Stocks to watch: Singtel, Keppel Corp, Chip Eng Seng

THE following companies saw new developments that may affect trading of their securities on Wednesday (Jun 1):

Singtel: The telco on Wednesday named Lendlease as its partner to jointly redevelop its Comcentre headquarters into an office redevelopment, which is estimated to carry a gross development value of S$3 billion upon completion. The resultant joint venture (JV) company will be 49 per cent owned by Lendlease, with the remaining stake held by Singtel. Lendlease will pay S$1.63 billion to Singtel for the land cost of the development. Shares of Singtel closed S$0.06 or 2.3 per cent lower at S$2.59 on Tuesday.

Keppel Corporation (Keppel Corp): Keppel Seghers Engineering (KSES), a wholly-owned subsidiary of Keppel Corp, has commenced arbitration proceedings against the Qatar Public Works Authority (PWA). The arbitration is for claims arising from a December 2007 contract, under which PWA appointed KSES for the design, build, operation and maintenance of a project in Qatar. Shares of Keppel Corp closed 1.6 per cent or S$0.11 higher at S$6.89 on Tuesday, before the announcement.