Singapore Stocks to Watch: IReit Global, OCBC, Great Eastern

Tiger Newspress2023-06-20

The following companies saw new developments that may affect trading of their securities on Tuesday (Jun 20).

IReit Global (UD1U): Europe-Focused real estate investment trust IReit Global has launched a preferential offering at a ratio of 161 preferential offering units for every 1,000 existing units at a price of S$0.408 per new unit.

The S$75.9 million proceeds will be used mainly to fund the acquisition of a portfolio of 17 retail properties located across France, IReit Global’s manager said in a regulatory filing on Monday (Jun 19).

Up to about 186.1 million units will be offered to existing unit holders in the fund-raising exercise; the issue price represents a discount of about 9.6 per cent to the volume weighted average price of S$0.4515 per unit on Monday.

OCBC (O39), Great Eastern (G07): OCBC has upped its stake in insurance subsidiary Great Eastern Holdings to 88.4 per cent from 87.9 per cent, the bank announced in a regulatory filing on Monday (Jun 19).

The purchase, OCBC stated, was on “a willing buyer willing seller basis” of about 2.3 million shares at S$16.99 each in cash or S$39.9 million in total, without specifying the date of the transaction.

The move came despite Great Eastern being a drag on the bank’s performance in recent quarters. The Singapore-listed insurer posted a 22 per cent fall in total weighted new sales to S$390.9 million for its fiscal first quarter ended Mar 31, from S$503.6 million in the same period the year before.

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Ved86
2023-06-20
Ved86
Nice lottery with the "preferential offering" at a discount to market price for quick profit (if you sell off).

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