Stocks to watch: CDL, Singapore Kitchen Equipment

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Jun 12):

City Developments Ltd (CDL) : A tie-up between City Developments Ltd (CDL) and Hong Realty on Thursday has placed the top bid of S$542.4 million for a 99-year leasehold private housing site in Peck Hay Road, a short walk from the Newton MRT interchange station. The top bid works out to S$1,865.15 per square foot per plot ratio. The 80:20 joint venture between CDL and Hong Realty plans to develop a 39-storey residential tower with about 380 units. Shares of CDL on Thursday ended at S$8.23, S$0.04 or 0.5 per cent lower.

Singapore Kitchen Equipment (SKE) : The company has defended its decision to retain CEO Sally Chua Chwee Choo and senior manager Charlene Koh Sai Eng in their positions despite them being charged with alleged fraud and falsifying of accounts. In response to queries from the Singapore Exchange, SKE said that it will update its assessment when there are key developments in the court proceedings, including the conclusion of the judicial process. In the meantime, it has appointed executive director Alan Lee Chong Hoe to take on the CEO’s job in the event that Chua is unable to continue. SKE shares last closed at S$0.059 before the counter was suspended in August 2021.