Stocks to watch: Global Logistic Properties, Keppel Infrastructure Trust
GLOBAL Logistic Properties (GLP) said on Tuesday that it has signed an agreement with Adidas to develop its largest distribution centre in Asia.
This comes just after it announced last Friday that it has accepted a Chinese consortium's offer of S$3.38 per share in cash, valuing the company at about S$16 billion.
In a Singapore Exchange filing on Tuesday, GLP said that Adidas is doubling its space at the same park in Suzhou, Eastern China to meet strong demand from growing domestic consumption.
GLP last traded at S$3.31 on Monday, up two Singapore cents, or 0.61 per cent.
KEPPEL Infrastructure Trust (KIT) on Monday reported a distribution per unit of 0.93 Singapore cent for Q2, unchanged from a year ago.
The trust, however, recorded a 4.9 per cent drop in profit attributable to unitholders as the business trust is allowed to pay distributions out of retained cash and residual cash flows.
KIT's total distributable cash flows was S$38.7 million for the three months ended June 30, 2017, up from S$38 million the year before.
KIT closed unchanged at S$0.575 on Monday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines