Singapore Stocks to Watch: Olam, Elite Commercial Reit, Great Eastern, OCBC

TigerNews SG03-04

The following companies saw new developments that may affect trading of their securities on Monday (Mar 4):

Olam (VC2): Olam Group’s agri business subsidiary Olam Agri has completed the full acquisition of feed supplier Avisen SARL for EUR17 million ($24.77 million).

The price consideration takes into account the business performance and prospects of Avisen as well as the capabilities and synergies between Olam Agri and Avisen.

The transaction is funded from a combination of existing cash and debt facilities and is expected to be earnings accretive from 2024 onwards.

Elite Commercial Reit (MXNU): Elite Commercial Real Estate Investment Trust (Reit) has obtained a committed offer for debt facilities of up to £135 million (S$229.7 million) from a group of financial institutions.

At a three-term, the new credit facilities will help the Reit to efficiently manage its working capital, said the manager on Monday (Mar 4).

It noted that the funds obtained will be used to refinance the Reit’s existing loan facilities, among other things.

Great Eastern (G07), OCBC (O39): A group of Great Eastern’s minority shareholders are proposing to withhold directors’ fees, to change the share option schemes of employees, and to appoint an independent financial adviser. These resolutions will be tabled at the insurance provider’s upcoming annual general meeting, reported The Business Times on Friday. Prior to the news, Great Eastern shares ended the day flat at S$17.85, while its parent company OCBC closed S$0.01 or 0.1 per cent higher at S$12.99.

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