Stocks to watch: CDL, Keppel Reit, Olam, Mapletree Logistics Trust, Lion Asiapac, Enviro-Hub

THE following companies saw new developments that may affect trading of their securities on Monday (Sep 4): City Developments Limited (CDL): The property developer announced on Thursday that it had acquired a hotel in Osaka, Japan, for 8.5 billion yen (S$78.5 million). Located in the city’s Shinsaibashi district, it marks the developer’s third hotel acquisition of 2023. CDL believes the hotel is “well-placed to benefit from the positive market recovery momentum amid robust demand from international visitors”. Shares of CDL ended 0.6 per cent or S$0.04 lower at S$6.68 after the announcement.

Keppel Reit , Olam Group : The real estate investment trust will replace the food and agribusiness giant on the Straits Times Index (STI) reserve list at the start of business on Sep 18, announced STI administrator FTSE Russell on Thursday. The reserve list is made up of the five highest ranking non-constituents of the STI by market capitalisation. Following the announcement, units of Keppel Reit gained 0.6 per cent or S$0.005 to close at S$0.86 on Thursday, while shares of Olam ended trading 0.8 per cent or S$0.01 higher at S$1.25.

Mapletree Logistics Trust (MLT): Its manager announced on Friday that the trust is divesting its property in Japan for about 10.0 billion yen (S$95.5 million). The sale price is 12.2 per cent higher than the property’s latest valuation of around 8.9 billion yen as at end-March. The deal is expected to be completed by Q3 FY2023/24. Units of MLT closed flat at S$1.68 on Thursday.