Stocks to watch: Keppel Reit, Thai Beverage, Olam, Multi-Chem

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Sep 24):

Keppel Real Estate Investment Trust (Reit) : The manager of the trust on Wednesday said that it has entered an agreement to sell T Tower – a freehold Grade A office building in Seoul – to a real estate fund based in South Korea, valued at 348.8 billion won (US$255.8 million). This price represents a 37.2 per cent premium to the property’s purchase price upon acquisition in April 2019, and a 7.4 per cent premium to its valuation as at Aug 31 in local currency terms. Up to S$25 million of net sale proceeds will go to unit buybacks on the open market following the Reit’s Q3 update, subject to prevailing market conditions and applicable laws and regulations. The divestment is expected to be completed by the fourth quarter this year. The counter ended 1.2 per cent or S$0.01 higher at S$0.86 on Wednesday, before the news.

Olam Group : The group on Thursday said its wholly owned operating group, olam food ingredients (ofi), completed the issuance of US$300 million of perpetual hybrid capital instruments. They were issued by ofi Treasury BV and subscribed for by Melati Designated Activity Company, a third-party special purpose investment vehicle funded through committed bank facilities. Proceeds from the issuance will be used by ofi to refinance existing indebtedness and for general corporate purposes. Shares of Olam ended 1 per cent or S$0.01 lower at S$0.965 on Wednesday.