Stocks to watch: Stamford Land, Jumbo

THE following companies saw new developments that may affect trading of their securities on Tuesday (Oct 11): 

Stamford Land : The company will divest both its Stamford Plaza Auckland hotel property in New Zealand as well as the business and business assets of its operator, Spak (1996), for a total consideration of NZ$170 million (S$137.5 million). Net profit from the disposal is estimated to be NZ$18 million, and proceeds will be used to fund future acquisitions and investments, as well as the paying down of loans. Stamford Land closed down 4.1 per cent or S$0.015 at S$0.355, before the announcement was made.

Jumbo : The group announced on Monday that it officially opened its fourth franchised Jumbo Seafood outlet in Hanoi, Vietnam on Oct 8. Situated within the Ba Dinh District, the 6,373 square foot outlet with a seating capacity of 174 is also the first to be located in Hanoi. Shares of Jumbo Group shed S$0.005 or 2 per cent to close at S$0.245, before the announcement.