Pan United, OUE, Wilmar, Jumbo, Metro, China Int’l

SINGAPORE (Oct 5): Here are some factors and stocks that could move the market this Wednesday morning:

Pan-United Corp is divesting its entire equity stakes in two wholly-owned subsidiaries, Pan-United Shipping and P.U. Vision, to Sedgefield Corporation for $29.92 million. Sedgefield is wholly owned by Jane Kimberly Ng Bee Kiok, Ng Bee Bee, and Ng Han Whatt, who are controlling shareholders of Pan-United, as well as members of Pan-United’s founding Ng family. Approval from shareholders will have to be sought. Pan-United closed 1.7% lower at 59 cents on Tuesday.

Developer OUE, backed by the billionaire Riady family, plans to pursue a stake in Singapore property and construction firm United Engineers, reported Bloomberg. OUE is interested in bidding for shares held by Oversea-Chinese Banking Corp and its affiliates. A spokesman for OUE declined to comment. OUE shares closed 4 cents higher at $1.80. UE shares closed 2 cents higher at $2.53.

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