CDL surges on news of asset monetisation
Singapore
SHARES of City Developments (CDL) surged on Wednesday, a day after it announced a joint investment entity with Keppel Land's Alpha Investment Partners which will acquire three of CDL's office properties for S$1.1 billion.
The property and hotel conglo-merate's counter added 6 per cent or 44 cents to hit S$7.68, as brokerage houses published reports praising the move.
Brokers generally liked that CDL is continuing to monetise its non-core assets at market valuation, and making moves to strengthen i…
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