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Stocks to watch: CDL, Olam, Keppel
THE following stocks had announcements and movements that could affect trading activity on Tuesday.
City Developments Limited: CDL has partnered Blackstone's Tactical Opportunities Fund and CIMB Bank Berhad, Labuan Offshore Branch to create a unique investment platform that will invest in the cashflows of CDL's properties in Sentosa Cove, called the Quayside Collection. Through this transaction, a total of S$1.5 billion will be raised.
Olam International: Olam announced on Tuesday that it has agreed to acquire the global cocoa business of Archer Daniels Midland Company (ADM) - one of the world's largest processors and suppliers of cocoa liquor, powder and butter - at an enterprise value on a cash and debt free basis of US$1.3 billion, transforming Olam into one of the world's top three cocoa processors.
Keppel Corp: Oil & gas related stocks continued their decline on Monday, including shares of offshore & marine companies, as oil price fell to new lows. During Monday's trading, Keppel led the decline among these counters, sliding 1.24 per cent. The rigbuilder bought back a million of its shares on Monday for S$7.97 million.