Stocks to watch: OCBC, Jardine Matheson, Mandarin Oriental, SingPost

The following companies saw new developments that may affect trading of their securities on Tuesday (Dec 9):

OCBC: The bank’s mezzanine capital unit announced on Monday that it has invested in the development of a US$1.5 billion low-carbon steel plant in Malaysia’s Sabah state, scheduled for commissioning by 2030. The plant is being developed by Green Esteel, a Singapore-based investment holding company focused on low-carbon steel. Shares of OCBC ended at S$18.73, down by S$0.19, or 1 per cent on Monday.

Jardine Matheson and Mandarin Oriental: Shareholders of the hotel chain on Monday voted in favour to approve Jardine Matheson’s takeover bid. The investment company said on Oct 17 that it was moving to take Mandarin Oriental private in a recommended cash takeover valued at US$3.35 per share. Completion of the acquisition remains subject to the remaining conditions, including the completed sale of One Causeway Bay in Hong Kong, which is expected to occur by 31 December 2025. Shares of Mandarin Oriental closed flat at US$3.30 on Monday, while those of Jardine Matheson fell 0.1 per cent to close US$0.06 lower at US$68.35.

SingPost: The postal service on Tuesday said it was raising standard domestic mail rates by S$0.10 for both regular and large mail. The new prices of S$0.52 and S$0.90 respectively will go into effect from Jan 1 next year. Mark Chong, SingPost’s CEO, said that the increase is a “necessary step” to balance the “structural cost” of his company’s domestic mail operations. Shares of SingPost ended Monday flat at S$0.415.

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