Stocks to watch: Singtel, Sinarmas Land, Cordlife, Q&M Dental Group, Grand Venture Tech, PSC, Procurri Corp
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Jul 11):
Singtel: The local telecommunications giant’s technology services arm, NCS, will invest S$130 million over the next three years to further its artificial intelligence (AI) development across the Asia-Pacific. The sum will go towards developing an AI suite and an AI-enabled workforce, and six major technological partnerships, among other projects. NCS now has more than 1,000 professionals certified across major cloud platforms such as AWS, Google, Microsoft and Nvidia. Shares in Singtel closed 1.3 per cent or S$0.05 higher at S$4.01 on Thursday, before the news.
Sinarmas Land: The property developer said on Friday that the offeror aiming to privatise it has exercised its right to compulsorily acquire all shares of shareholders who have not accepted the offer. Following this, the Widjaja family-controlled Lyon Investments will own all Sinarmas Land shares and delist the company from the mainboard of the Singapore Exchange on a date to be announced. The counter has been suspended from trading since Jun 3, after the privatisation offer closed with Lyon Investments’ shareholding standing at a 98.65 per cent.
Cordlife: The private cord-blood bank said in bourse filing on Thursday that it would offer enhanced support to its customers who were affected by the November 2023 discovery of its damaged storage tanks. The support includes a five-year extension for their cord-blood storage – until their children turn 26 – at no additional cost. The extension begins when the customer’s existing contract expires. Its shares closed at S$0.005 or 1.9 per cent lower at S$0.26, before the announcement.
Q&M Dental Group: The company on Thursday issued S$130 million worth of notes priced at 3.95 per cent under its S$500 million multicurrency debt issuance programme. The group said it has received in-principle approval from the Singapore Exchange Securities Trading for the listing and quotation of the notes, which are due in 2028 and will list on the bourse on Friday. The counter ended Thursday unchanged at S$0.43.
Grand Venture Technology: The precision-engineering solutions company is moving to be privatised by Aalberts Advanced Mechatronics at S$0.94 a share, it said on Thursday. The Netherlands-incorporated firm is proposing to acquire all ordinary shares in Grand Venture’s issued and paid-up share capital, which totals some 339.3 million shares worth S$318.9 million. Shareholders who collectively hold 64.24 per cent of Grand Venture’s total shares have given the offeror irrevocable undertakings to vote in favour of the scheme. Shares of Grand Venture closed on Wednesday at S$0.955, up 1.1 per cent or S$0.01, before the company called for a trading halt on Thursday morning.
PSC Corporation: A mandatory offer by local tycoon Sam Goi was made on Thursday to buy the remaining shares that he does not already own of fast-moving consumer goods wholesaler PSC at S$0.40 apiece. He has spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent. The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past month, according to a bourse filing by UOB Kay Hian on his behalf. The counter fell S$0.01, or 2.4 per cent, to close at S$0.40, before the announcement.
Procurri Corp: The IT solutions provider on Thursday said it received in-principle approval from the Singapore Exchange for its proposed delisting. Its parent company Exeo Global Asset Holdings had on Apr 28 proposed to acquire all shares in its issued share capital at S$0.32 apiece. The counter finished on Thursday flat at S$0.31.
