The Business Times

Stocks to watch: SIA, Hong Lai Huat, Procurri, Sembcorp, ESR-Reit, Ara Logos, F J Benjamin, Goodland, GHY

Published Mon, Oct 18, 2021 · 08:45 AM

THE following companies saw new developments that may affect trading of their securities on Monday (Oct 18):

SIA: C6L The flag carrier in its filing of operating statistics to the Singapore Exchange on Oct 15, noted that the vaccinated travel lane (VTL) arrangement has helped lift demand for Singapore Airlines (SIA). As the designated carrier for the quarantine-free travel arrangement, it reported an uptick in passenger traffic and group passenger load factor. SIA shares closed flat at S$5.55 on Oct 15, before the announcement was made.

Hong Lai Huat Group: CTO The property developer on Monday said it has entered into a joint venture (JV) agreement with HSC Group to explore and mine mineral resources at the Cambodia-Singapore Agriculture Hub. The group expects the JV will generate long-term revenues from the group's Cambodian assets. Shares of Hong Lai Huat closed flat at S$0.095 on Friday.

Procurri: BVQ Procurri announced on Monday (Oct 18) that its two subsidiaries, Rockland Congruity and Procurri LLC are suing Congruity360 (C360), its chief executive officer Brian Davidson, president and chief operating officer Sean Brady for breaching their contracts. C360 has sold its third-party IT maintenance business outside of Rockland Congruity, while Davidson and Brady failed to disclose confidential information and trade secrets to Rockland Congruity. The company is seeking damages from Brady and Davidson of at least US$17 million and US$438,031.45 due to Rockland Congruity. Shares of Procurri closed flat at S$0.29 on Friday (Oct 15).

Sembcorp Marine: S51 On Saturday (Oct 16) disclosed that the vaccination records of about 43 per cent of its 1,400 workers residing at Tukang Dorm had been updated in the National Immunisation Registry. This comes after dormitory residents had gathered to vent their frustration at the dormitory's management on Wednesday (Oct 13), which saw the arrival of riot police to the vicinity. Shares of Sembmarine closed flat at S$0.08 on Oct 15.

ESR-Reit, ARA LOGOS Logistics Trust: J91U,K2LU Independent financial adviser Somerley Capital on Sunday (Oct 17) recommended that shareholders vote in favour of the ESR Cayman's proposed acquisition of ARA Asset Management for US$5.2 billion (see amendment note). It believes the total consideration is fair and reasonable, as the combined entity will have assets under management worth US$129 billion. Units of both Reits closed flat on Friday (Oct 15), with ESR-Reit at S$0.465, and ARA LOGOS at S$0.935. They resume trading today.

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F J Benjamin: F10 The fashion retailer and cross-border payments firm Aleta Planet have dropped their plan to launch a virtual prepaid wallet together, as both companies were unable to agree on certain marketing terms with a third party. Shares of F J Benjamin closed down S$0.001 or 3.6 per cent at S$0.027 on Oct 15.

Goodland Group: 5PC The property developer's wholly-owned subsidiary Peg West has acquired a 50 per cent stake in Chon Hua, which was awarded a design-and-build contract for an eight-storey commercial building on Oct 13. As Chon Hua has invited Goodland Group to participate in the project, the stake purchase will entitle the latter to directly undertake the construction of the building. Peg West subscribed for 2,500 ordinary shares of Chon Hua at S$1 apiece. Shares of Goodland Group remained flat at S$0.14, before the announcement was made.

GHY Culture & Media:XJBThe drama and film production firm will not be proceeding with its proposed acquisition of a 51 per cent stake in the Clover Films group, as the memorandum of understanding (MOU) has lapsed. GHY had not signed any definitive documents with Clover Films' existing shareholders as at Oct 15, and the exclusivity period under the MOU expired on Sep 15. Shares of GHY closed flat at S$0.585 on Oct 15, before the announcement was made.

Trading halt: Ntegrator International 5HC : 5HC 0% has requested for a trading halt on Monday (18 Oct) pending the release of an announcement. Its shares closed flat at S$0.009 on Oct 15.

 Amendment note: An earlier version of this story said Somerley Capital recommended that shareholders vote in favour of the proposed merger of ESR-Reit and ARA LOGOS Logistics Trust, when in fact it was ESR Cayman's proposed acquisition of ARA Asset Management. 

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