Stocks to watch: Singtel, SGX, Del Monte Pacific, Tat Seng Packaging

The following companies saw new developments that may affect trading of their securities on Monday (Sep 22):

Singtel: The telecommunications company’s Australian subsidiary Optus experienced a technical failure that disrupted emergency call services and was linked to four deaths – including that of an eight year-old boy – on Thursday. Optus on Friday apologised for the 13-hour disruption in services which happened after a network upgrade. The Australian government has said that it will investigate the “unacceptable” failure. Shares of Singtel closed 1.4 per cent or S$0.06 up at S$4.41 on Friday, before the announcement.

SGX: The group on Monday launched new indices that track the next tier of large and liquid mainboard companies beyond the 30 constituents of the Straits Times Index. The new iEdge Singapore Next 50 Indices are available in two variants – one is weighted by market capitalisation and the other by liquidity. Shares of SGX closed 0.4 per cent or S$0.06 up at S$16.87 on Friday.

Del Monte Pacific (DMP): The group on Monday clarified that an audit disclaimer to its recent audited financial statements pertains to its investment and share of losses in its deconsolidated US unit Del Monte Foods (DMF). The disclaimer arose as auditors could not obtain sufficient and appropriate evidence on the recoverable values of DMF’s assets and liabilities. DMP’s Philippine and Asian businesses, which constitute its continuing operations, remain fully audited and the disclaimer has minimal bearing, if any, on the integrity of these results. The counter ended Friday flat at S$0.095.

Tat Seng Packaging: Popiah King Goi Seng Hui has secured acceptances for about 24.65 per cent of Tat Seng Packaging’s shares under his chain offer, which closed on Friday. In August, he had launched an unconditional cash offer at S$0.899 a share for all the shares he did not already own. With Goi and his concert parties now holding about 88.9 per cent of Tat Seng, below the 90 per cent threshold, the company will remain listed on the SGX. Shares of Tat Seng closed 2.2 per cent or S$0.02 down at S$0.87 on Friday, before the announcement.