SG Market (18 Dec 14)

S’pore shares are likely to halt its sell-off and rebound from oversold levels following the Wall Street reversal and early positive reaction on Asian bourses. From a chart perspective, the STI remains in a mid-term downtrend as long as it stays below the 200-dma at 3,266 with a temporary bottom seen at the 3,200 mark. Stocks to watch: *Silverlake Axis: Proposed a takeover offer for Finzsoft Solutions at NZ$3/sh. Finzsoft is an Auckland-based financial technology company that develops and implements software and solutions for banks and financial institutions in New Zealand and Australia. The offer was made by via a 51/49 shell entity, in partnership with Andrew Holiday, the managing director and majority shareholder (65.9%) of Finzsoft. *Oxley: Emerged as the preferred bidder of a 2.35ha commercial site at 72-80 North Wall Quay in Dublin, next to the proposed new HQ of the Central Bank of Ireland. Should Oxley win the tender, it will proceed to acquire a long leasehold interest with the right to develop, manage and realise the site. The site has potential to accommodate in excess of 60k sqm of Grade A office space with capacity for up to 5,500 employees and over 200 apartments. *Oxley: Completed the acquisition of Chiba Port Square, a mixed development located in the heart of Chiba City’s port area in Greater Tokyo. In Nov, the group announced that it entered into a booking confirmation for the property at the purchase price of ¥3.55b from Masuya Home Co. Built in 1993, Chiba Port Square sits on a site area of 20,073 sqm, and consists of a 28-floor office building (70% occupancy) and a 21-floor hotel called Candeo Hotels China (270 rooms). *Bumitama: Acquiring 100% equity of PT Energi Baharu Lestari, which is engaged in biodiesel production and currently testing and commissioning a biodiesel refinery with capacity of 20,000 tons per annum, for IDR10.4b (~$1.07m). *IPCO: Signed a 30-year concession agreement (CA) with Weihai’s Nanhai New District Regulatory Commission for the exclusive gas supply to China Power International New Energy Holding. This is the second CA secured with Shandong province. The total investment is estimated to cost Rmb120m, with construction to commence in 2015. *Jubilee Industries: Acquired 1.1m shares in Bursa-listed EG via open market purchase for total consideration of RM504m. Jubilee now owns 27.5% of EG shares. *HLH: Terminated the agreement to buy 13,541 sqm of land in Phnom Penh, Cambodia, due to commercial reasons. *Croesus Retail Trust: Increased its hedge for distributable income from 80% to 100%, for FY15, to mitigate forex risks. *HanKore: Counter will change its name to China Everbright Water wef 22 Dec. *PCRT: Trading will be suspended wef 23 Dec, following the settlement of valid acceptances which will result in the public float of the counter falling below 10%. The offeror does not intend to take steps to preserve the listing status of PCRT.