SG stocks Thursday: OUE Lippo Healthcare, First REIT, Jardine Matheson, Geo Energy, Digital Core REIT, MM2 Asia

Chang Beer, made by Thai BeverageChang Beer, made by Thai Beverage

Singapore companies in focus on Thursday, 9 December 2021:

  • OUE Lippo Healthcare to sell 12 Japan nursing homes to First REIT for around S$164M
  • Sunpower’s Yongxing Plant enters joint venture to supply industrial steam using solid waste
  • Stake changes: Digital Core REIT, Thai Beverage, Raffles Infrastructure, United Hampshire US REIT, Metech

Others: Jardine Matheson Holdings, Geo Energy, Raffles Infrastructure, Sembcorp Marine (SembMarine), UOL Group, Vallianz Holdings, Interra Resources, Sinostar PEC Holdings, Tricklestar, United Hampshire US REIT, Metech International, Abundance International, Grand Banks Yachts, Keppel Corp., No Signboard Holdings, MM2 Asia and Biolidics.

OUE Lippo Healthcare and First REIT

OUE Lippo Healthcare has entered a deal to divest 12 wholly owned nursing homes in Japan to First REIT for S$163.5 million in cash and units of the REIT, according to a filing to SGX Wednesday.

Read more: OUE Lippo Healthcare to sell 12 Japan nursing homes to First REIT for around S$164M

Jardine Matheson Holdings

Jardine Matheson Holdings said Wednesday it would increase the quantum of its share buyback program, announced on 30 September, by US$250 million, for an up to US$500 million buyback by 30 June 2022.

As of 8 December, Jardine Matheson has already bought back nearly US$250 million of its shares, the company said in a filing to SGX.

“The purpose of the Programme is to reduce the capital of the company. As the holding of treasury shares is not provided for in the company’s constitution, any shares which the company repurchases will be cancelled,” Jardine Matheson said.

Correction: An earlier version of this post incorrectly stated the date the buyback program would end. The correct date is 30 June 2022.

Geo Energy Resources

Geo Energy Resources said Wednesday it expected it would post its highest quarterly results ever in the fourth quarter, as coal prices are expected to remain strong for December.

“Although coal prices decreased to US$70.58 per tonne as at 6 December 2021 from a high of US$154.61 per tonne as at 22 October 2021 following China’s market intervention policies, coal prices have since stabilised,” Tung Kum Hon, CEO and executive director of Geo Energy, said in the statement filed to SGX.

“The extreme cold this winter has driven demand and depleted supplies despite rising domestic coal production. Price are still expected to
remain high for the rest of 2021 and into 2022 based on the futures market,” Tung said.

Read Geo Energy Resources’ filing to SGX.

Digital Core REIT, ThaiBev, Raffles Infrastructure and others

Singapore substantial shareholder changes announced on Wednesday, 8 December 2021: Digital Core REIT, Thai Beverage (ThaiBev), Raffles Infrastructure, United Hampshire US REIT, Metech International, Abundance International and Grand Banks Yachts.

Read more: Stake changes: Digital Core REIT, Thai Beverage, Raffles Infrastructure, United Hampshire US REIT, Metech

Sunpower Group

Sunpower Group’s subsidiary Zhangjiagang Yongxing Thermal Power has entered a joint venture with Suzhou Green Enthalpy Thermal Technology and Zhangjiagang Water Group to produce steam using general solid waste as feedstock, the company said in a filing to SGX Wednesday.

Read more: Sunpower’s Yongxing Plant enters joint venture to supply industrial steam using solid waste

SembMarine, UOL, Vallianz and others

Singapore companies announcing executive changes: Sembcorp Marine (SembMarine), UOL Group, Vallianz Holdings, Interra Resources, Sinostar PEC Holdings and Tricklestar.

Read more: Executive moves: SembMarine, UOL, Vallianz, Interra, Sinostar PEC, Tricklestar

Keppel Corp.

Keppel Corp. said Wednesday that Keppel Telecommunications & Transportation has completed the divestment of its entire 50 percent stake in Wuhu Sanshan Port, which has ceased to be an associate.

No Signboard Holdings

No Signboard Holdings said Wednesday it was preparing for a pretrial conference for legal proceedings involving its wholly owned subsidiary Danish Brewery Pte. Ltd. (DBPL) against Sprawl Transport & Logistics on 8 February 2022, with proceedings to be held from 28 March to 31 March.

Sprawl has claimed DBPL owes Sprawl S$962,434 for the shortfall of seven containers of beer delivered by DBPL to Sprawl from October 2014 to June 2017, and Sprawl also alleged DBPL owes Sprawl S$589,570 as shortfall for the reimbursement Sprawl claims to be entitled to or alternatively shortfall in reimbursement of kegs of beer in 2017 to 2020, No Signboard said in a filing to SGX.

DBPL has filed a counterclaim for unpaid trade receivables of S$406,525, and the refusal and/or neglect to take delivery of 498 kegs of beer, causing losses to DBPL, the filing said. In May 2021, the court struck out Sprawl’s claim for reimbursement, but in July, Sprawl applied to set aside the judgement, the filing said.

Read No Signboard’s filing to SGX.

MM2 Asia

MM2 Asia said Wednesday it would not pursue a spin-off of its cinema business after being advised during pre-clearance from SGX-ST that approval wouldn’t normally be given to list a subsidiary of a listed issuer if the assets and operations of both are substantially the same.

“The company will not be submitting a pre-admission notification at this point of time, but will look to continue to develop its businesses and, if appropriate, will revisit the IPO process in future including seeking the SGX-ST’s pre-clearance for the proposed spin-off at a later date,” MM2 Asia said in a filing to SGX. “In the meantime, the company will continue to explore other avenues to maximize shareholder value.”

Biolidics

Biolidics said Wednesday it entered a definitive agreement with its contract manufacturer to produce its ClearEpi SARS-CoV-2 Neutralising Antibody Rapid Test Kit, called the ClearEpi NAB Test, and has obtained product liability insurance for the product.

Commercial production is expected to begin by end-December, the company said in a filing to SGX.

The ClearEpi NAB Test detects neutralising antibodies in serum or plasma which provides an indication of the individual’s protective immunity against Covid-19 infection, rather than whether someone has been infected by the virus, the filing said.

Read Biolidics’ filing to SGX.

Metech International

Metech International said Wednesday its joint venture Asian Eco Technology has entered a collaboration with TEINYO, a unit of China’s HIT Robot Group, to jointly develop photodetector technology in healthcare rehabilitation applications using lab-grown diamonds and automation and AI technology in robots for production of lab-grown diamonds.

Read Metech’s filing to SGX.

 

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