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Stocks to watch: CDL, Straits Trading, Sembcorp, ST Electronics
THE following companies made announcements before the market opened on Thursday that could affect the trading of their shares:
City Developments Limited (CDL) announced on Thursday that it has signed an agreement to invest 72 million yuan (S$14.8 million) for a 24 per cent stake in Distrii, an operator of co-working spaces in China.
This will be Distrii's first international foray outside China. It will lease more than 60,000 square feet of space at CDL-owned Republic Plaza Tower 1 in Singapore's Central Business District.
Property firm Straits Trading Company on Wednesday said that it plans to buy for 925 million yen (S$11.6 million) the rights to a rental residential property in Osaka, Japan.
The property, Splendid Namba II, is a 14-storey freehold rental residential property located in Naniwa-ku, Osaka, Japan.
Sembcorp Industries on Wednesday announced the signing of a build-operate-transfer agreement with Myanmar's Ministry of Electricity and Energy for its upcoming 225 MW Sembcorp Myingyan gas-fired power plant in Mandalay.
Sembcorp had said in 2015 that its wholly owned unit, Sembcorp Utilities, had won the contract to develop the plant.
Singapore Technologies Electronics (ST Electronics), the electronics arm of Singapore Technologies Engineering (ST Engineering), has entered into a conditional share purchase agreement to acquire a majority stake in SP Telecommunications (SPTel), according to a company filing on Wednesday.
ST Electronics will acquire a 51 per cent stake in SPTel from Singapore Power for an estimated S$54 million, to be finalised post-closing, subject to a maximum of S$60 million. SP will retain a 49 per cent stake in SPTel, which owns an extensive network of fibre optic back-haul infrastructure and facilities in Singapore and provides, among other things, connectivity to data centres.