from UOB Kay Hian, on better performance in both the feed and industrial products, and plantation and sugar milling segments.

Read more: Wilmar posts 3Q21 core net profit rose 15 percent, beating UOBKH forecast

Far East Hospitality Trust

Far East Hospitality Trust reported Friday its third quarter net property income edged up 2.6 percent to S$18.32 million despite lower serviced revenue demand as commercial premises posted higher revenue due to lower rental rebates in the period.

Read more: Far East Hospitality Trust posts steady 3Q21 net property income despite lower serviced residence demand

Cromwell European REIT

Cromwell European REIT has acquired a logistics asset in Italy, its third in the country, for 19.6 million euro, or around S$30.6 million, the REIT said in a filing to SGX Monday.

Read more: Cromwell European REIT acquires logistics asset in Italy for around 20M euro

SIA Engineering

SIA Engineering said Friday it has established a S$1 billion euro medium term note program, appointing DBS Bank as the arranger and dealer of the program.

ValueMax Group

ValueMax Group said Friday it has launched a S$100 million multi-tranche unsecured commercial paper facility program, which is to be issued entirely in digital securities to be listed on the ADDX digital platform operated by ICHX Tech.

ADDX Exchange has issued a conditional eligibility-to-list letter on Friday, ValueMax said in a filing to SGX, adding the first tranche is targeted to be issued in the fourth quarter of this year.

Ascendas India Trust and Kabouter International Opportunities Fund II LLC

Kabouter International Opportunities Fund II LLC disposed of 899,542 units of Ascendas India Trust in the market for S$1.26 million, taking its interest in the trust to 6.983 percent from 7.061 percent previously, according to a filing to SGX Friday.

In a filing to the U.S. SEC in May, the fund said it took in US$1.71 billion in investments and had a minimum investment of US$500,000. The U.S.-based Kabouter Management’s website said Kabouter specialises in international small caps.

Ascendas India Trust

Ascendas India Trust said Friday its wholly owned subsidiary Ascendas Property Fund (India) has completed the stage two acquisition of Datascape Realty, which it now entirely owns.

Read more: Ascendas India Trust to invest around S$217M to develop data center campus

Ascott Residence Trust

Ascott Residence Trust issued a third quarter business update Friday, saying its operating performance had improved with revenue per available unit (RevPAU) rose 49 percent on-year, and 8 percent on-quarter, to S$70.

The on-quarter growth in RevPAU was due to a higher average daily rate with average portfolio occupancy remaining relatively stable, and as domestic leisure demand during the summer season and weekend, particularly in the U.S. and Europe, was robust, the trust said in a filing to SGX.

The portfolio continued to generate profit and positive cash flow, with around 98 percent of properties operational during the quarter, the trust said, without providing detailed figures.

Read Ascott Residence Trust’s filing to SGX for more detail on its markets.

Swiber Holdings and Mermaid Maritime

Swiber Holdings has entered a letter of intent to sell a vessel, the Resilient, to a Mermaid Maritime subsidiary, Mermaid Subsea Services (Thailand) for US$7 million in cash, well below the US$53.7 million book value as of end-March 2016, the company said in a filing to SGX.

Read more: Swiber to sell vessel to Mermaid Maritime for US$7M, well below book value

Raffles Education

Raffles Education said Saturday it was informed Friday by its Indian subsidiaries Millennium Infradevelopers Ltd. (MIDL) and Educomp-Raffles Higher Education that on 22 October, officers from the Economic Offences Wing of the Delhi Police (EOW) attended the subsidiaries’ offices to obtain information and seize certain documents.

“We understand this relates to a matter which has been closed on 11 December 2020, which we understand may have been subsequently reopened,” Raffles Education said in a filing to SGX.

“We were advised by Indian counsels that the action taken by the police was likely to have been instigated by Shantanu Prakash and his associates, who repeatedly thwart and frustrate the company’s efforts to enforce the SIAC [Singapore International Arbitration Centre] Award, since 31 March 2017, against Educomp Solutions Limited and its subsidiaries, all of which are controlled by Shantanu Prakash,” the company said.

Read Raffles Education’s filing to SGX on the potential investigation and the company’s responses to shareholders’ questions received prior to its annual general meeting on Saturday, which contains information on the dispute with Shantanu Prakash.

