Stocks to watch: Sino Grandness, Sunrise Shares, Keppel-KBS US Reit, First Reit, ecoWise, Shanghai Turbo

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

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Thursday (Jan 17):

Sino Grandness Food Industry Group: The Chinese canned vegetable and fruits producer said after trading hours on Wednesday that it has been served with a letter of demand on Jan 8 by Soleado Holdings, an investment holding company and a shareholder of Sino Grandness. It demanded payment of US$21.2 million and S$30,000 by Jan 21 for the outstanding loan principal amount, outstanding interest, default interests payable and reimbursement of the amount of all costs and expenses (including professional and legal fees incurred) in relation to a loan agreement dated April 13, 2016 as well as the costs and expenses for legal and professional fees under the repayment framework agreement dated July 20, 2017. Its shares last traded on Jan 14, when it had called for a trading halt. It closed at $0.117, down 1.7 cents.

Sunrise Shares: The offer for the electrical products trader and distributor has been made unconditional, while the closing date has been extended to Feb 7. In December, Hong Kong-based businessman Wong Siu Fai acquired a 90 per cent stake in Quality Able, which holds a 4.49 per cent stake in Sunrise Shares, for $122,400. Including his direct and deemed stake of 29.73 per cent at the time, this pushed his total stake past the 30 per cent threshold, triggering the requirement for a general offer for the rest of the company's shares. He has made an offer of $0.017 per share. Sunrise shares last closed flat at $0.017 on Jan 7.

Keppel-KBS US Reit: The real estate investment trust announced on Thursday that it has completed the acquisition of Maitland Promenade I, an office property located in the Maitland sub-market of Orlando, Florida, for US$48.5 million from The Realty Associates Fund X. Maitland Promenade I has a net lettable area of 230,371 square feet, with a committed occupancy rate of 98.1 per cent as at Oct 25, 2018. Its shares rose US$0.005 or 0.77 per cent to close at US$0.655 on Wednesday.

First Reit: The real estate investment trust's fourth-quarter distribution per unit (DPU) stayed flat at 2.15 cents for the three months ended Dec 31, 2018, unchanged from a year ago. This is payable on Feb 28, 2019. Gross revenue went up 2.7 per cent to $29.3 million, supported by contributions from new properties acquired in FY2017 - Siloam Hospitals Buton & Lippo Plaza Buton and Siloam Hospitals Yogyakarta. This lifted net property income up 1.9 per cent to $28.5 million. The distributable amount went up 1.4 per cent to $17 million. Its shares closed down one cent at $1.03 on Wednesday.

ecoWise Holdings: The environmental solutions firm announced after trading hours on Wednesday that its indirect wholly owned subsidiary ecoWise Technologists and Engineers entered into a non-binding memorandum of understanding (MOU) with Shin Tai Ho & Co, a Singapore ship chandler, to explore opportunities and expand its respective businesses into food processing and food recycling segments. According to ecoWise Holdings, the proposed collaboration will allow the two parties to leverage each other's strengths and venture into businesses that incorporate high-technology food processing, manufacturing and recycling methods. The counter closed at $0.026 on Wednesday, down 0.1 cent.

Shanghai Turbo: The company announced on Wednesday the appointment of Leow Siew Phaik as its new financial controller with effect from Jan 16. She is replacing Isaac Peh Lin Siah, who resigned to "pursue other career opportunities". Mr Peh had been in his position since Dec 9, 2013. Ms Leow will be responsible for the group's financial and management accounting, and other corporate and regulatory compliance matters. The counter last closed at $1.53 on Sept 26, 2018.

Frasers Commercial Trust: The trust's manager requested for a trading halt before the stock market opened on Thursday, pending an announcement.