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.