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Stocks to watch: CapitaLand, SembMarine, Sunpower Group
THE following companies saw new developments that may affect trading of their shares on Friday:
CapitaLand: CapitaLand is set to divest its share of interest in a group of companies that hold 20 retail malls in China for an agreed value of 8.37 billion yuan (about S$1.71 billion) to unrelated parties. The company projected that this transaction will generate net proceeds of about S$660 million and a net gain of about S$75 million. CapitaLand last traded 1.39 per cent higher to S$3.66 on Thursday.
Sembcorp Marine (SembMarine): Jurong Shipyard, a unit of SembMarine, has been fined S$230,000 for poor equipment maintenance which resulted in the death of two workers. This was due to the company's failure to ensure that the aerial platform workers were working on was maintained in safe condition. The workers were fatally injured on Oct 29, 2011 when they fell about 30 metres to the bottom of a dry dock. SembMarine last traded down 2.14 per cent to S$1.83 on Thursday.
Sunpower Group: Mainboard-listed Sunpower Group's wholly owned subsidiary, Jiangsu Sunpower Technology Co, has been awarded a 34.98 million yuan (S$7.2 million) contract - its first in the flue gas desulphurisation market. The group will provide engineering, procurement and construction services to Yangquan Coal Industry Group Taiyuan Chemical New Material Co. Sunpower closed 1.01 per cent higher to trade at S$0.50 on Thursday.