Stocks to watch: SIA, CCT, Hyphens Pharma

The Singapore Exchange centre in Shenton Way. ST PHOTO: KEVIN LIM

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Friday (May 18):

Singapore Airlines (SIA): SIA is merging its regional brand, SilkAir, into the flagship carrier under a multi-year initiative, it said on Friday before the stock market opened, adding that it will be pumping in more than $100 million to upgrade SilkAir's fleet. The aircraft cabin upgrades are expected to start in 2020, and will equip SilkAir with new lie-flat seats in the business class section and seat-back in-flight entertainment systems in both the business and economy class sections. The merger continues SIA's brand consolidation, and will leave the company with just two carrier brands - SIA itself and Scoot. Scoot and Tigerair had earlier merged in 2017. The national carrier on Thursday also reported a net profit of $181.8 million for the fourth quarter ended March 31, compared to a loss of $138.3 million previously. The counter last traded at $11.14 apiece on Thursday.

CapitaLand Commercial Trust (CCT): CCT has priced an upsized $217.9 million overnight placement of units at $1.676 apiece to cover the rich end of initial indications. Price talk was at a range of $1.631 and $1.676 per unit for the deal, which launched on Thursday. The issue price represents a discount of about 3.2 per cent to the counter's volume weighted average price of $1.7306 on Wednesday. The counter last traded at $1.72 apiece on Wednesday, and trading has been halted since then. Trading resumes at 8.30am on Friday.

Hyphens Pharma International: Hyphens Pharma on Thursday said it had received "strong interest" from investors for its initial public offering (IPO) in conjunction with its Catalist listing. As at the close of applications at noon on May 16, it had received 4,800 valid applications for the three million invitation shares made available under the public offer. It had received application monies totalling some $118.5 million, translating to the public offer being 152 times subscribed. Hyphens Pharma's shares will commence trading at 9am on Friday.

Join ST's Telegram channel and get the latest breaking news delivered to you.