Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.18%; SIA fell 0.29%; Oiltek rose 6.52%; Civmec rose 1.2%.
Stocks to Watch
THE following companies saw new developments that may affect trading of their securities on Tuesday (Jul 2):
UMS: The semiconductor company has acquired 5.4 acres or about 235,000 square feet of leasehold industrial land in Penang, Malaysia, for RM15.2 million (S$4.5 million). This will be funded internally from the group’s placement proceeds, which were raised in January. UMS shares closed at S$1.17 on Monday, down 0.9 per cent or S$0.01, before the announcement.
Civmec: The construction and engineering group has bagged multiple projects with a combined contract value of about A$174 million (S$157.5 million). On Monday, the group said it also secured a number of new contracts and work orders under existing term contracts and framework agreements across Australia. Shares of Civmec closed at S$0.83, up 1.2 per cent or S$0.01, prior to the announcement.
Oiltek International: The renewable energy solutions provider on Tuesday said its wholly owned subsidiary bagged a new contract to design and construct two dry fractionation plants. This brings the group’s order book, which is expected to be fulfilled over the next 18 to 24 months, to a record high of about RM430.9 million. Shares of Oiltek ended flat at S$0.46 on Monday.
SG Local News
Singapore to Tighten Casino Rules to Counter Terrorism Funding
Singapore will lower the threshold for checks on cash deposits received by casinos in a bid to prevent exploitation by terrorist and criminal organizations.
The new rule, to come into effect this year, will require casino operators to conduct due diligence checks on cash deposits of at least S$4,000 ($2,950) from a customer, lower than the current threshold of S$5,000.
Ninja Van Cuts Singapore Staff in Second Round of Layoffs
Ninja Van has cut 5% of its Singapore staff amid its expansion into business-to-business restocking and cold chain logistics, the Straits Times reported, citing the company.
The logistics provider was “unable to avoid layoffs” after reviewing the roles in line with the group’s direction, a spokesperson told the local newspaper on Monday. Ninja Van declined to respond to ST’s queries on the size of its workforce and if Singapore was the only country affected.
Singapore court dismisses appeal to lift freezing order on assets of wife of Three Arrows founder
THE High Court of Singapore has dismissed an appeal from the wife of a founder of failed crypto hedge fund Three Arrows Capital (3AC) to lift the freezing order on her assets.
In a ruling on Jun 28 that was released on Monday (Jul 1), High Court Judge Philip Jeyaretnam threw out the appeal by Kelly Chen, wife of 3AC founder Kyle Davies, who had applied for the freeze on her Singapore assets to be discharged.
In December 2023, liquidators of the 3AC filed for and were granted a worldwide freeze on the assets of 3AC founders Zhu Su and Davies, as well as Chen, by a court in the British Virgin Islands (BVI).
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