Stocks to watch: Mapletree Logistics Trust, Alliance Mineral Assets, GP Industries, Koyo International

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

SINGAPORE - The following companies issued announcements after the market closed on Wednesday (July 4) which could affect trading of their shares on Thursday.

Mapletree Logistics Trust: It is planning to acquire five modern, ramp-up logistics properties in Singapore from CWT and its subsidiaries for about $778.3 million, it said in a release to the Singapore Exchange on Thursday morning. The properties comprise five ramp-up warehouses located in the western part of Singapore with a total gross floor area of around 3.2 million square feet, and a weighted average age of 4.8 years. The acquisitions are on a sale-and-leaseback arrangement for terms ranging from five to 10 years. With a combined weighted average lease expiry of 8.7 years and built-in rent escalation of 1.5 per cent per annum, the acquisitions are expected to generate an initial net property income yield of about 6.2 per cent.

Alliance Mineral Assets: Its substantial shareholder Burwill Commodity cut a planned investment into the Lithium miner, taking only 13 million new shares of a proposed 23.9-million-share placement at $0.33 per share. The company carried out a placement exercise to sell the remaining 10.9 million shares at $0.34 apiece, but placement agent and underwriter Canaccord Genuity had to mop up 7.6 million unsubscribed shares after placing 3.3 million shares with an unnamed Australian institutional investor. The $0.34 per share placement price represents a discount of about 8.7 per cent to Alliance Mineral’s volume-weighted average price of $0.3725 on July 4. No reason was given for Burwill’s trimmed investment..

GP Industries: The battery maker on Wednesday said its unit would sell land and buildings located in Huizhou, China, for 266 million yuan (S$54.8 million) to Huizhou Cheng Hong Industrial. The land and buildings are used by the group as a factory and a warehouse for the manufacturing of acoustic and electronic products and a dormitory for its employees. The sale will be done through its unit, GP Electronics (Huizhou).

Koyo International: The engineering firm on Wednesday said it has won a $5.2 million contract from the Housing & Development Board for mechanical and engineering maintenance work. Work will go on for 36 months, with the contract starting in July. The latest order brings its total orderbook to $31.9 million.