THE following companies saw new developments that may affect trading of their securities on Wednesday (Oct 30):
Hongkong Land: Hongkong Land said on Tuesday that it will exit the build-to-sell residential development business and pivot to fund management. The moves come amid its strategic review of its business as Hongkong Land swung to an underlying loss of US$7 million in the six months to Jun 30 from an underlying net profit of US$422 million in the same period last year. The property group intends to recycle up to US$10 billion in capital by 2035 and grow assets under management to up to US$100 billion by then. It also expects to double its profit before interest and tax, and double dividends per share in that time. Shares of Hongkong Land last closed at US$3.89, down 1.5 per cent or US$0.06.
Mapletree Industrial Trust (MIT): The trust posted a distribution per unit (DPU) of S$0.0337 for the second quarter ended Sep 30 up 1.5 per cent year on year from S$0.0332. This came alongside higher occupancy and rent, its manager said in a bourse filing on Tuesday. Revenue for Q2 climbed 4.2 per cent year on year to S$181.4 million from S$174.1 million and net property income inched 4.6 per cent to S$134.5 million from S$128.6 million. Units of MIT closed at S$2.39, down S$0.04 or 1.6 per cent, on Tuesday, before the announcement.
