Stocks to watch: CDL, Japfa, United Hampshire US Reit, Nanofilm, Singapore developers

THE following companies saw new developments that may affect trading of their securities on Wednesday (Mar 30):

City Developments Ltd (CDL): The property developer said in a bourse filing on Wednesday that its sale of 85 strata lots, including 2 car parks, that it owns at Tanglin Shopping Centre to Hillthorpe Investments will likely result in significant gains for the company. CDL said it will be able to recycle and reallocate its capital from the sale, in line with its overall strategy to divest some of its assets at a premium. The deal is expected to be completed in either FY2022 or 2023. CDL shares rose 0.4 per cent or S$0.03 to end at S$7.88 on Tuesday.

Japfa: The agri-food company on Tuesday said it applied to list its dairy unit in China, AustAsia Investment Holdings, on the mainboard of the Stock Exchange of Hong Kong. As part of a capital reduction exercise, the company is also proposing a distribution in specie of its entire shareholding in AustAsia, which will see eligible shareholders receiving AustAsia shares in proportion to their respective shareholdings in Japfa. Shares of Japfa closed up S$0.005 or 0.8 percent at S$0.65 on Tuesday, before the announcement.