Shares in Singapore closed broadly lower on Wednesday amid a regional sell-off. The Straits Times Index dropped 43.83 points, or 1.38%, to 3129.49, wiping out Tuesday's gains. Here are some stocks to watch this Wednesday morning:
United Overseas Bank said following the merger of the investment banking arm of the OSK Group into the RHB Group, the UOB Group and the OSK/RHB Group have agreed to terminate their various joint ventures in the fund management business in Malaysia.
Keppel Corporation, the world's largest offshore drilling rig producer, won an order for a KFELS B Class jackup rig for US$210 million ($267 million) from PV Drilling Overseas. Keppel Corp has acquired a 35% stake in PV Drilling Overseas at a consideration of US$1 per share in cash for 350 ordinary shares from Falcon Energy Group. PetroVietnam Drilling & Well Services Corporation owns 55% of PV Drilling Overseas, and Falcon holds the rest 10%.
Moody's Investors Service has affirmed the Aaa issuer rating of ST Engineering and the senior unsecured rating of ST Engineering Financial I, a wholly owned special purpose funding subsidiary of ST Engineering.
Parkway Life Real Estate Investment Trust (PLife REIT) plans to acquire two nursing home properties in Japan at a combined price of $23.1 million. The acquisition, due to be completed by 12 July 2013, is expected to generate a net property yield of 7.1%.
Midas Holdings said it has won a 44.3 million yuan ($9.2 million) contract from CNR Changchun Railway Vehicles Co., Ltd for two subway lines in the northeastern city of Changchun in China. Jilin Midas, a subsidiary of the company, will supply aluminium alloy extrusion profiles for 44 train sets with delivery expected from 2013 to 2015.