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Stocks to watch: Trendlines Group, SPH Reit, Keppel Corp
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Trendlines Group: The group on Tuesday said it intends to open a Singapore-based innovation centre focused on developing agrifood technologies, and is planning to raise a US$40 million venture fund to invest in and support early-stage agrifood tech. It added that it will act as the new fund's general partner. That said, no definitive agreements have been entered into at this point in time. The counter closed at 9.9 Singapore cents apiece on Tuesday.
SPH Reit: SPH Reit on Tuesday announced the proposed acquisition of Figtree Grove Shopping Centre in Australia for A$206 million (S$206 million) from an unrelated third party, Swordfish Australian Mid TC. SPH Reit's 85 per cent contribution to the property price is A$175.1 million, or A$188.2 million after including fees. On acquisition, the property is expected to generate a net property income yield of about 5.7 per cent, after taking into account the transaction costs. The deal is conditional on the necessary approvals being granted by the relevant authorities. Its units closed flat at S$1.01 on Tuesday.
Keppel Corporation: Keppel Land on Tuesday said that it has, through its wholly owned subsidiary PT Sukses Manis Indonesia, signed an agreement with Indonesian property developer, PT Metropolitan Land (Metland), to jointly develop a 12-hectare residential site in the Metland Menteng township in East Jakarta, Indonesia. Keppel Land will hold a 50 per cent stake in the joint operation which will yield about 500 landed homes with ancillary shophouses for sale. Keppel Land's share of the total development cost for the project is estimated to be about 600 billion rupiah (S$57 million). Shares of Keppel Corp closed nine Singapore cents or 1.5 per cent lower at S$6.01 on Tuesday.