THE following companies saw new developments that may affect trading of their securities on Thursday (Dec 14):
Cordlife Group: INVESTORS in cord-blood bank service provider Cordlife Group may be feeling hard done by – and rightfully so.
After lapses found in Cordlife’s storage of cord-blood units recently came to light, the group sent several letters to customers, some of whom had spent near five-digit figures to store their children’s cord blood.
These customers have every reason to be aggrieved, but so, too, do Cordlife’s shareholders.
Sembcorp: SEMBCORP Industries (Sembcorp) has been awarded a 117 megawatt-peak (MWp) project to “solarise” interim vacant land and the rooftops of five buildings on Jurong Island.
The agreement is between JTC and a wholly-owned Sembcorp unit, Sembcorp Solar Singapore, and is not expected to have a material impact on Sembcorp’s earnings per share and net tangible assets per share for the year ending Dec 31, 2023.
The tender is the largest project by capacity awarded by a public-sector agency in Singapore to date, said Sembcorp in a bourse filing on Tuesday (Dec 12) evening.
Manulife US Reit: ELEVEN out of 12 of Manulife US Real Estate Investment Trust’s (MUST) lenders have obtained the necessary approvals in relation to a plan to restructure the Reit’s existing facilities, while the remaining lender is pending final board approval.
The update, provided by the Reit’s manager on Wednesday (Dec 13) evening, has to do with MUST’s plans to raise funds through a mix of asset dispositions and a sponsor-lender loan to remedy the Reit’s financial covenant breach.
The recapitalisation plan – which requires unitholders to vote on three inter-conditional resolutions at an upcoming extraordinary general meeting (EGM) – seeks to “revitalise” the Reit, and provide more time for the manager to sell assets and realise value.
Del Monte Pacific: PHILLIP Securities Research raised its target price on canned food brand Del Monte Pacific to S$0.63 from S$0.62, after raising its forecasts on the company's profit after tax and minority interests (Patmi) for FY2022 by 7.5 per cent.
In a report on Tuesday (Mar 15), research analyst Vivian Ye expects operating and interest expenses will likely be lower for the rest of its fiscal year, which is in line with trends for its first 9 months ended January.
The analyst had a "buy" call on the counter. The target price is pegged to 12 times the brokerage's estimates for Del Monte's FY2022 price to earnings ratio, down from 13 times.
Metech: CATALIST-LISTED Metech International has reached an amicable out-of-court settlement with Deng Yiming over its lawsuit against the latter over missing diamonds and inflated machine prices.
Deng is one of the former directors of Asian Eco Technology, a joint venture (JV) to manufacture and distribute lab-grown diamonds between Metech’s subsidiary Asian Green Tech and X Diamond Capital (XDC), which is owned by Deng.
In filing its lawsuit, Metech had previously said that the missing pieces were last in Deng’s possession, and he had not satisfactorily addressed issues relating to them.
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