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Stocks to watch: SMRT, CDL, Singtel
THE following stocks had announcements or developments that could affect trading activity on Monday.
SMRT: The train operator has backed out of a bid to venture into the telecommunications industry, after facing criticism over whether it might be distracted from its core business of providing public transport. It said in a Singapore Exchange filing on Friday that it has decided not to subscribe for shares in OMGtel - a subsidiary of wireless systems integrator Consistel that was set up in October 2014 for the purpose of bidding for Singapore's fourth telco licence.
City Developments (CDL): The property and hotel conglomerate stock fell as much as 5.4 per cent on Friday, on news of its impending removal from the FTSE EPRA NAREIT Global Developed index as it did not meet the index's income criterion.
Singapore Telecommunications (Singtel): The telco has launched a cloud-based solution that helps enterprises in Asia Pacific, Australia, Europe and the US simplify the management of their networks. The service, called ConnectPlus Software-Defined Wide Area Network (SD-WAN), has been launched by Singtel in partnership with US company Viptela Inc, a Sequoia-funded start-up founded in 2012.