Singapore stock watch: Raffles Medical, Eagle Hospitality Trust, KIT, KORE, Mermaid

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way.PHOTO: ST FILE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Tuesday (Oct 29):

Raffles Medical Group: Raffles Medical's net profit for the third quarter was 16.9 per cent lower at $13.6 million versus $16.4 million a year ago as it continues to absorb the start-up costs for its Chongqing hospital. For the three months ended Sept 30, earnings per share was 0.75 cent, down from 0.91 cent. Revenue rose 7.8 per cent to $130.5 million from about $121 million in the year ago period following a rise in healthcare services and hospital services revenue. The counter closed unchanged at $1.00 on Friday, before the long Deepavali weekend.

Eagle Hospitality Trust (EHT): Urban Commons, the sponsor of EHT, is responsible for all the repair work that EHT's Queen Mary floating hotel requires, and these expenses will not come out of EHT's own pocket, the trust clarified on Monday. EHT also clarified that a 2017 marine survey of the Queen Mary that was resurfaced last week in an article published by The Edge Singapore is now more than two-and-a-half years old, and "grossly overstated the nature, scope and cost of the repairs required at the Queen Mary". EHT's stapled securities dived 10 US cents on Friday, closing 15.5 per cent lower at 54.5 US cents. 

Keppel Infrastructure Trust (KIT): KIT unit Basslink, an undersea power cable company, said on Monday that the new directive from Australian state enterprise Hydro Tasmania restricting it from operating at full capacity except during critical periods when demand pushes wholesale power prices to their maximum will result in "adverse consequences". Hydro Tasmania said in a pricing directive on Oct 18 that the bidding instructions will reduce the risk of the Basslink cable operating above its design limits. KIT units last changed hands at $0.54 on Friday.

Keppel Pacific Oak US Reit (KORE): The Reit will be listing 104.3 million new units from a private placement on Tuesday at US$0.725 per new unit, raising $75.6 million to be used for funding its acquisition of an office property in the US and fees related to the placement. The issue price of US$0.725 per unit represents a 4.8 per cent discount to the volume weighted average price for trades done on Oct 16, up to the time the subscription agreement was signed on Oct 17. The placement was four times subscribed with strong demand from new and existing institutional and other accredited investors.

Mermaid Maritime: A joint-venture company formed between Mermaid Maritime and a local offshore services operator has secured a contract extension with a reputable oil major in a Gulf Cooperation Council country in the Middle East, Mermaid said on Monday. Mermaid's portion of the total contract value for the three-year extension period is estimated to be around US$162 million (S$220 million). Work will commence in the fourth quarter of 2019. The counter fell 0.1 cent or 1.39 per cent to $0.071 last Friday.