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Stocks to watch: Global Logistic Properties, Yanlord Land Group
THE following companies had material developments after trading hours on Wednesday that could affect trading on Thursday.
Straits Times Index component Global Logistic Properties (GLP) said on Thursday morning its co-founder and deputy chairman Jeffrey Schwartz has died.
Ming Mei, the company's CEO and co-founder, said: "His vision was key in making GLP the company that it is today. I am honoured to continue his legacy. He will be greatly missed by our company, its stakeholders, our employees and the industry overall."
The company had announced earlier this month that Mr Schwartz was taking time off work to focus on his health.
Meanwhile, China property developer Yanlord Land Group's credit rating outlook has been downgraded by Standard & Poor's (S&P) to "negative", from "stable". Its BB- ratings are maintained. The outlook downgrade was announced on Wednesday evening.
S&P said that the high-end residential property developer has uncertain recovery prospects in 2015. "We believe this could weaken its cash-flow adequacy and leverage," said Standard & Poor's credit analyst Dennis Lee.
Global Logistic Properties last closed at S$2.56. Yanlord last closed at S$1.085.