Stocks to watch: Sembcorp, CDL, CapitaLand Ascott Trust, Japfa

THE following companies saw new developments that may affect trading of their securities on Monday (Mar 11):

Sembcorp Industries (SCI): India’s SJVN, a state-owned power producer, has awarded a 440-megawatt wind-solar hybrid power project to SCI’s wholly owned renewables subsidiary. Power generated from the project will be sold to SJVN under a 25-year power purchase agreement, Sembcorp announced on Monday. Its counter closed 0.2 per cent or S$0.01 higher at S$5.07 on Friday.

City Developments (CDL): The property developer on Friday initiated share buybacks for its ordinary shares on the open market at an average price of S$5.75 a share for a total consideration of S$5.5 million. Its group chief executive said the discounted price presented an “attractive opportunity” to deploy the company’s capital in its portfolio. Prior to its announcement, shares of CDL closed 1.2 per cent or S$0.07 higher at S$5.75.

CapitaLand Ascott Trust : A unit of the stapled group’s real estate investment trust (Reit) trustee has issued S$120 million of 3.69 per cent notes due Mar 15, 2029. Net proceeds will be used to refinance existing borrowings, announced its managers on Friday. Stapled securities of the trust closed S$0.005 or 0.6 per cent lower at S$0.90, before the news.

Japfa : The agri-food company on Monday refused to comment on speculations about a privatisation deal in a Mar 8 Bloomberg article. It said its key shareholders are approached from time to time to consider a variety of transactions that are typically assessed “as a matter of practice”. The counter closed Friday up 8 per cent at S$0.215.