Stocks to watch: ST Engineering, FLCT, mm2 Asia, HRnetGroup, Ossia

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Jul 17):

ST Engineering: The group said on Thursday that its wholly owned subsidiary ST Engineering Urban Solutions and Singapore Power are selling their joint venture SPTel to AQX for S$290 million. The buyer is an investment platform owned by fund manager Seraya Partners. The proposed transaction is expected to close in Q4 of 2025. The counter ended on Wednesday 0.1 per cent or S$0.01 higher at S$8.34.

Frasers Logistics & Commercial Trust (FLCT): It will divest an office building in Melbourne’s Central Business District for A$192.1 million (S$161.4 million). FLCT wants to exit the Melbourne office market and focus on logistics and industrial properties. The valuation features a 0.6 per cent premium over an indepdent valuation of the building, said the manager of FLCT on Wednedsay. Units of FLCT closed Wednesday up 0.6 per cent or S$0.005 at S$0.855, before the announcement.

mm2 Asia: Embattled entertainment group mm2 Asia is seeking to delay a S$54 million bond repayment by six years to the end of December 2031. The proposal aims to avoid imminent default and involves a higher interest at 6 per cent per annum, up from 5 per cent. The move to preserve cash will also give mm2 Asia control of the subsidiary mm Connect. The cinema chain owned by mm2 Asia, Cathay Cineplexes, was also given new demands to pay its S$3.3 million debt to the landlords of Century Square and Causeway Point. Shares of mm2 Asia closed Wednesday up 16.7 per cent, or S$0.001, at S$0.007, before the announcement.

HRnetGroup: The recruitment agency appointed 10 new business leader co-owners on Wednesday after some existing ones retired and left the firm. Its total number of co-owners stands at 45. Co-owners can make operating decisions for the group, which provides shared services including finance, HR and IT, and more. Shares of HRnetGroup closed flat at S$0.69 on Wednesday, before the announcement.

Ossia International: The joint offerors looking to privatise the group at S$0.16 per share do not intend to increase their offer price, the company said on Wednesday. The controlling shareholders of the company – executive chairman Goh Ching Wah, chief executive officer Goh Ching Huat and non-executive director Goh Ching Lai – whose collective holdings total 84.79 per cent of shares, had in May lodged an unconditional offer to take the lifestyle products retailer and distributor private. The counter ended on Wednesday 0.6 per cent or S$0.001 higher at S$0.164.