Market Snapshot
Singapore stocks opened flat on Monday. STI rose 0.04%; NIO rose 14.6%; SIA rose 0.6%.
Stocks to Watch
The following companies saw new developments that may affect trading of their securities on Monday (Sep 30):
Nio Inc: The Chinese electric-vehicle maker’s China unit Nio Holding Co, also known as Nio China, will receive a 13.3 billion yuan (S$2.4 billion) investment from its parent and investors for newly issued shares. This cuts Nio Inc’s stake from 92 per cent to 88.3 per cent, with investors holding the remaining 11.7 per cent. Nio Inc has the right to invest an additional 20 billion yuan for more shares in Nio China, based on the same price and terms by 2025. The investment, which comprises 3.3 billion yuan from investors and 10 billion yuan from Nio Inc, comes amid expansion of its charging infrastructure and battery-swapping technology, said the company on Sunday. Shares of Nio Inc closed 5.1 per cent or US$0.30 higher at US$6.22 on Friday, before the announcement.
Sheng Siong: The supermarket chain entered into a conditional sale and purchase agreement on Friday to acquire DFI Retail Group’s last two Singapore properties for a purchase price of S$50.2 million. The move will allow the group to open additional stores, receive extra rental income from a leaseback agreement and gain long-term capital appreciation from the assets. It is also in line with its strategy to operate supermarkets in areas where its potential customers reside, said Sheng Siong. The counter closed 0.7 per cent or S$0.01 lower at S$1.50, before the announcement.
Manulife US Real Estate Investment Trust (Manulife US Reit): The Reit, through its indirect wholly owned subsidiary, is selling an office property located in California for US$117 million. The manager on Monday said the divestment will provide the Reit with liquidity and flexibility to make an early repayment of upcoming debt maturities. Units of Manulife US Reit closed 0.8 per cent or US$0.001 lower at US$0.124 on Friday.
SG Local News
Singapore Ex-PM’s Brother Pays Ministers $483,610 for Defamation
The estranged brother of former Singapore Prime Minister Lee Hsien Loong said he has paid two senior ministers who sued him for defamation.
Lee Hsien Yang paid a total of S$619,335.53 ($483,610) to Law Minister K. Shanmugam and Foreign Minister Vivian Balakrishnan, according to a Facebook post on Sunday. The amount included damages, costs and disbursements related to a Singapore High Court order in May.
Singapore Delays Resuming Full Train Services, Finds New Faults
Singapore will delay resuming full train services by at least another day after finding new cracks on rail tracks, extending a five-day disruption that has affected hundreds of thousands of commuters.
Repair and restoration works to segments that were damaged by a train were completed on Saturday, but 12 new cracks were found on other unreplaced rail sections, the Land Transport Authority said in a post on Facebook.
Train operator SMRT Corp. had originally aimed to resume all train services on the East-West line on Sept. 30, and authorities are now working toward restoration on Oct. 1 “after thorough testing” and subject to weather conditions.
Singapore Food Festival 2024 to be Held Throughout October
Singapore Food Festival (SFF) returns in 2024 with more than 20 exciting events taking place across the country. Carrying the theme "A Celebration of Old and New", the country's largest annual gastronomic festival lasts for a full month, from October 1 to 31, 2024.
This year, SFF celebrates the blend of traditional or classic culinary and new innovations in the food world. This becomes one of the events that must be visited by culinary enthusiasts, both local and international.
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