Market Snapshot
Singapore stocks opened flat on Monday. STI was unchanged; Thakral down 4%; Singtel down 1%; Seatrium and YZG Shipbldg up 1%.
Stocks in Focus
OCBC : The bank has made a S$900 million conditional exit offer at S$30.15 per share for the 6.28 per cent stake in Great Eastern it does not own, in a bid to delist the insurer. The offer, which OCBC said on Friday was made “at the request of Great Eastern”, will resolve the latter’s 11-month suspension in share trading, while “providing its shareholders an exit at a fair and reasonable price”. Shares of OCBC closed 0.3 per cent of S$0.05 higher at S$16.28 on Friday.
CapitaLand Investment (CLI) : The company has raised additional capital from new and existing institutional investors for its value-add lodging private fund. This includes the acquisition of a prime mixed-use asset in Japan valued at over 30 billion yen (S$267.2 million). As a result, CLI’s funds under management will also increase by around S$470 million, as it holds a stake of about 20 per cent in the fund. Shares of CLI closed 0.8 per cent or S$0.02 higher at S$2.56 on Friday.
Sasseur Real Estate Investment Trust (Reit) : The manager said a wholly owned subsidiary of its sponsor has entered into an unsecured sponsor loan agreement of up to 508 million yuan (S$91.1 million). The proceeds from the sponsor loan will help to repay existing offshore bank loans, due in March 2026. As the sponsor loan is denominated in renminbi, this will result in cost savings for the Reit, the manager said in a bourse filing on Friday. Units of Sasseur Reit closed S$0.01 or 1.6 per cent higher at S$0.625 on Friday, before the announcement.
Thakral Corp : The property investor’s associate GemLife is considering an initial public offering on the Australian Securities Exchange in the form of stapled securities. GemLife, a lifestyle resorts business in Australia, is in “advanced discussions with potential underwriters for the proposed IPO”, said the mainboard-listed company in a bourse filing on Friday evening. Shares of Thakral closed S$0.08 or 5 per cent lower at S$1.52 on Friday before the announcement.
SG Local News
Peter Kwee, son and firm sued for over S$71 million over insolvency of Laguna club operator
Motoring tycoon Peter Kwee has been sued – along with his 55-year-old son Kevin and their firm Laguna Hotel Holdings – for allegedly wrongfully and fraudulently extracting and transferring value out of Laguna National Golf and Country Club to enrich themselves.
For their alleged wrongdoing including the Kwees’ breach of fiduciary duties, Laguna National Golf and Country Club and its two liquidators Cameron Duncan and David Kim launched a lawsuit in April against the three parties, seeking recourse and more than S$71.5 million in damages.
Keppel divests S$80 million of assets as part of multi-billion dollar monetisation programme
Asset manager Keppel is divesting its stakes in a New-York based company and a logistics park in China to unlock more than S$80 million from the monetisation of non-core assets, the group said on Friday (Jun 6).
This is in line with its S$10 billion to S$12 billion monetisation target by end-2026. It follows the group’s establishment of a task force, set up earlier this year, to optimise the speed of divestments of non-core assets – the Accelerating Monetisation Task Force (AMTF).
Keppel has divested its 20.5 per cent stake in Computer Generated Solutions, a company that provides business process outsourcing, enterprise resource planning software and e-learning services.
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