CCT DIRECTOR BUYS STAKE IN TRUST

CCT DIRECTOR BUYS STAKE IN TRUST

 

A DIRECTOR of CapitaCommercial Trust (CCT) has made a series of share purchases in the firm.

 

Mr Kee Teck Koon, who is a member of CapitaCommercial Trust Management’s executive committee and CapitaLand’s chief investment officer, bought 150,000 shares over two days last week.

 

Last Thursday, he bought 20,000 shares at $2.04 apiece, a further 20,000 units at $2.03 each, 40,000 units at $2.02 apiece and 20,000 units at $2.01 each.

 

These open market purchases totalled 100,000 shares, at an average price of $2.024.

 

A day later, he bought 50,000 shares on the open market at $2.02 apiece.

 

This series of purchases gives him a direct stake of 150,000 shares, or 0.11 per cent of issued share capital. He does not have a deemed stake in the company.

 

Mr Kee’s purchases come after a steep correction in the stock prices of real estate investment trusts (Reits).

 

CCT shares closed at $2.04 last Friday, down 8.9 per cent for the week. They continued their decline on Monday and finished unchanged at $2.02 yesterday.

 

‘While markets will continue to be shaken by the twin fears of inflation and higher interest rates, we are starting to see value in some of the Reits,’ said UOB Kay Hian in a report last Friday.

 

Analyst Jonathan Koh said CCT was well positioned to benefit from positive rental revisions, as 29.4 per cent of leases for office space will be up for renewal this year and next.

 

The local brokerage kept its ‘buy’ call on CCT but trimmed its target price from $2.87 to $2.63.

 

Source: Straits Times

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