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Three Shares That Lost to the Market Today

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The Straits Times Index (SGX: ^STI) is down 0.2% today to 3,174 points. 15 shares out of the 30 index-constituents lost some ground while 12 managed to make some headway.

Which were some of the unfortunate shares that lost more than the index? Let’s find out.

SATS (SGX: S58) fell 1.3% to S$3.07. The gateway services and food solutions provider announced back in September this year that it would be acquiring cruise and ferry terminal operator Singapore Cruise Centre from Temasek Holdings, an investment arm of the Singapore government, for a total of S$110m.

Depending on how the deal is eventually structured, SATS would be coughing out between S$87.9m to S$106.5m for Singapore Cruise Centre, with the Spain-based cruise terminal operator Creuers del Port de Barcelona picking up the rest of the tab.

The acquisition is subjected to approval from, among others, the Competition Commission of Singapore (CCS).

On that front, SATS announced last Friday that the CCS has completed Phase 1 of its review of the acquisition and the latter is awaiting certain documents from the acquirers to start Phase 2 of the review, which can take up to 24 weeks to complete upon submission of the required documents.

Keppel Land (SGX: K17) slipped 0.3% to S$3.53. The property developer and fund manager, an important subsidiary of Keppel Corporation (SGX: BN4), announced a few days back that it had completed the sale of its 51% interest in the integrated township Jakarta Garden City.

Keppel Land first announced on 24 July 2013 that it had entered into a conditional agreement to sell its stake in Jakarta Garden City to PT Modernland Realty Tbk.

Turns out, Keppel Land would be receiving S$237m in net proceeds from the S$249m sale, and would be realising S$149m in net gains. The sale would “allow the Company to redeploy capital to new residential and commercial projects in Indonesia, with a focus on Jakarta.”

The company’s of the view that the Indonesian economy “is expected to remain positive in the long-term, underpinned by sound fundamentals that will continue to drive demand for quality homes and investment-grade offices, especially in Jakarta.”

Vibrant Group (SGX: F01) is down 1% to S$0.104. The company underwent an official name change from Freight Links Express Holdings only yesterday evening.

The cosmetic move followed real decisions to include its Financial Services and Real Estate Businesses as part of its core business activities after gaining shareholders’ approval for their inclusion in an Extraordinary General Meeting held yesterday morning.

Vibrant Group also offers integrated logistics services including international freight forwarding, chemical storage and logistics, and warehousing & distribution among others.

The company’s chief executive Eric Khua, commented:

The name change clearly highlights a new era for [Vibrant Group] as it enables [Vibrant] to focus its expertise in the respective business areas to strengthen its execution capabilities and build sustainable and scalable businesses in the respective industries and markets.”

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chong Ser Jing doesn’t own shares in any companies mentioned.