Stocks to watch: Keppel, Sats, Far East Orchard, Sin Heng

THE following companies saw new developments that may affect trading of their securities on Monday (Mar 17): 

Keppel: It said on Monday that its wholly owned subsidiary, Kepland Investama, is in a civil action over ownership rights for land plots in Jakarta, where the International Financial Centre Jakarta Tower 2 building complex is situated. It noted that an individual, Tumpal Hutabarat, has commenced civil action against its subsidiary and others, claiming he is the legal owner of the land plots measuring about 24,500 square metres. He is seeking a declaration that he is the legal owner of the land plots, compensation of about 2.28 trillion rupiah (S$186.3 million), as well as a return of any unused land plots. Shares of Keppel closed 0.6 per cent or S$0.04 lower at S$6.66 on Friday.

Sats: Ground handler Sats announced the signing of a memorandum of understanding (MOU) with Vietnam Airlines to build and operate an air cargo terminal in Vietnam’s new Long Thanh International Airport. Under the MOU, which seeks to expand the state-owned carrier’s cargo handling capabilities, the two companies will share best practices, productivity indicators and technologies, to improve operational efficiency and service quality across those areas. Shares of Sats ended 0.3 per cent or S$0.01 higher at S$3.03 on Friday, after the announcement.

Far East Orchard: Hotels under Far East Orchard’s hospitality joint venture, Toga Hotel Holdings Unit Trust, were hit by a cybersecurity incident, the group said on Friday. The incident affected networks under TFE Hotels, the joint venture’s operating business. TFE Hotels said that systems in many of the affected hotels have been restored, with the hotels able to serve guests, and that it is working with cyber experts to restore operations. Shares of Far East Orchard closed flat at S$1.03, before the announcement.

Sin Heng Heavy Machinery: A consortium led by two executive directors of Sin Heng Heavy Machinery made a voluntary unconditional offer to take the mainboard-listed lifting service provider private at S$0.58 in cash per share, the company announced on Friday. The offeror Tal United is a consortium formed between controlling shareholders of Sin Heng Tal Holdings and United Hope. Tal United said the offer presents Sin Heng’s shareholders with an opportunity to realise their investment in the company’s shares at a premium over the shares’ historical trading prices without incurring brokerage costs. The counter closed at S$0.545 on Thursday before it called for a trading halt, which was lifted after market close on Friday.