Stocks to watch: Frasers Property, Keppel, Aspen

The Singapore Exchange centre in Shenton Way. PHOTO: ST FILE

SINGAPORE - The following companies saw new developments that may affect trading of their shares on Wednesday (May 16):

Frasers Property: Frasers Property, Singapore's sovereign wealth fund GIC, and co-working space provider JustCo are jointly investing US$177 million to develop a co-working space platform across Asia. JustCo has a presence in Singapore, Indonesia and Thailand; and this investment will enable JustCo to build on its presence in South-east Asia, as it expands into other Asian markets including China, Japan and Australia, among others. The counter last traded down 0.5 per cent, or one cent to close at S$1.92 apiece on Tuesday.

Keppel Corporation: Keppel Offshore & Marine (Keppel O&M) has, through its wholly owned subsidiary, Keppel FELS, inked a master agreement to sell five jackup rigs to drilling contractor Borr Drilling for around US$745 million (S$1 billion). This price excludes any down payments made by the original owners, and the master agreement is contingent on certain conditions, including Borr Drilling raising sufficient funds. The rigs are scheduled to be delivered from Q4 2019 to Q4 2020, with one rig to be delivered next year, and four rigs in 2020. Shares in Keppel Corp closed at S$8.22 apiece on Tuesday.

Aspen (Group) Holdings: Progress on ongoing projects gave a fillip to results for Malaysia-based property group Aspen (Group) Holdings for its first quarter. Net profit attributable to equity holders leapt 156.5 per cent to RM13.1 million (S$4.44 million), and earnings per share went up to 1.52 sen from 0.67 sen last year. For the three months ended March 31, revenue leapt 170 per cent to RM102.7 million from a year ago. Aspen (Group) Holdings shares finished 0.5 cent, or 2.2 per cent down at $0.225 on Tuesday.

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