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Stocks to watch: Global Logistic Properties, Keppel Infrastructure Trust

Tuesday, July 18, 2017 - 09:04

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Global Logistic Properties (GLP) said on Tuesday that it has signed an agreement with Adidas to develop its largest distribution centre in Asia.

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.

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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.

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