Market Snapshot
The Singapore stock market fell 1% this week. In terms of individual stocks, Delta TH soared 6.5%, Man Oriental jumped 5.17%, Top Glove gained 4.76%, ThaiBev fell 5.88%, Nio fell 9.33%.
SG Local News
Mandarin Oriental to sell two retail units adjoining its Paris hotel for 148 million euros
Mandarin Oriental International has signed an option to sell its interests in two retail units adjoining the Mandarin Oriental, Paris for 148 million euros (S$261.9 million).
In a bourse filing on Wednesday (Jun 12), the company – which has a secondary listing in Singapore – said the buyer is Lavender Propco, an entity controlled by Blackstone Europe.
It added that the proceeds of the sale, expected to complete on or after Jun 30, will go towards the group’s general development strategy.
Singapore Air Offers $25,000 for Serious Turbulence Injuries
Singapore Airlines Ltd. has offered payment of $25,000 to passengers who sustained serious injuries during a flight that hit extreme turbulence last month.
The advance payment would be to address their immediate needs, the carrier said in Facebook post Tuesday. Singapore Air is also offering $10,000 in compensation to passengers who sustained more minor injuries.
Lai Chung Han leaving Seatrium board to take on permanent secretary role at MOF
One of offshore and marine (O&M) giant Seatrium’s directors, Lai Chung Han, will resign on Jun 30, 2024.
In a bourse filing on Monday (Jun 10), Seatrium said Lai, 51, will be stepping down from his role to assume appointment as Permanent Secretary (Development) at the Ministry of Finance from Jul 1.
Lai will also resign as Seatrium’s non-executive independent director, a role he has occupied since Feb 23, 2023. He is also a member of the corporate social responsibility committee.
Kimly unit to buy coffeeshop property at Serangoon for S$13.2 million
Coffeeshop operator Kimly’s wholly owned subsidiary, Choh Dee (S204) Food House, has exercised an option to purchase a coffee shop property at Serangoon from Lee Quan Enterprises for about S$13.2 million.
Lee Quan Enterprises is a private company incorporated in Singapore in 2010. It has an issued and paid-up share capital of S$100,000 comprising 100,000 ordinary shares.
China’s Nio says commitment to Europe EV market ‘unwavering’ despite tariff increase
Chinese electric vehicle maker Nio strongly opposes the European Union’s use of increased tariffs as a strategy to obstruct the normal global electric vehicle trade but its commitment to Europe’s EV market is unwavering, it said on Wednesday (Jun 12).
Nio “will continue to serve our users and explore new opportunities within Europe despite protectionism”, it said in a statement.
The EU has decided to apply additional duties of up to 38.1 per cent on imported Chinese electric vehicles from July.
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