Raffles Education

Raffles Education said Saturday Gan Hui Tin, age 67, has retired as independent and non-executive director, effective Saturday.

Under the reason for cessation in the SGX filing, Raffles Education noted Gan had called the company’s chairman on 16 June, followed by emailing on 17 June, indicating she wished to resign from the board immediately due to her disagreement over not disclosing the receipt of a Writ from Affin Bank in Malaysia. The Writ was received on 27 May and the board was notified on 28 May, the filing said.

Read more: Singapore executive moves Friday: Raffles Education’s Gan retires as director, citing Affin Bank writ; MoneyMax, CICT

Metech International

Lim Hean Nerng became a substantial shareholder of Metech International after acquiring 5 million shares for S$1.34 million in a market transaction, taking his holding to 6.16 percent rom 2.47 percent previously, according to a filing to SGX.

Metech International

Metech International said Friday its joint venture company Asian Eco Technology has entered a collaboration deal with Xi’an Demengte Semiconductor Technology (DMT) to develop industrial applications for semiconductors with lab-grown diamonds. DMT specialises in research and development of diamond semiconductor materials, the company said in a filing to SGX.

Read Metech International’s filing to SGX.

Metech International

Metech International said Sunday its joint venture company Asian Eco Technology has entered a tie-up with Hua Pu Technology to jointly research and develop industrial applications for semiconductors with lab growth diamonds. Hua Pu Technology is a China-based scientific instrument distributor, specialising in laboratory analysis and testing equipment as well as automation, robotics and artificial intelligence.

Read Metech International’s filing to SGX.

Rex International

Rex International said Monday its 90 percent-owned subsidiary Lime Petroleum’s (LPA) acquisition of a 33.8434 percent stake in Brage Field is now expected to be completed this month.

“LPA has been actively engaging the authorities and does not anticipate any further outstanding queries regarding the acquisition,” Rex International said in a filing to SGX.

Read Rex International’s filing to SGX.

Nera Telecommunications

Nera Telecommunications (NeraTel) said Monday it has received statutory notice of demand by Sandvine Corp.’s solicitors, demanding payment of C$975,374, which was a tribunal award of ordered costs. The company is making arrangements for the payment, which will close the legal proceedings, NeraTel said in a filing to SGX.

“The ordered costs will have a material impact on the company’s financial results,” NeraTel said.

Read NeraTel’s statement filed to SGX.

Yoma Strategic Holdings

Kopernik Global Investors increased its interest in Yoma Strategic Holdings, with the acquisition of 7.45 million shares in the market at S$0.1342 a share, taking its deemed interest to 6.28 percent from 5.97 percent previously, according to a filing to SGX Saturday.

In early October, Kopernik Global disclosed it had become a substantial investor in Yoma.

Read more: Kopernik Global Investors becomes substantial holder of Yoma Strategic

Chip Eng Seng

Chip Eng Seng said Friday it has completed the disposal of the shophouse property located at 157,159 and 161 Geylang Road in Singapore.

Read more: Chip Eng Seng enters deal to sell Geylang shophouse for S$8.63M

Yamada Green Resources

Yamada Green Resources, which sells processed food products and edible fungi and has investment properties, reported Friday its fiscal first quarter net profit tumbled 54.5 percent on-year to 451,000 yuan, on revenue of 13.29 million yuan, down 12.2 percent on-year.

“This was mainly due to lower sales of the processed food products in local markets as a result of the challenging market condition caused by the Covid-19 pandemic,” Yamada Green said in a filing to SGX.

“Due to the ongoing Covid-19 pandemic, the group continues to face challenging market conditions as the group derives quite a substantial part of its revenue from overseas markets, such as Japan, which was significantly impacted by the pandemic. As such, we will continue to explore new customers in domestic market in order to cushion the impact of the decrease in overall sales,” the company said, noting it has also faced electricity curtailment or rationing in China.

Read Yamada Green Resources’ filing to SGX.

BlackGold Natural Resources

Lim Chee San, an independent non-executive director of BlackGold Natural Resources has disposed of all of his 4.8 million shares of the company in the market for S$96,000, according to a filing to SGX Friday.

 

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