Singapore Stocks to Watch: Aspen, CDL, Chip Eng Seng, Vividthree
The following companies saw new developments that may affect trading of their securities on Friday (Dec 16):
Aspen (1F3): Aspen Glove, a unit of mainboard-listed Aspen Group, has entered an agreement to sell its rights title and interest in a piece of leased land in Malaysia and the factory built upon it for RM200 million (S$61.2 million).
The buyer, Sustainable Waste Management Holdings, is a unit of Singapore-based Nutara Investment, Aspen disclosed in a Thursday (Dec 15) bourse filing. Aspen previously entered an agreement to sell the land and factory with another buyer, Cambridge Real Estate Partners, in October, but this was terminated on Dec 6 due to non-fulfilment of certain conditions.
Nutara is part of a German-originated group of companies active in construction and environmental technologies. It also indirectly holds 49 per cent of Tialoc Malaysia, a company that in March served notices of claims for over RM100.4 million to two Aspen units.
CDL (C09): City Developments Limited (CDL) has made further inroads to the student accommodation sector in the United Kingdom (UK), with the acquisition of five such assets for £215 million (S$357 million).
The purpose-built student accommodation (PBSA) properties have a combined portfolio of 1,863 beds and an average committed occupancy rate of over 98 per cent, CDL said on Thursday (Dec 15).
The newly-acquired properties are located across the UK, spanning Birmingham, Canterbury, Coventry, Leeds and Southampton.
Chip Eng Seng (C29): Two units of Chip Eng Seng Corp have granted entities of an Australian real estate fund management group options to purchase (OTPs) its hotel property and business in Western Australia for A$18 million (S$16.5 million).
Chip Eng Seng had purchased the assets in 2017 for A$15 million. It granted the OTPs to Acure Funds Management and MF Hospitality Management, both part of the Acure Asset Management real estate funds management group, which is headquartered in Perth.
The assets being disposed of are a strata hotel property and strata restaurant property located at 1 Marco Polo Drive in Mandurah, and the hotel business known as The Sebel Mandurah.
Vividthree (OMK): Entertainment company Vividthree has entered a memorandum of understanding (MOU) to acquire up to 51 per cent of public relations specialist Elliot & Co, it announced in a Thursday (Dec 15) bourse filing.
The Catalist-listed company hopes to tap Elliot & Co’s network to grow its post-production business. This will enable cross-selling opportunities and provide a more holistic suite of value propositions, it added.
Incorporated in Singapore in 2016, Elliot & Co also has offices in Malaysia and Indonesia. Vividthree’s investment will be funded through internal resources, and if needed, fundraising exercises.
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