Here are some stocks that could move the market this Thursday morning.
Wing Tai Holdings is divesting its 50% stake in the 156-unit Nouvel 18 to City Developments for $410.96 million. Following the transaction, CDL will own 100% of the property. Nouvel 18 is a freehold residential development project on an exclusive prime real estate site of approximately 112,098 sq ft along Anderson Road. None of the units have been sold. Wing Tai closed 0.61% lower at $1.64 on Tuesday, while City Developments closed 0.12% lower at $8.11.
Nordic Group’s wholly-owned subsidiaries have recently clinched several contracts worth a total of $4.2 million. The contracts were secured with repeat customers, comprising multinational companies (MNCs) and companies in the marine, oil & gas and process industries. Shares of Nordic last closed at 24 cents.
Sinjia Land, formerly known as HLN Technologies, on Tuesday said it has entered into a new sale and purchase agreement for a 80% stake in hostel operator G4 Station, which manages the 23-room G4 Station Backpackers Hostel, for $664,000, and diversifying into the property business. An EGM will be convened to seek specific approval from shareholders of the company for both the proposed acquisition and diversification. Sinjia Land last closed at 7.8 cents on Monday.
Agribusiness giants Wilmar International and Bunge on Tuesday announced they are forming a joint venture in Vietnam to leverage both companies’ footprints in Asia. The three-party joint venture will see NYSE-listed Bunge sell 45% of its equity in its Vietnam crush operations to Wilmar. Bunge and Wilmar will be equal 45% shareholders, with Vietnam’s leading soybean meal distributor Quang Dung retaining its existing 10% stake in the operations. Quang Dung is also a majority shareholder of Green Feed, a Vietnamese feed milling business. Wilmar International closed 0.3% lower at $3.31 on Tuesday.
Singapore Airlines has introduced a system that would allow a few select passengers to bid online for a seat upgrade a few days before their departure. SIA, at its discretion, will invite fliers who have booked economy class seven days in advance to bid for its premium economy class, which offers relatively more comfortable seats, according to the company’s website. Results of the auction will be known 40 hours before the scheduled takeoff. SIA closed at $10.73.
TIH says wholly-owned subsidiary, Killian Court, is in a joint venture with Argyle Street Management (ASMHL). Killian Court is subscribing to 99,000 shares in ASM Connaught House General Partner II Limited (General Partner) at US$100 each or a 49.5% stake for US$9.9 million ($13.3 million) while ASMHL is subscribing to 101,000 GP shares at US$100 each or a 50.5% stake for US$10.1 million. General Partner was a company set up to facilitate the establishment of the CHF II Fund, which focuses on special situation opportunities, particularly companies adversely affected by withdrawal of liquidity in the region, or where financial market volatility or currency shocks have created unusually low valuations, says TIH. Shares of TIH closed 2.9% lower at 51 cents.
Markets
US stocks reversed early losses to close higher on Wednesday on positive US economic data and a late jump in oil prices. The Dow Jones industrial average rose 78 points, or 0.44%, to 17,918.62, the S&P 500 gained 11.18 points, or 0.54%, to 2,099.73 and the Nasdaq Composite added 36.26 points, or 0.75%, to 4,859.16.
The Straits Times Index snapped a five-session winning streak, Tuesday with losses in line with a pullback more broadly in Asia, exacerbated by retreating oil prices. The benchmark STI closed 0.21% or 5.89 points lower to 2,864.67. In the broader market, about 950.7 million shares were traded, generating a total transaction value of $1.57 billion. Decliners outnumbered gainers 219 against 162.
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Wing Tai Holdings is divesting its 50% stake in the 156-unit Nouvel 18 to City Developments for $410.96 million. Following the transaction, CDL will own 100% of the property. Nouvel 18 is a freehold residential development project on an exclusive prime real estate site of approximately 112,098 sq ft along Anderson Road. None of the units have been sold. Wing Tai closed 0.61% lower at $1.64 on Tuesday, while City Developments closed 0.12% lower at $8.11.
Nordic Group’s wholly-owned subsidiaries have recently clinched several contracts worth a total of $4.2 million. The contracts were secured with repeat customers, comprising multinational companies (MNCs) and companies in the marine, oil & gas and process industries. Shares of Nordic last closed at 24 cents.
Sinjia Land, formerly known as HLN Technologies, on Tuesday said it has entered into a new sale and purchase agreement for a 80% stake in hostel operator G4 Station, which manages the 23-room G4 Station Backpackers Hostel, for $664,000, and diversifying into the property business. An EGM will be convened to seek specific approval from shareholders of the company for both the proposed acquisition and diversification. Sinjia Land last closed at 7.8 cents on Monday.
Agribusiness giants Wilmar International and Bunge on Tuesday announced they are forming a joint venture in Vietnam to leverage both companies’ footprints in Asia. The three-party joint venture will see NYSE-listed Bunge sell 45% of its equity in its Vietnam crush operations to Wilmar. Bunge and Wilmar will be equal 45% shareholders, with Vietnam’s leading soybean meal distributor Quang Dung retaining its existing 10% stake in the operations. Quang Dung is also a majority shareholder of Green Feed, a Vietnamese feed milling business. Wilmar International closed 0.3% lower at $3.31 on Tuesday.
Singapore Airlines has introduced a system that would allow a few select passengers to bid online for a seat upgrade a few days before their departure. SIA, at its discretion, will invite fliers who have booked economy class seven days in advance to bid for its premium economy class, which offers relatively more comfortable seats, according to the company’s website. Results of the auction will be known 40 hours before the scheduled takeoff. SIA closed at $10.73.
TIH says wholly-owned subsidiary, Killian Court, is in a joint venture with Argyle Street Management (ASMHL). Killian Court is subscribing to 99,000 shares in ASM Connaught House General Partner II Limited (General Partner) at US$100 each or a 49.5% stake for US$9.9 million ($13.3 million) while ASMHL is subscribing to 101,000 GP shares at US$100 each or a 50.5% stake for US$10.1 million. General Partner was a company set up to facilitate the establishment of the CHF II Fund, which focuses on special situation opportunities, particularly companies adversely affected by withdrawal of liquidity in the region, or where financial market volatility or currency shocks have created unusually low valuations, says TIH. Shares of TIH closed 2.9% lower at 51 cents.
Markets
US stocks reversed early losses to close higher on Wednesday on positive US economic data and a late jump in oil prices. The Dow Jones industrial average rose 78 points, or 0.44%, to 17,918.62, the S&P 500 gained 11.18 points, or 0.54%, to 2,099.73 and the Nasdaq Composite added 36.26 points, or 0.75%, to 4,859.16.
The Straits Times Index snapped a five-session winning streak, Tuesday with losses in line with a pullback more broadly in Asia, exacerbated by retreating oil prices. The benchmark STI closed 0.21% or 5.89 points lower to 2,864.67. In the broader market, about 950.7 million shares were traded, generating a total transaction value of $1.57 billion. Decliners outnumbered gainers 219 against 162.
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