Stocks to watch: OCBC, Amara, Valuetronics

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (May 28):

OCBC: The bank announced on May 27 key leadership changes to its global wholesale banking franchise, to take effect on Oct 1. Among the changes, Elaine Heng, now OCBC’s group chief strategy and transformation officer, will succeed Linus Goh, the current head of global commercial banking, who retires on Sep 30. Shares of OCBC closed 0.9 per cent or S$0.14 higher at S$16.31 on Tuesday.

Amara: The independent financial adviser appointed for the takeover bid for the hotel group has deemed the offer at S$0.895 a share to be “fair and reasonable”. It has advised the company’s directors considered to be independent to recommend shareholders to accept the offer. Shares of Amara closed up 1.1 per cent or S$0.01 at S$0.90 on Tuesday.

Valuetronics: Electronics manufacturing services provider Valuetronics posted a net profit of HK$79.9 million (S$13.1 million), up 3.1 per cent from HK$77.4 million in the year-go period. Its counter gained 2.9 per cent or S$0.02 to settle at S$0.70 on Tuesday, before the news.

Trading halt

CapitaLand Ascendas Reit (Clar): The Reit has entered two conditional agreements for the proposed acquisitions of a colocation data centre and a premium business space. The manager on Wednesday morning called for trading of Clar’s units to be halted with immediate effect. The counter ended Tuesday 0.4 per cent or S$0.01 higher at S$2.61. 

Econ Healthcare (Asia): The Catalist-listed nursing operator said on May 28 that trading of shares will be suspended “on and from” 9 am on Wednesday. It was previously reported that US private equity firm TPG, through its special purpose vehicle, is looking to take Econ Healthcare private. Shares of Econ Healthcare closed flat at S$0.35 on Tuesday.