Keppel Corp. (BN4.SG) +0.6% at $8.75, bucking decline by most other Singapore blue chips, as investors mop up stock before it trades ex-entitlement tomorrow, says Dow Jones.

Company distributing up to 325.9 million units, or 50.5%, of its K-Green Trust to shareholders on basis of 1 unit for every 5 shares held. Units, with implied value of $1.16 each, expected to list in Singapore by way by introduction on June 29.

Listing won’t have financial impact on Keppel since investors don’t have to pay for units, hence not deemed catalyst for Keppel shares.

Market’s main focus in near term remains outcome of Keppel’s bid for Brazilian oil giant Petronas’ recent rig tenders.

Stock not expected to test $9.00 for time being.