Centurion Corporation's stock (OU8.SI) surged 3.41% in intraday trading, driven by two significant announcements that have bolstered investor confidence. The company revealed plans for a new REIT listing and hinted at a substantial increase in its half-year profits, sparking enthusiasm among market participants.
The Singapore-based company disclosed that it has entered into letter agreements in connection with the proposed listing of Centurion Accommodation REIT on the mainboard of the Singapore Exchange. This strategic move, executed through its subsidiaries and an associated company, is subject to approval from the Monetary Authority of Singapore. The creation of a REIT could potentially unlock value from Centurion's property portfolio and provide a new stream of recurring income, which investors view favorably.
Adding to the positive sentiment, Centurion announced that it expects to report a significant increase in its half-year profits. While specific figures were not provided, this forecast suggests strong operational performance and improved financial health. The combination of the REIT listing plans and the anticipated profit growth has evidently resonated with investors, contributing to the notable uptick in Centurion's share price.
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