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.

Lion Asiapac : The lime manufacturing company entered into a conditional agreement on Friday to sell its limestone processing subsidiary, Compact Energy, for RM49 million (S$14.3 million) in cash. Positive cash inflow of about RM48 million is expected to improve the company’s liquidity during a time when its core business of lime sales has been loss-making for some years, said the company. Lion Asiapac shares ended Thursday flat at S$0.32. 

Enviro-Hub : The mainboard-listed company announced on Monday that the general manager of its 80.25 per cent-owned subsidiary, HLS Environmental, was interviewed by the Corrupt Practices Investigation Bureau on or about Aug 31. The investigation is ongoing, and no charges have been filed. The counter closed flat at $0.027 on Thursday.

Trading halt: Manufacturing company GDS Global called for a trading halt on Monday morning, pending an announcement. The counter closed unchanged at S$0.03 on Thursday with no trades done.