Singapore stock watch: UOB sees $10b Asean market for its digital bank for millennials

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

SINGAPORE (THE BUSINESS TIMES) - The following companies saw new developments that may affect trading of their shares on Monday (Jan 13):

United Overseas Bank (UOB): UOB has projected a $10 billion market opportunity in Asean, with the 84-year-old Singapore bank going on the offensive to take a chunk of it through its standalone digital bank for millennials. The bank's digital outfit, known as TMRW, is putting in place plans to focus on acquiring high quality customers - measured by the value of their engagement with the bank - in the most cost efficient way. UOB shares closed at $26.77 on Friday, down two cents, or 0.1 per cent.

USP Group: Two shareholders have requisitioned an extraordinary general meeting to remove five out of six directors on USP Group's board, and to replace them with four candidates, which includes one of the shareholders, USP said in a bourse filing on Monday. The mainboard-listed firm was put on the bourse's financial watch list in December 2019. USP shares closed at 11.5 cents on Friday, down 0.4 cent, or 3.4 per cent.

AIMS Apac Reit (AA Reit): AA Reit on Monday said it has completed a redevelopment project at 3 Tuas Avenue 2, and received a temporary occupation permit (TOP) for the property on Jan 10. The estimated project developments costs of $45.2 million, including land cost and other transaction costs, is also $3 million lower than the initial estimate, AA Reit said. Units of AA Reit ended one cent, or 0.68 per cent lower at $1.45 last Friday.

Koh Brothers Group: Two family members of Koh Brothers' executives will each buy a unit in the company's upcoming freehold residential development Van Holland. The mainboard-listed developer said on Saturday afternoon that its wholly-owned subsidiary, KBD Holland, had granted siblings Benjamin Koh Yong Jun and Rachel Koh Han Ling the option to purchase the apartments, both on the third storey of Block 188. Mr Koh may buy a unit at $1.5 million, while Ms Koh may buy one at $2 million. Shares of Koh Brothers were flat at $0.23 at Friday's close.

Mapletree North Commercial Trust (MNACT): The manager of MNACT on Friday said that efforts are being made to reopen the Festival Walk mall in Hong Kong on Jan 16, ahead of the Chinese New Year festive season. Units in the trust closed at $1.17 on Friday before this announcement, up one cent, or 0.9 per cent.

SPH Reit: SPH Reit, which has retail assets in Singapore and Australia under its belt, reported a 3 per cent improvement in distribution per unit to 1.38 cents for the first quarter from 1.34 cents a year earlier, led by steady performance across its commercial properties. Net property income improved 12.4 per cent to $47 million from $42 million previously. The distribution will be paid to unitholders on Feb 14. SPH Reit's units finished at $1.08 on Friday before its results announcement, up one cent, or 0.9 per cent.

First Reit: The manager of First Reit on Friday updated that the road subsistence that took place in 2018 along Gubeng Highway, Surabaya, close to Siloam Hospitals Surabaya, has had "a serious impact" on the development works on the adjacent land that the real estate investment trust (Reit) had sold to Lippo Karawaci to build a new hospital. The counter closed flat at $1 on Friday, before this announcement.

Pan Hong Holdings Group: The property developer on Friday said that its subsidiary in China has signed a 150 million yuan (S$29.2 million) revolving loan facility agreement with borrower, Hangzhou Ganglian Real Estate, a unit of Sino Harbour Holdings. The counter closed at 11.2 cents on Friday, down 3.5 per cent, or 0.4 cent.