SINGAPORE (Dec 16): Maybank Kim Eng is “positive” over the profit participation securities (PPS) established by City Developments (CDL) that includes three office assets in the deal.

The research house says the PPS would allow the company to monetise $1.1 billion worth of office assets, conservatively held at cost.

“We expect gains of about 25 cents per share and raise our RNAV by 2% to $12.52,” Maybank Kim Eng analyst Derrick Heng writes in a note on Wednesday.

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