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Stocks to watch: SingTel, Keppel Land, Keppel Corp, ST Engineering
SINGAPORE Telecommunications: SingTel announced on Friday that its Australian subsidiary, Alphawest Pty Limited (Alpha), has entered into a conditional agreement to fully acquire Ensyst Pty Limited (Ensyst) - a cloud computing services company in Australia with net tangible assets of approximately A$208,000 - for an offer price of A$13.0 million.
Keppel Land: The company will be acquiring a 75 per cent stake in Hong Kong's retail management company, Array Real Estate, for an undisclosed sum. In an announcement on Thursday evening, Keppel Land said that as part of the joint-venture agreement with Hong Kong-incorporated Array Holdings, the remaining 25 per cent stake will continue to be held by Array Holdings. Keppel Land said that Array has a strong track record in the development, management and marketing/leasing of retail malls and its clients include property owners and property funds in Singapore and the region.
Keppel Corporation: Keppel Corporation rallied on Thursday, closing 2.68 per cent higher, clocking its second consecutive day of rebound as Asian markets rallied on the back of more positive language from the US Fed. However, after a brief rally on Wednesday, oil prices fell again on Thursday below the psychological barrier of US$60 per barrel.
Singapore Technologies Engineering: Defence analysts IHS said on Friday that low oil prices could swell up the government finances of oil importing countries such as China, India and Indonesia, and together with South Korea and Malaysia, could increase or maintain their defence spending at above 5 per cent. This could be benefit defence equipment manufacturers such as ST Engineering, especially with regard to regional markets.