Market Snapshot
Singapore stocks opened lower on Tuesday. STI fell 0.01%; Seatrium rose 3%; Keppel DC Reit rose 1%; Keppel rose 0.5%; NIO fell 4%; Genting Singapore fell 1%.
Stocks in Focus
Keppel: The infrastructure division of asset manager Keppel and Keppel Asia Infrastructure Fund (KAIF) announced on Tuesday a joint divestment of their combined 80 per cent interest in 800 Super Holdings. The proposed transaction marks KAIF’s first sale and values 800 Super at over S$600 million, based on 100 per cent of the waste management group’s enterprise value. KAIF holds a 48 per cent stake in 800 Super, while Keppel holds a 32 per cent interest. Both parties will receive their share of the consideration in cash. Shares of Keppel closed flat on Monday at S$8.82 before the news.
Keppel DC Reit: The manager of the real estate investment trust announced on Monday that it has entered into an agreement to acquire all the interest in the freehold Tokyo Data Centre 3 for 82.1 billion yen (S$707 million). Keppel DC Reit will hold a 98.5 per cent interest in the data centre, while Keppel will hold the remainder. Keppel DC Reit also launched a preferential offering to raise gross proceeds of approximately S$404.5 million, with proceeds to be partially used to fund the acquisition. Shares of Keppel DC Reit closed flat at S$2.36 on Monday, before the announcement.
mm2 Asia: The company’s two Malaysian subsidiaries, MM2 Screen Management and MM2 Star Screen, will undergo voluntary liquidation as negotiations with their creditors have failed, the company said on Tuesday. Additionally, its other subsidiary mm2 Entertainment on Sep 15 received a S$97,500 payment demand from solicitors representing Super Bean International, for sums allegedly owed under an investment agreement dated Nov 30, 2023. The sum was due for repayment on Monday and mm2 Entertainment is currently in negotiations with the claimant over it. The counter ended Monday flat at S$0.002, before the announcement.
China Medical System Holdings: The pharmaceutical company on Monday announced that it obtained exclusive commercialisation rights for two products – an injection for tetanus immunisation and for suspected rabies exposure. The terms of the commercialisation agreement run for ten years and will automatically renew for successive decade-long periods upon expiration. The counter finished Monday 2.8 per cent or S$0.07 lower at S$2.43.
Southern Alliance Mining: The group expects to report a higher net loss for the full year ended July 2025 compared to the last financial year, according to its profit guidance issued on Monday. This is mainly due to a lower average realised selling price amid continued softening of iron ore prices and several non-cash impairment losses. The company will announce its unaudited financial results for FY2025 by Sep 29, 2025. The counter finished Monday flat at S$0.51.
SG Local News
Singapore Aims for 3-4% Growth, with Push into New Industries, Tech: DPM Gan
Singapore aims for economic growth of between 3 and 4 per cent – or higher in “very good years” – despite challenges ahead, said Deputy Prime Minister Gan Kim Yong in Parliament on Monday (Sep 22).
There are opportunities to raise productivity through technology, and grow higher value-added industries such as precision medicine and artificial intelligence (AI), said DPM Gan, who is also minister for trade and industry.
At the ministry’s Economic Dialogue in August, he had said that Singapore should use the current window of opportunity to achieve faster growth before it stabilises to the longer-term trend rate of 2 to 3 per cent.
Keppel DC Reit Acquires Tokyo Data Centre for 82.1 Billion Yen, Launches Preferential Offering to Raise S$404.5 Million
The manager of Keppel DC Reit on Monday announced that it had entered into an agreement to acquire a full interest in Tokyo Data Centre 3.
The newly built freehold facility, located in Inzai City, Japan, will be acquired for a consideration of 82.1 billion yen (S$707 million) – about a 1.1 per cent discount to its 83 billion valuation. It is built to a Tier III specification, which means that critical systems can be replaced without operational interruption.
Keppel DC Reit will hold a 98.5% interest in the data centre, while Keppel will hold the remainder. The acquisition is expected to be completed by the end of 2025.
Keppel DC Reit also launched a pro rata non-renounceable preferential offering to raise gross proceeds of about S$404.5 million. Entitled unitholders of the real estate investment trust (Reit) will be offered 80 new units for every 1,000 existing units held, at an issue price of S$2.24 apiece.
Keppel Asia Infrastructure Fund Leads Divestment of 800 Super at over S$600 Million
The infrastructure division of asset manager Keppel and Keppel Asia Infrastructure Fund (Kaif) announced on Tuesday (Sep 23) a joint divestment of their combined 80 per cent interest in 800 Super Holdings.
800 Super is an integrated environmental solutions provider in Singapore and has four main operating segments – waste management, waste treatment, integrated public cleaning and other environmental services. The company is also one of three licensed public waste collectors in Singapore.
The proposed transaction marks Kaif’s first sale and values 800 Super at over S$600 million, based on 100 per cent of the waste management group’s enterprise value.
Amazon Introduces Whole Foods 365 Line to Singapore in Brand Test
Amazon.com Inc.’s Whole Foods Market is taking its house brands to Singapore, a test of how the private-label goods will fare in a market where the grocer has no brick-and-mortar presence.
About 300 items — most of them under the 365 by Whole Foods Market label — will be available Tuesday for shoppers there. Amazon’s Fresh delivery service and local chain Little Farms markets will carry the products. Previously, they were sold only in the US, Canada and the UK, the three countries where Whole Foods operates retail stores. A spokesperson for the chain said Whole Foods intends to expand private brand sales to other new markets, without specifying where.
“Whole Foods Market has passionate fans around the world, and we’re thrilled to bring a piece of Whole Foods Market to Singapore,” Chief Merchandising and Marketing Officer Sonya Gafsi Oblisk said in a statement.
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