Pan United, OUE, Wilmar, Jumbo, Metro, China Int’l

Pan United, OUE, Wilmar, Jumbo, Metro, China Int’l

PC Lee
05/10/16, 08:50 am

SINGAPORE (Oct 5): Here are some factors and stocks that could move the market this Wednesday morning:

Pan-United Corp is divesting its entire equity stakes in two wholly-owned subsidiaries, Pan-United Shipping and P.U. Vision, to Sedgefield Corporation for $29.92 million. Sedgefield is wholly owned by Jane Kimberly Ng Bee Kiok, Ng Bee Bee, and Ng Han Whatt, who are controlling shareholders of Pan-United, as well as members of Pan-United’s founding Ng family. Approval from shareholders will have to be sought. Pan-United closed 1.7% lower at 59 cents on Tuesday.

Developer OUE, backed by the billionaire Riady family, plans to pursue a stake in Singapore property and construction firm United Engineers, reported Bloomberg. OUE is interested in bidding for shares held by Oversea-Chinese Banking Corp and its affiliates. A spokesman for OUE declined to comment. OUE shares closed 4 cents higher at $1.80. UE shares closed 2 cents higher at $2.53.

Wilmar is partnering Brazil’s largest sugar producer Raízen Energia to form a new joint venture, Raízen and Wilmar Sugar. Wilmar and Raízen will take a 50% stake each in the new joint venture to meet global demand for “very high polarisation sugar”. Shares of Wilmar closed 1 cent higher at $3.22.

Jumbo has opened its fifth Ng Ah Sio Bak Kut Teh outlet at Resorts World Sentosa and expanded its Jumbo Seafood Riverside outlet by 150 seats. The fifth Ng Ah Sio Bak Kut Teh outlet is 1,600 sf, and includes self-ordering and payment kiosks, and a tray return system. Shares in Jumbo closed at 62 cents.

Metro Holdings says it is not aware of any development that might have given rise to the unusual price and volume movements of its shares on Tuesday. However Metro did note the existence of Bloomberg report which urged the company to return its surplus cash holdings to shareholders. Metro shares closed at 99 cents.

China International Holdings is selling its entire stake in loss-making Tianjin Xinzhong Property Development Co. for RMB 460 million ($94.4 million) to Beijing Hongkunweiye Property Development Co. The group could stand to recognise RMB 421.5 million in net proceeds after the transaction is completed. Shares of China International closed at 13 cents.

US stocks dropped overnight as investors fretted about Britain's exit from the European Union and the prospect of a Federal Reserve interest rate hike in coming months. The Dow Jones industrial average fell 0.47% to end at 18,168.45 and the S&P 500 lost 0.5% to 2,150.49. The Nasdaq Composite dropped 0.21% to 5,289.66.

The benchmark Straits Times Index on Tuesday evening closed 13.8 points or 0.48% higher at 2,884.64. In the broader market, 1.48 billion shares valued at $766 million changed hands. Gainers outnumbered losers 222 to 128.

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