Stocks to watch: Keppel, CapitaLand Ascendas Reit, Unusual

THE following companies saw new developments that may affect trading of their securities on Wednesday (May 3):

Keppel Corporation : The group will undergo a reorganisation that will remove its conglomerate structure in favour of one which comprises fund management, investment and operating platforms, it said on Wednesday. This comes as Keppel looks to become a global alternative real asset manager, with plans to scale its assets under management to S$200 billion by 2030. The counter closed 0.8 per cent or S$0.05 higher at S$6.22 on Tuesday.

CapitaLand Ascendas Real Estate Investment Trust (CapitaLand Ascendas Reit): Its manager on Tuesday said average rental rates went up 11.1 per cent for leases renewed in the first quarter of 2023. Renewal rates were highest for the Reit’s Australian assets, whose average rents increased by 14.3 per cent in the quarter. Units of the Reit fell 1.1 per cent or S$0.03 to close at S$2.83, before the news.