Market Snapshot
Singapore stocks opened flat on Monday. STI down 0.04%, RE&S Hldg rose 32%; Singtel rose 0.41%; Keppel fell 0.59%.
Stocks to Watch
Keppel Reit: Its subsidiary procured a loan facility of 131 billion won (S$130.1 million), guaranteed by its trustee HSBC Institutional Trust Services, the real estate investment trust’s manager said on Friday. The revolving credit facility was obtained by Keppel No 4 General Investors’ Private Real Estate Investment Limited Liability Company, and carries conditions related to a change in the manager or its effective shareholding. Keppel Reit’s units ended S$0.005 or 0.6 per cent lower at S$0.87, before the announcement.
RE&S: The food and beverage operator on Sunday announced that it received a privatisation proposal from Euphoria Investments, a special purpose vehicle managed by Southern Capital Group. Euphoria Investments is offering S$0.36 in cash per share, or S$0.33 in cash and 0.083143 new shares in the special purpose vehicle. Shares of RE&S closed flat at S$0.265 on May 14 before a trading halt. It will resume trading on Monday.
Cordlife: Chen Xiaoling, a non-independent non-executive director, was arrested and then released on bail on May 15, the company said on Sunday. Her arrest was related to alleged breaches-of-disclosure obligations by Cordlife on the matter of irregular temperatures in a certain cryogenic storage tank, which was first disclosed by the group on Nov 30, 2023. Shares of Cordlife closed 15.4 per cent or S$0.02 higher at S$0.15 on Friday.
SG Local News
DBS CEO Sells More Shares, Pockets Proceeds of $13.8M Thus Far This Month
DBS CEO Piyush Gupta, having recently helped build the bank's market value to over $100 billion, has continued trimming his own stake in the bank.
The open market selling of DBS shares by Gupta since the beginning of this month has given him proceeds of more than $13.8 million.
Gains from these shares exceeded his total pay for FY2023 of $11.2 million, which was a cut of 27% from the preceding year.
HDB Rolls Out Resale Flat Listing Service
Since May 13, home owners or their appointed property agents have been able to list their flats for sale directly on HDB’s online portal.
The service has not been officially launched, but when it is ready – expected later this month – buyers can browse the listings of resale flats alongside new Build-to-Order (BTO) flats.
Singapore 8th Most Desirable Country for Work Globally
Singapore ranked eighth globally last year in terms of a desirable country for work, a survey has found.
The top reasons people choose Singapore are quality of job and opportunities, followed by quality of life and climate and income, tax and cost of living, said the survey, which was produced by U.S.-based management consulting firm Boston Consulting Group.
Singapore is considered a stable and safe destination with high income levels that promote innovation and digitization, the authors of the report said.
Most expats who wish to move to Singapore are from other countries in ASEAN like Malaysia, Thailand, Indonesia and the Philippines.
Tech Giants Start to Treat Southeast Asia Like Next Big Thing
Long considered a tech hinterland, Southeast Asia is fast emerging as a center of gravity for the industry.
Take Apple CEO Tim Cook and Microsoft CEO Satya Nadella, who last month embarked on their biggest tours across Southeast Asia in years. The investments they pledged are set to help turn the region into a major battleground between the likes of Amazon, Microsoft and Google in future frontiers such as artificial intelligence and the cloud.
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