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Stocks to watch: CDL, Olam, Keppel

Artist's impression of Coco Palms, the newest joint venture condominium development by City Developments (CDL), Hong Realty and Hong Leong Holdings.

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.

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