You are here

Stocks to watch: Perennial Real Estate, MMP Resources, Keong Hong

Tuesday, November 29, 2016 - 09:00
Chinatown.jpg

PERENNIAL Real Estate Holdings: A day after the Singapore developer said it has raised its stake in the Chinatown Point mall, it announced on Tuesday it has signed a call option agreement for the right to buy a 20 per cent stake in Aroland Holdings, which owns Aviva Tower in London. The call option is based on an agreed property value of £330 million (S$583 million) for the building.

MMP Resources: The mainboard-listed construction company said on Tuesday its subsidiary has signed an agreement with Japanese ski operator JRT Trading to operate and manage the Chisenupuri Ski Area in Hokkaido.

MMP and JRT will jointly operate the business for the 2016/17 winter season. MMP will commit 12 million yen (S$152,600) for operational expenses, and JRT will provide the required pre-season equipment and personnel to transport clients through the ski area.

According to the agreement, MMP also has the option to become the exclusive operator of the business from April 2017 for 2.5 million yen.

Keong Hong Holdings: The construction, hotel and property development and investment group reported a 24.4 per cent decline in net profit to S$17 million for the fourth quarter ended Sept 30, 2016.

Revenue slipped 24.8 per cent to S$57.15 million during the quarter.