Stocks to watch: Sabana Reit, Sino Grandness, ASTI Holdings, New Silkroutes

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way. ST PHOTO: DESMOND WEE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Monday (March 25):

Sabana Reit: Sabana Reit's divestment of a Tuas industrial building is off for now after the purchaser did not obtain approvals from JTC, a condition for the sale. The buyer, Kim Soon Lee (Lim) Heavy Transport, is not prepared to further extend the long stop date, the Reit said in a statement to the Singapore Exchange (SGX) on Saturday. At end-September 2018, Sabana had proposed to sell the building at 1 Tuas Avenue 4 for $11.18 million in cash, 52 per cent below the property's book value of $23.3 million as at June 30. It was part of an effort to improve performance for unitholders by divesting non-performing or mature assets. Sabana Reit had expected the sale to be completed by the fourth quarter of its fiscal year ended Dec 31. Units in Sabana Reit closed on Friday at $0.42, up half a cent or 1.21 per cent.

Sino Grandness Food Industry Group: Sino Grandness has entered into a placement agreement with JW Capital Group to raise net proceeds of around $6.8 million to repay outstanding sums to Soleado Holdings and strengthen its financial and working capital. It plans to issue 170 million new shares at the issue price of $0.04 per placement share, the Chinese canned vegetable and fruits producer said in a bourse filing on Monday before the market opened. The issue price represents a discount of 6.98 per cent to Sino Grandness' volume-weighted average price of $0.043 for trades done on March 22. The placement is subject to certain conditions, including the in-principle approval of the Singapore Exchange. If these conditions are not satisfied within six months from the date of the placement agreement, the agreement will be terminated.

ASTI Holdings: ASTI Holdings has been granted an extension by the Singapore Exchange to release its financial statements for the year ended Dec 31, 2018 and plans to release its fiscal 2018 results by March 31 at the latest. The delay is due to an acquisition of Yumei Technologies Sdn Bhd, Yumei Reit Sdn Bhd and Pioneer Venture by its associate Advanced Systems Automation (ASA) on Dec 4. As ASA is an associate of the group, the group is required to take into account its investment in ASA through the equity method into its own financial statements. The counter last traded flat at 4.7 Singapore cents apiece on March 21.

New Silkroutes Group: The healthcare and energy firm called for a trading halt on Monday morning, pending an announcement. New Silkroutes shares last traded at $0.25 apiece on Friday, up 2 per cent, or 0.5 cent.