SINGAPORE - The following companies saw new developments that may affect trading of their securities on Thursday (Oct 24):
ST Engineering: The integrated engineering group on Wednesday evening said its US marine subsidiary has to pay US$18 million to a customer after arbitration proceedings. Consequently, the company would make a further provision of $14.2 million in the financial statements for the period ended Sept 30. ST Engineering shares ended at $3.89 on Wednesday, down two cents or 0.51 per cent, before the announcement.
Wing Tai: The mainboard-listed property investment and development player, with lifestyle retail business, saw its Q1 net profit more than triple to $6.8 million, thanks to a lower cost of sales and higher profits from associates and joint ventures. Earnings per share was 0.47 cent for the quarter ended Sept 30, up from 0.09 cent a year ago. The counter ended two cents or 1 per cent lower at $2.05, before the results were released on Wednesday.
Sembcorp Marine (SembMarine): With Temasek's partial offer to raise its stake in conglomerate Keppel Corp the talk of the town, investors are taking more interest in one of the conglomerate's proxies SembMarine. The offshore and marine player's stock advanced by as much as 5.2 per cent during Wednesday's early session, hitting a three-month high. It closed five cents or 3.7 per cent higher to $1.40 on 30.4 million shares traded, one of the most active counters on the Singapore bourse.
San Teh: The offeror looking to delist mainboard-listed San Teh has extended the closing date to Nov 7, as it is just shy of garnering 90 per cent of shares. San Teh shares ended at $0.275 on Wednesday, down 0.5 cent or 1.79 per cent.
Ascott Residence Trust (Ascott Reit), Ascendas Hospitality Trust (A-HTrust): The applications for sanction of the two trusts' scheme will be heard in court on Nov 19. Unitholders had on Oct 21 given their overwhelming support to the proposed merger of the two entities. Units of Ascott Reit ended one cent or 0.7 per cent higher at $1.40 on Wednesday, while stapled securities of A-HTrust closed unchanged at $1.16.
Trading halt: Eagle Hospitality Trust on Thursday morning requested a trading halt, following media reports that its sponsor Urban Commons was in danger of defaulting on its lease agreement to run The Queen Mary in California, one of the key assets in the trust's portfolio.