Genting, Hi-P, Mapletree Logistics: Singapore Stocks Preview
The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close.
Singapore’s Straits Times Index gained 0.5 percent to 3,095.39.
Shipping companies: The Baltic Dry Index of commodity- shipping rates fell 2.5 percent in London yesterday, taking its seven-day decline to 14 percent.
Cosco Corp. Singapore Ltd. (COS SP), a China-based shipbuilder that also operates bulk carriers, rose 1.2 percent to S$1.73. Mercator Lines Singapore Ltd. (MRLN SP), an Indian bulk carrier, surged 7.3 percent to 29.5 Singapore cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, gained 1.5 percent to S$13.44.
Genting Singapore Plc (GENS SP): Genting Malaysia Bhd. said it raised the acquisition price for the U.K. casino businesses of its Singapore affiliate to 351.5 million pounds ($545.2 million) from 340 million pounds. The increased price is to reflect the lower net debt position of the U.K. group, Genting Malaysia said. Genting Singapore, operator of one of two casino resorts in the city-state, slipped 0.9 percent to S$2.12.
Hi-P International Ltd. (HIP SP): The contract manufacturer of electronics whose clients include Blackberry-maker Research in Motion Ltd. said it expects full-year sales and profit to increase from last year on improved productivity and management of costs. Hi-P was unchanged at 87.5 Singapore cents.
Mapletree Logistics Trust (MLT SP): The industrial landlord partly owned by Temasek Holdings Pte said it will raise about S$300 million ($226 million) in a sale of new shares to help fund acquisitions in Vietnam, Singapore, Japan and South Korea. The shares will be sold at 82.5 Singapore cents each in a private placement and at 81.5 Singapore cents each in a preferential offering to existing shareholders. Mapletree rose 2.3 percent to 88 Singapore cents.
Raffles Education Corp. (RLS SP): The operator of fashion design schools in Singapore, China and India, said it has established a subsidiary in the Philippines and will open a school in the country in January 2011. Its shares climbed 5.2 percent to 30.5 Singapore cents.
Soilbuild Group Holdings Ltd. (SG SP): The Singapore-based real-estate developer said its controlling shareholder, Chap Huat Lim, has offered to buy the rest of the company for 80 Singapore cents a share. Lim, who holds a 61 percent stake in the company, plans to delist the company, it said. Soilbuild, whose shares have been suspended in the past two days, gained 2.9 percent to 70.5 Singapore cents when it last traded on Sept. 17.
StarHill Global Real Estate Investment Trust (SGREIT SP): The shopping mall operator partly owned by Malaysia’s YTL Corp. said it has completed refinancing S$447 million of debt. The stock gained 1.7 percent to 59.5 Singapore cents.
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