SG Morning Highlights | Cordlife Directors File Injunction Application to Cancel Private Placement

Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.64 percent to 3,196.93 as at 9.14 am.

$Cordlife (P8A.SG)$: A group of Cordlife's directors has filed an injunction application before the High Court of Singapore to restrain the company from issuing new shares. An interim injunction was granted by the court on April 19, pending a hearing on the application. The claimants comprise controlling shareholder Nanjing Xinjiekou Department Store, as well as non-independent non-executive directors Zhai Lingyun and Chen Xiaoling. The application is against the company and several executives, alleging a contravention of Section 157 of the Companies Act 1967. Cordlife had announced its intention to raise S$8.2m by issuing 51.2 million new ordinary shares at S$0.16 each on April 17.

$Wilmar Intl (F34.SG)$: Wilmar International's Ukraine tank terminal facility, Delta Wilmar Ukraine, has been hit by a missile during a Russian attack on the Black Sea Ukrainian port of Pivdennyi on Friday. The agribusiness company, which owns an 80% stake in the subsidiary, reported in a regulatory filing on Sunday that it will assess the extent of the damage caused once the fire at the facility is put out. No casualties have been reported. Wilmar has yet to provide further details on the incident. On Friday, the company's stock rose 0.6% or S$0.02 to close at S$3.40.

$Sabana Reit (M1GU.SG)$: The extraordinary general meeting of Sabana Industrial Real Estate Investment Trust has approved key resolutions, including the removal of its current manager and the internalization of management functions. As a result, amendments to the Trust Deed are being proposed and are subject to a High Court application to convene another meeting for unitholder consideration. The Sponsor and related parties may need to vote on these amendments, which affect all unitholders and are in line with the previously approved internalization process. Discussions with regulatory bodies are ongoing to determine their voting rights.