Stocks to watch: Sembcorp, Thomson Medical, Prudential, Trendlines, Ping An Insurance, Abundance International
The following companies saw new developments that may affect trading of its securities on Thursday (Mar 20).
Sembcorp Industries: Units of Sembcorp Industries and state-owned utilities company Sarawak Energy have tied up with Prysmian for a hydropower project that could supply Singapore with 1 gigawatt (GW) of green electricity from the Malaysian state, Sembcorp said on Wednesday. Prysmian is an Italian subsea cable maker that produces high-voltage submarine and underground cable systems. The deal also involves technical partner SP PowerInterconnect, a subsidiary of Singapore’s state-owned utilities company SP Group. The potential import of an estimated 1 GW of green electricity from Sarawak to Singapore is subject to regulatory approvals. Sembcorp shares closed S$0.05 or 0.8 per cent lower at S$6.15 on Wednesday, before the announcement.
Thomson Medical: The healthcare player will develop Thomson Hospital Iskandariah – a 1.5 hectare, multi-speciality healthcare institution in Johor focusing on areas such as oncology, orthopaedics, and obstetrics and gynaecology. The tertiary hospital will have around 300 beds, with the capacity to scale up to 400, said group chief executive Melvin Heng in an interview with The Business Times. Thomson Medical, then privately held, inked a memorandum of understanding with mainboard-listed Rowsley in 2015 to develop a healthcare hub on that piece of land. The healthcare hub is expected to be completed by 2030. Shares of Thomson Medical traded flat on Wednesday, at S$0.041.
Prudential: The insurer’s new business profit was up 11 per cent, on a constant exchange rate basis at US$3.08 billion for the financial year ended December. On Thursday, Prudential noted that 14 markets achieved double-digit year-on-year growth in new business profit, led by Hong Kong, Singapore and Taiwan. Shares of Prudential ended Wednesday flat at US$8.21 on the Singapore Exchange (SGX).
Trendlines: The mainboard-listed company terminated its subsidiary’s chief executive officer and director Anton Wibowo for allegedly stealing of US$2.1 million from the unit. The startup incubator based in Singapore and Israel said on Wednesday that it is considering legal recourse against Wibobo in relation to the misappropriations. This will include any steps deemed feasible for asset recovery. Shares of Trendlines closed on Wednesday flat at $0.039.
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