Stocks to watch: Sinarmas Land, Frasers Hospitality Trust, Procurri Corp

The following companies saw new developments that may affect trading of their securities on Tuesday (May 6).

Sinarmas Land: W Capital, the independent financial advisor (IFA) appointed by Sinarmas Land to opine on its privatisation offer by the Widjaja-family linked Lyon Investments, responded to an article by The Business Times and a statement by Sias that were both published on Monday. Both parties had made claims that the IFA’s valuation range of S$0.35 to S$0.361 for shares of Sinarmas Land of was undervalued. W Capital said on Tuesday that it had adopted to most appropriate methodologies in line with conventional industry practice by other IFAs in Singapore. Shares of Sinarmas Land closed at S$0.32 on Monday, up S$0.005 or 1.6 per cent.

Frasers Hospitality Trust (FHT): The stapled securities group on Tuesday posted a 6 per cent drop in distribution per stapled security to S$0.010257 for its first half year ended Mar 31, from S$0.01091 in the corresponding year-ago period. This decline was attributed to lower net property income and higher finance costs arising from the refinancing of borrowings in a higher interest rate environment. The distribution will be paid on Jun 27, after the record date on May 15. Stapled securities of FHT closed S$0.01 or 1.5 per cent lower at S$0.65 on Monday.

Procurri Corp: The IT solutions provider has appointed Evolve Capital Advisory as the IFA for the acquisition offer from parent company Exeo Global Asset Holdings amid a potential delisting from the Singapore Exchange. The mainboard-listed company said on Monday that the IFA will advise its independent directors, who will make a recommendation to shareholders on the proposed acquisition. Procurri and Exeo Global Asset Holdings announced the proposed acquisition on Apr 28 for the latter to acquire all of Procurri’s shares, except those it already holds and any treasury shares, for S$0.32 in cash per share. The offer price represents a 77.8 per cent premium to Procurri’s traded price on Apr 25, when the company requested a trading halt after the market closed. Its shares closed flat at S$0.30 on Monday.

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