Stocks to watch: First Resources, Keppel Reit
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Oct 20):
First Resources, a palm oil company, expressed confidence that an objective review would confirm it does not participate in land clearing by fire. The group welcomed a thorough examination of facts surrounding the haze issue. On Tuesday, the company reaffirmed its zero-burning policy across all operations. Shares of First Resources closed up 3.4% or S$0.13 at S$3.93 on Monday.
Keppel Real Estate Investment Trust (Reit) announced the acquisition of a 51% stake in Keppel South Central from its sponsor, Keppel, for S$610.9 million. The acquisition bolsters Keppel Reit's position in Singapore's prime office market. The deal will result in an accretion of 2.01% to the pro forma distribution per unit and provide an attractive initial property yield of 4.3%. Keppel Reit's units closed flat at S$0.825 on Monday.
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