Stocks to watch: Sinarmas Land, Frasers Hospitality Trust, Procurri Corp
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (May 6).
Sinarmas Land : W Capital, the independent financial advisor (IFA) appointed by Sinarmas Land to opine on its privatisation offer by the Widjaja-family linked Lyon Investments, responded to an article by The Business Times and a statement by Sias that were both published on Monday. Both parties had made claims that the IFA's valuation range of S$0.35 to S$0.361 for shares of Sinarmas Land of was undervalued. W Capital said on Tuesday that it had adopted to most appropriate methodologies in line with conventional industry practice by other IFAs in Singapore. Shares of Sinarmas Land closed at S$0.32 on Monday, up S$0.005 or 1.6 per cent.
Frasers Hospitality Trust (FHT) : The stapled securities group on Tuesday posted a 6 per cent drop in distribution per stapled security to S$0.010257 for its first half year ended Mar 31, from S$0.01091 in the corresponding year-ago period. This decline was attributed to lower net property income and higher finance costs arising from the refinancing of borrowings in a higher interest rate environment. The distribution will be paid on Jun 27, after the record date on May 15. Stapled securities of FHT closed S$0.01 or 1.5 per cent lower at S$0.65 on Monday.
Procurri Corp : The IT solutions provider has appointed Evolve Capital Advisory as the IFA for the acquisition offer from parent company Exeo Global Asset Holdings amid a potential delisting from the Singapore Exchange. The mainboard-listed company said on Monday that the IFA will advise its independent directors, who will make a recommendation to shareholders on the proposed acquisition. Procurri and Exeo Global Asset Holdings announced the proposed acquisition on Apr 28 for the latter to acquire all of Procurri's shares, except those it already holds and any treasury shares, for S$0.32 in cash per share. The offer price represents a 77.8 per cent premium to Procurri's traded price on Apr 25, when the company requested a trading halt after the market closed. Its shares closed flat at S$0.30 on Monday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Independent Singapore
41 minutes ago
- Independent Singapore
A Father's love: Dad sells his own firm, then invests S$1 million to allow his daughter to follow her dreams
Ang Po Thong & Jeline Ang. Photo from Jeline Ang. Featured News Relationships SINGAPORE: A father, they say, is a daughter's first hero. While it may sound cheesy, it doesn't make it any less true for Jeline Ang, the founder of The Music Scientist, whose father's actions spoke oh, so much louder than words. Ang Poh Thong, now 71, once had his own construction firm, building it from the ground up through grit, determination, and sheer force of will, paving the way for Jeline and her two siblings. A decade ago, however, he retired. At the age of 60, when he was suffering from poor health, he sold his company. Then, 'my dad took a leap of faith—not for himself, but for me,' she explained, adding that he invested S$1 million in her dream of founding a music enrichment center for babies and preschoolers. 'I simply couldn't have started my company without this investment from him,' she added. Freed from the constraints of work, one would think that Mr Ang would start to take it easy, but no. Despite recovering from heart bypass surgery and needing to manage long-term diabetes, he did carpentry work at The Music Scientist. He helped take care of Jeline's young children, giving her the freedom to attend to her business needs. 'He stepped in, not to take over, but to steady the ground beneath my feet,' she told The Independent Singapore in an interview. Ang Po Thong, his daughter Jeline Ang, and her three children Mr. Ang, who still looks youthful and spry, told us that he feels he was born in the right place and at the right time, coming into his own in Singapore when anything was possible, and anyone could achieve what they wanted if they worked hard enough. Now, he added, things are not so easy, which is why he was more than willing to support Jeline in every way he could. When we asked him if selling his firm had been hard, with a twinkle in his eye, he told us, 'You must know how to give up at the right time.' On her part, Jeline, who worked as a contracts manager for many years, is beyond grateful that she gets to be much more hands-on with her own children, whom she laughingly referred to as the 'guinea pigs' for the lessons taught at The Music Scientist, and also gets to see how their methods enrich other families, as parents spend more time with their children. While at first Mr Ang felt that his daughter's passion sounded more like a hobby than a business, he has seen her thrive, even through the struggles of the COVID-19 pandemic. For Jeline, every step of the way as an entrepreneur has been a part of the learning process, with her father always available for help and advice. 'My father may not have told us 'I love you' every day, like Mummy did, but he has always shown us his love through his actions,' she said. To learn more about The Music Scientist, check them out here and here. /TISG Read also: JJ Lin posts childhood photo on his father's birthday
