Stocks to watch: Thakral Corp, Fu Yu, IHH Healthcare

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jun 18):

Thakral Corp: The mainboard-listed company on Tuesday announced the launch of an initial public offering (IPO) of GemLife Communities, an Australian over-50s lifestyle resort operator, to raise up to A$750 million (S$628.2 million) at an implied post-money valuation of A$1.58 billion. It is fully underwritten by JPMorgan and Morgan Stanley in Australia, noted Thakral, which holds a 31.7 per cent effective interest in GemLife. Thakral intends to subscribe for an additional 600,962 GemLife stapled securities at the IPO price of A$4.16 per stapled security, translating to a total of 64,000,962 GemLife stapled securities. Its shares closed 2 per cent or S$0.03 lower at S$1.44 on Tuesday, before the news.

Fu Yu: The components manufacturer on Tuesday said that it is actively seeking to appoint independent non-executive directors and has reached out to the Singapore Institute of Directors to invite suitable candidates to apply. This comes as all its independent directors resigned from the company’s board recently. It added that it has agreed to table resolutions for the removal and appointment of directors, in response to its largest shareholder’s request for it to do so under section 183 of the Companies Act 1967, having received legal advice that the request is valid and must be acted upon. The counter ended on Tuesday 5.3 per cent or S$0.005 lower at S$0.09.  

IHH Healthcare: Insurer Great Eastern (GE) has temporarily suspended pre-authorisation certificates for IHH Healthcare’s Mount Elizabeth Hospitals from Tuesday, due to high costs from Mount Elizabeth and Mount Elizabeth Novena hospitals, compared to other private hospitals. The suspension however will not affect other IHH hospitals and facilities such as Gleneagles and Parkway East. GE customers can still seek care from Mount Elizabeth and Mount Elizabeth Novena, but will have no pre-authorisation facility, with no change to their benefits and claims assessed as usual. Shares of IHH Healthcare closed flat at S$2.07 on Tuesday.