Stocks to watch: Keppel Corp, Far East Hospitality Trust, Sembmarine, Sembcorp Industries, Rex

THE following companies saw new developments that may affect trading of their securities on Monday (Mar 27):

Keppel Corporation : The group’s Philippines-listed subsidiary will divest a remaining 50 per cent stake in The Podium West Tower and The Podium Mall in the Philippines for around 8 billion pesos (S$195 million). The buyer is BDO Unibank, which holds the other 50 per cent, said the group on Monday. Keppel shares closed Friday 1.1 per cent or S$0.06 lower at S$5.40.

Far East Hospitality Trust (FEHT), City Developments Limited (CDL): The stapled group has received a full S$18 million incentive payout from its divestment of Central Square to CDL after meeting certain conditions. On Monday, FEHT’s manager said it now expects to obtain a gain of S$130.3 million from the divestment, as opposed to the earlier estimated S$112 million when the deal was first announced in December 2021. Stapled securities of FEHT ended at S$0.59 on Friday, while shares of CDL closed down 0.7 per cent or S$0.05 at S$7.16.

Sembcorp Marine (Sembmarine): Shares of Sembmarine ended Friday significantly lower after news that its wholly-owned subsidiary Estaleiro Jurong Aracruz (EJA) was facing investigations for “alleged irregularities” in its practices. The counter was the second most heavily traded by value that day, and closed 8 per cent or S$0.009 down at S$0.104.

Sembcorp Industries : A joint venture between Sembcorp and Vietnam’s Becamex IDC Corp will explore building smart and sustainable industrial parks in nine Vietnamese provinces. This comes after a memorandum of understanding was signed on Saturday with the aim of enhancing socio-economic development in these provinces. Sembcorp shares closed at S$4.24 on Friday, up S$0.06 or 1.44 per cent.

Rex International Holding : In response to an open letter published in The Business Times (BT) on Mar 24 (Friday), the group emphasised that it has been, and will be, in the oil and gas space for many years to come. Business diversification is, however, still needed considering the ongoing volatility in oil prices as well as climate change, said Rex on Sunday. The counter closed S$0.005 or 4 per cent lower at S$0.121 on Friday, the day the letter was published. 

Trading halts: Sunpower Group on Monday called for a halt in the trading of its shares, pending the release of an announcement. The environmental engineering company closed Friday S$0.005 or 1.4 per cent higher at S$0.375.