The Straits Times Index (STI) on Monday ended 24.53 points or 0.76% higher to 3,253.24, taking the year-to-date performance to +2.79%. The top active stocks were DBS (+1.10%), SingTel (+0.53%), Genting Sing (+1.37%), Keppel Corp (-0.38%) and CapitaLand (+0.64%). Here are some stocks and factors to watch this Tuesday morning:
United Engineers on Oct 3 said it has agreed to sell its stake in UE E&C Ltd Southern Capital Group Private Limited for $230.2 million in cash. United Engineers is expected to realise a net disposal gain of $59.2 million from the sale. By disposing UE E&C, United Engineers is making itself a more attractive target to potential buyers keen on its property portfolio, say analysts. United Engineers last closed 0.7% higher at $2.83.
Yongnam Holdings’ Malaysian unit has agreed to sell its factory at Nusajaya, Johor, to Axis Real Estate Investment Trust before leasing it back from the REIT. The cash consideration for the transaction is RM153.5 million ($60.1 million). Yongnam closed flat at 19.8 cents.
STATS ChipPAC says the company has been served a writ of summons by ERS Electronic GMBH alleging that it has infringed its patents relating to debonder machines used in wafer level package assembly process. STATS ChipPAC closed 0.8% higher to 60 cents.
Shareholders of Youyue International has voted to pursue a new business in Harbin Promlite Energy Saving Technology Co., a specialist in energy conservation services and sustainable developments, in order to remove itself from the SGX watch-list. Youyue International, formerly known as Youcan Foods International, closed 5% higher at 21 cents.
EMAS Offshore says applications for about 11.5 million offer shares, or 26% more, for the roughly 9 million shares on offer in the public tranche, at the close of its IPO on Oct 2. EMAS Offshore begins trading in Singapore tomorrow.
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