Stocks to watch: CDL, Del Monte, Sembcorp, Yangzijiang Financial

THE following companies saw new developments that may affect trading of their securities on Friday (Mar 10):

City Developments Limited (CDL): The property developer completed its acquisition of the St Katharine Docks development in London for £395 million (S$636 million). This translates to £751 per square foot on the existing net lettable area, and increases the group’s total commercial assets in the UK to around £1 billion. Shares of CDL closed S$0.02 or 0.3 per cent lower at S$7.38 on Thursday, after the news.

Del Monte Pacific : It posted a net profit of US$9.8 million for the third quarter ended Jan 31, down 62 per cent year on year despite higher turnover. The bottom-line decline was attributed to lower operating results and increased interest expense from higher bank loans, with the redemption of preference shares. Shares of Del Monte closed flat on Thursday at S$0.315, before the results were released.

Sembcorp Industries : Its carbon management corporate venture, GoNetZero, has launched its digital platform for trading Brazil International Renewable Energy Certificates (I-REC). Brazilian renewable energy generators will also be able to list their I-REC for sale directly on GoNetZero’s platform after they are issued by Instituto Totum, an authorised local issuer of such certificates in Brazil. Shares of Sembcorp closed flat at S$3.80 on Thursday, before the announcement was made.

Yangzijiang Financial Holding : It has signed a memorandum of understanding to distribute funds managed by Yangzijiang Financial on ADDX’s platform. Aside from serving as an additional distribution channel, this will also broaden the group’s investor reach and boost total assets under management, it said on Thursday. The counter ended S$0.015 or 4 per cent higher at S$0.395, prior to the news.