Stocks to watch: DBS, Keppel Reit, NetLink NBN Trust, StarHub, Info-Tech

The following companies saw new developments that may affect trading of their securities on Wednesday (Oct 8):

DBS Bank: The bank’s shares hit a new record high on Tuesday, driving its market capitalisation beyond S$150 billion. It now has nearly double the market capitalisation of its nearest banking rival, OCBC. Charu Chanana, chief investment strategist at Saxo, said that DBS offers investors growth, safety and income, as well as balance-sheet safety and a dependable cash flow. Its shares closed 3 per cent or S$1.60 up at S$54.80 on Tuesday.

Keppel Real Estate Investment Trust (Reit): The manager of the Reit announced an agreement to acquire a 75 per cent interest in a freehold retail mall in Sydney, for A$393.8 million (S$334.8 million). The acquisition of Top Ryde City Shopping Centre marks the Reit’s expansion into the retail sector, the manager said on Wednesday. The Reit will issue around 112.5 million new units via a private placement to raise S$113 million to fund the acquisition. Units of Keppel Reit closed flat on Tuesday at S$1.03, before the manager called for a trading halt on Wednesday morning.

NetLink NBN Trust: The fibre network infrastructure provider opened a S$110 million new central office in Seletar on Tuesday. The central office will support NetLink’s fibre network infrastructure in Singapore’s northern and north-western regions, which are expected to undergo significant development. NetLink has designed, built and operated Singapore’s fibre internet infrastructure since 2008. Units of NetLink NBN Trust closed S$0.005 or 0.5 per cent up at S$0.96 on Tuesday, before the announcement.

StarHub: The telecommunications operator on Tuesday priced S$200 million in subordinated perpetual securities at 3.35 per cent under its S$2 billion multi-currency debt issuance programme. The securities will be issued in denominations of S$250,000 each. DBS and UOB have been appointed as joint lead managers and bookrunners for the perpetual securities, which are expected to be issued on or around Oct 14. Net proceeds from the issue will be used to finance StarHub’s “general corporate funding requirements or investments”. StarHub shares fell S$0.01 or 0.9 per cent to S$1.13 on Tuesday, before the news.

Info-Tech: The software provider announced on Tuesday that its chief financial officer (CFO), Gan Lai Thong, will leave the company to “pursue his own personal interests” after Dec 31. This comes just three months after it made its debut on the Singapore Exchange mainboard. Gan, 62, held the position of CFO since May 2021. Shares of Info-Tech closed S$0.01 or 1.1 per cent up at S$0.89 on Tuesday, before the news.

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Aspial, AF Global: A consortium comprising Aspial Corporation and an entity linked to the Koh family behind it, JK Global Investment, is proposing to acquire some 27.35 per cent or 288.7 million of shares in mainboard listed AF Global at S$0.11 apiece. These exclude the 41.75 per cent of shares owned by Aspial and the 30.91 per cent owned by Koh Wee Meng, property developer Fragrance Group’s executive chairman and brother of Koh Wee Seng, who helms Aspial. The total consideration for the acquisition is around S$31.8 million. On Tuesday, shares of Aspial closed flat at S$0.103, while AF Global shares closed flat at S$0.096.