Singapore stock watch: No Signboard closes Clarke Quay restaurant for at least a month

No Signboard Seafood temporarily shuttered its Clarke Quay outlet in a bid to "control costs and improve operational efficiency". PHOTO: NO SIGNBOARD HOLDINGS

SINGAPORE (THE BUSINESS TIMES) - The following companies saw new developments that may affect trading of their securities on Wednesday (April 1):

No Signboard: The Catalist-listed group has temporarily shuttered its seafood restaurant at The Central mall in Clarke Quay in a bid to "control costs and improve operational efficiency". "The operating environment in the local food and beverage (F&B) industry is expected to remain challenging in the next 12 months", given the uncertain economic outlook amid the global coronavirus outbreak and travel restrictions which have dampened consumer demand, it said. As disclosed on Feb 14, the group expects the Covid-19 pandemic to have a negative impact on tourist and consumer spending from the second quarter of FY2020.Shares of No Signboard last traded at 2.3 cents on March 27.

OUE, OUE Commercial Real Estate Investment Trust (OUE C-Reit): They are lowering rents by 15-25 per cent for retail tenants of Downtown Gallery, Mandarin Gallery, OUE Bayfront, OUE Link and OUE Tower, as part of rental relief measures amid the coronavirus outbreak. At Tuesday's close, OUE shares fell $0.02 or 2 per cent to $0.99 while OUE C-Reit units shed 1.5 cents or 4.5 per cent to 35 cents.

Keppel Corp: Keppel Land China, a wholly-owned subsidiary of Keppel Corp's property arm, is selling a mixed-use property in Jiangyin, China for 473.5 million yuan (S$94.5 million). Keppel Corp shares gained $0.05 or 1 per cent to close at $5.29 on Tuesday, before the announcement was made.

Yanlord Land Group: The real estate developer on Tuesday evening announced an estimated pre-sales total of 2.8 billion yuan ($572.7 million) from the weekend launches of its apartments in Nanjing and Nantong. The counter lost $0.01 or 1 per cent to close at $0.99 on Tuesday.

Ascendas Real Estate Investment Trust: The trust on Tuesday night said it has acquired a 25 per cent stake in business park Galaxis for $102.9 million. Its units closed at $2.83 on Tuesday, up 4.43 per cent or 12 cents.

Hong Leong Asia: The industrial conglomerate saw net profit grow 39.1 per cent to $34.4 million last year, thanks to higher business volumes and better contribution margins by its business materials unit. Shares of Hong Leong Asia rose 2.5 cents or 6.5 per cent to finish at 41 cents on Tuesday before the results were released.

Cromwell European Real Estate Investment Trust (Cromwell E-Reit): Thierry Leleu, chief investment officer of the trust's manager, has resigned "to devote his time to his own entrepreneurial activities", the manager said on Wednesday morning. Units of Cromwell E-Reit lost one euro cent or 2.8 per cent to trade at 35 cents as at 9.24am on Wednesday.

CapitaLand: The property giant has appointed Kevin Goh as chief executive officer (CEO) of lodging, effective Wednesday. Mr Goh will continue to be CEO of The Ascott. CapitaLand shares were trading at $2.81 as at 9.30am on Wednesday, down $0.04 or 1.4 per cent.

Sats: It has issued $200 million in five-year notes with a 2.88 per cent coupon. The new notes are expected to be listed on the Singapore Exchange on Wednesday. SATS shares fell $0.04 or 1.3 per cent to end trading at $3.16 on Tuesday.

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