Stocks to watch: HPL, Singapore Exchange, CDL

THE following companies saw new developments that may affect trading of their securities on Wednesday (Mar 5).

Hotel Properties Ltd (HPL): The property developer, through a wholly owned subsidiary, proposed to acquire InterContinental Auckland in New Zealand for NZ$180 million (S$138.5 million), the group announced on Tuesday. This will be its first asset in New Zealand and second InterContinental property, after InterContinental Maldives Maamunagau Resort. The deal will be funded by a third-party loan financing and internal resources. It is not expected to have a material impact on its net tangible assets, earnings per share and operating results for the current financial year. Shares of HPL closed 0.3 per cent or S$0.01 higher at S$3.60, before the announcement.

Singapore Exchange (SGX): The bourse operator launched its second batch of Hong Kong Singapore Depository Receipts (SDRs) on Wednesday, in partnership with Phillip Securities. The new offerings include Xiaomi and Meituan in artificial intelligence and electric vehicles, as well as Ping An Insurance in financials, targeting “yield-seeking investors”. Each SDR represents a fraction of a Hong Kong-listed stock. Xiaomi and Ping An Insurance SDRs have a 2:1 ratio, meaning each SDR represents half a share, while Meituan SDRs have a 5:1 ratio, representing one-fifth of a share. SGX plans to include more Thai and Hong Kong depository receipts by mid-2025. The counter ended Tuesday 0.8 per cent or S$0.10 down at S$13.20.

City Developments Ltd (CDL): Dr Catherine Wu, the woman said to have a “long relationship” with CDL executive chairman Kwek Leng Beng, has resigned from her role as an “unpaid independent adviser” to the board of Millennium & Copthorne Hotels (M&C), said Kwek in a statement on Tuesday. M&C is a subsidiary of CDL. Prior to this role, she was a director on the board from June 2022 to January 2024. The father-son rift at the property group came to light in late February, and a hearing has been fixed for Apr 11 to hear evidence from both parties. Shares of CDL closed 0.6 per cent or S$0.03 lower at S$4.97, before the announcement.