Business Times
5 days ago
- Business Times
Stocks to watch: OCBC, Kim Heng
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Jun 10). OCBC : Independent directors of Great Eastern Holdings (GEH) are recommending that shareholders to accept OCBC's conditional exit offer that will ultimately lead to the delisting of the insurer. This is based on advice from EY, the independent financial adviser (IFA) involved in the deal, GEH said after the market closed on Monday. The insurer noted the IFA is of the opinion that the financial terms of the exit offer are 'on balance, fair and reasonable'. Shareholders will be voting at an extraordinary general meeting on Jul 8. Shares of OCBC closed 0.6 per cent or S$0.09 higher at S$16.37 on Monday. Kim Heng : The offshore marine services contractor Kim Heng has inked an agreement with the newly set-up Singapore Energy Interconnections (SGEI), to cooperate in submarine power projects, the Catalist-listed company said on Monday. The partnership covers the purposes of operating, repairing and maintaining submarine power cable systems within the Asean region, Kim Heng said. Shares of Kim Heng closed flat at S$0.075 on Monday.
CNA
6 days ago
- CNA
As India braces for surge in heatwave days in 2025, demand rises for air-conditioners
NEW DELHI: Sheetal Kumari and her family used to go without an air conditioner until their home became unbearable during the summer months, when the average maximum temperature soars to nearly 40 degrees Celsius. The 21-year-old student lives in an urban slum on the outskirts of New Delhi, where homes are often built hastily in narrow spaces without proper ventilation. For them, the summer heat is more than an inconvenience – it is a health threat. 'My sister had to be hospitalised because of how dangerous the heat was. After that episode, we decided to get an air conditioner,' she told CNA. The family now rents two air-conditioners for about US$350 for three months in the summer. Sheetal said it saves them money as buying one would have cost them double, with added cleaning and maintenance costs. But staying cool comes at a cost. The air conditioners have driven up their power bill – a big drain on their limited finances. 'We've cut back on other expenses and are buying fewer groceries,' Sheetal said. India is bracing for a potential doubling of the number of heatwave days this year, despite recent thunderstorms bringing some respite. This has driven the world's most populous country to become the fastest-growing market for air conditioners globally. The International Energy Agency has projected that India will have more than 1 billion air-conditioning units in operation by 2050. Summers across the Indian subcontinent are becoming hotter and more humid, with little cooling at night. An estimated 80 per cent of India's population is vulnerable to the impact of heatwaves, which now pose increasing risks to public health and safety. This growing demand is boosting business for air-conditioner rental shops like Rakshith Kotian's in Mumbai, who supplies cooling units to daily wage labourers and factory workers. He said he has never been busier. 'The three summer months are my busiest,' he added. 'My earnings during this time carry me through the rest of the year.' ENVIRONMENTAL CONSEQUENCES But the growing reliance on air conditioning comes with environmental consequences. These units push hot air outside, contributing to the 'urban heat island' effect that makes cities even warmer than surrounding rural areas. On top of that, powering these cooling systems largely depends on fossil fuels. Coal, which already accounts for 55 per cent of India's energy mix, must be burned in greater quantities to keep up with soaring electricity demand. During the April to June 2024 heatwave, air-conditioning usage surged by 10.4 per cent compared to the same period the year before, according to global energy think tank Ember. Experts have warned that this creates a vicious cycle: Hotter days increase the need for cooling, which in turn burns more fossil fuels, releasing emissions that worsen the crisis. Architect and urban designer Adarsha Kapoor believes the key lies in reducing reliance on air-conditioning through smarter building design. 'The building construction and building maintenance techniques have to be such that the internal heat is reduced,' he noted. 'The walls (in India's buildings) are generally thicker. You have walls which can reflect heat rather than retaining heat inside.' He suggested having 'green roofs' and walls painted with lighter colours that can reflect sunlight. Yet such solutions remain out of reach for families like Sheetal's.
