Singapore stock watch: OUE, Top Glove, Biolidics, Raffles Education, Yeo Hiap Seng

SINGAPORE (THE BUSINESS TIMES) – The following companies saw new developments that may affect trading of their securities on Friday (July 17):

OUE Limited, OUE Commercial Real Estate Investment Trust (OUE C-Reit): Property developer OUE on Friday announced it will sell the iconic US Bank Tower for US$430 million, below the property’s valuation. Separately, OUE C-Reit had received the offer to buy the property as it had the right of first refusal, but declined it as it was of the view that the acquisition would not be accretive to its distribution per unit. Shares of OUE closed flat at $1.22 on Thursday, while OUE C-Reit units fell 0.5 cent or 1.3 per cent to end at 39 cents.

Top Glove, UG Healthcare, Riverstone Holdings: The trio of glove makers saw sharp selloffs in their shares this week, after a meteoric rise over the past six months thanks to a boost in demand for gloves amid the Covid-19 pandemic. On Wednesday, the US Customs issued a detention order on imports made by Top Glove, possibly over forced labour concerns. Shares of UG Healthcare plummeted 14.3 per cent to $1.32 by the closing bell on Thursday, while Riverstone sank 2.3 per cent to $3 and Top Glove nose-dived 11.1 per cent to $6.49.

Biolidics: The Covid-19 test maker said late on Thursday that it expects to take up to nine months to incorporate the technology from the Agency for Science, Technology and Research (A*Star) into a new serology test kit. The Catalist-listed firm was responding to queries from the Singapore Exchange about the timing and details of its A*Star licence announcement. The counter was trading at $0.38 as at 9.03am on Friday, down $0.01 or 2.6 per cent.

Raffles Education Corp: The mainboard-listed company is set to take control of Chinese property firm Langfang Hezhong Real Estate Development, after its subsidiary entered into an agreement to raise its stake by 35.9 per cent for 254 million yuan (S$49.2 million) in cash. Shares in Raffles Education closed at 11 cents on Thursday, down 0.5 cent or 4.4 per cent, before the announcement.

Yeo Hiap Seng: The beverage company on Thursday evening said it expects to report a net loss in the first half of 2020, due to the impact of the Covid-19 pandemic and lower consumer spending. The stock ended 1.5 cent or 1.8 per cent higher at 85.5 cents before its profit guidance.

Wing Tai Holdings: Two of its subsidiaries in Malaysia have agreed to sell a Kuala Lumpur development and the freehold land it sits on for RM243.8 million (S$79.4 million), Wing Tai said on Thursday evening after its shares closed at $1.73, down $0.02 or 1.1 per cent.

Rex International: The oilfield services firm on Friday said the Ministry of Oil and Gas in Oman has approved the field development plan for the Yumna field and awarded a declaration of commerciality. Meanwhile, in Norway, Rex will participate in a well to be drilled in late August. The counter last traded at 17.6 cents on Wednesday, before it called for a trading halt. Rex on Friday morning requested to lift the halt.

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