THE following companies saw new developments that may affect trading of their securities on Monday (Apr 10):
Sembcorp Marine (Sembmarine): MAINBOARD-LISTED Sembcorp Marine, which is seeking to be renamed Seatrium, is now among the largest stocks listed on the Singapore Exchange (SGX).
Its increased market cap of S$8.2 billion makes it the largest counter on the Straits Times Index (STI) reserve list, which means it has a chance of being added to the benchmark index – depending on how it and other index counters trade in the coming months.
In February, Sembmarine acquired Keppel Offshore & Marine from Keppel Corp. The deal was settled through the issue of new shares that raised the total issued share capital of Sembmarine to 68.2 billion shares from 31.4 billion shares.
EC World Reit: THE manager of EC World Reit is seeking a time extension from the Singapore Exchange and the Monetary Authority of Singapore for the deadline to hold its annual general meeting, from Apr 30 to Jul 27.
The reason is the delay in the divestment of two Chinese logistics assets, which in turn has held up its settlement of a mandatory repayment, EC World Asset Management disclosed in a bourse filing on Good Friday (Apr 7).
Back in October last year, EC World Reit said that it would be divesting its indirect interests in Bei Gang Logistics and Chongxian Port Logistics for 2.03 billion yuan (S$392.7 million). Part of this was to repay outstanding onshore and offshore loans. However, this has not been completed.
Raffles Education: RAFFLES Education Group has been awarded S$2.9 million in damages by the Singapore High Court against Educomp founder Shantanu Prakash and Singapore lawyer Dennis Lui.
Raffles Education Group claimed that Prakash and Lui had devised a plan to mislead the group into believing that Educomp would agree to a buyout of its stake in a joint venture when it possessed no such intention.
The Educomp group of companies include India-listed Educomp Solutions, of which Prakash is chairman and managing director, as well as wholly-owned subsidiaries Educomp Asia Pacific and Educomp Professional Education.
City Development Ltd.: Joint venture partners City Developments Ltd (CDL) and MCL Land launched their third project, Tembusu Grand, on April 8. Having moved 340 out of 638 units, the take-up rate of the project on Jalan Tembusu, just off Tanjong Katong Road, was 53.3%. Units were sold at an average price of $2,465 psf.
According to the developers, Singaporeans comprised 90% of the buyers, while Permanent Residents (PRs) and foreigners accounted for the remaining 10%. Foreigners included those from China, Malaysia and the US.
Unit sizes at Tembusu Grand range from 527 sq ft for a one-bedroom plus study to 1,711 sq ft for a five-bedroom, with two penthouses of 2,691 sq ft each. Apartments were priced from $1.248 million for a one-bedroom plus study, $1.548 million for a two-bedroom (667 sq ft), $2.278 million for a three-bedroom (990 sq ft), $3.288 million for a four-bedroom (1,432 sq ft) and $4.028 million for a five-bedroom unit (2,691 sq ft).
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