Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.7%; Yoma Strategic up 5%; YZJ Shipbldg, SIA up 2%; Sembcorp, UOB, OCBC up 1%.
Stocks to Watch
ocbc bank: The lender on Monday said it has no intention to convert its Class C non-voting Great Eastern shares into ordinary shares when they come up for conversion in five years as this will result in the insurer losing its free float again. The bank was responding to media reports on how OCBC can still propose the privatisation and delisting of Great Eastern by converting these non-voting shares to ordinary, voting shares. The bank added that it is opting for the Class C non-voting shares at Great Eastern’s request to help it meet the free-float requirement and resume trading. Shares of OCBC closed 0.3 per cent higher at S$15.94 on Monday before the release of the statement.
Lum Chang: Interior fit-out business Lum Chang Creations lodged a preliminary prospectus on Monday for a Catalist listing on the Singapore Exchange, following its spin-off from the mainboard-listed construction and property development company, finalised on Jun 19. Lum Chang Creations plans to use net proceeds from its initial public offering to grow its regional presence, expand its portfolio of interior fit-out and A&A projects in the high-end residential sector, and explore investment opportunities, on top of increasing its current working capital. Shares of Lum Chang closed on Monday flat at S$0.34, before the announcement.
Acro HTrust USD: The manager in a Monday bourse filing said that it is considering a temporary suspension or reduction in distributions, options for equity fundraising, and or a recalibration of the trust’s portfolio such as brand repositioning. These come as it faces challenges funding capital expenditures required for aged properties. Units of ended Monday 1.7 per cent or US$0.005 higher at US$0.30.
ICP Ltd: The major shareholder of ICP, Aw Cheok Huat, who is looking to privatise the hospitality player, announced that the offer closed at 5.30 pm on Monday. Valid acceptances amounted to around 546.3 million shares or 16.3 per cent of the total issued shares. This brings shares owned by the offeror and his concert parties to around 2.6 billion or 76.5 per cent of total issued shares. The counter closed Monday flat at S$0.008.
SG Local News
Singapore's OCBC Says No Another Offer for Great Eastern Even If Delisting Proposal Fails
ocbc bank on Monday said that it has no intention to make another offer to buy the rest of Great Eastern in the future in the event shareholders opted to not delist the insurer from the Singapore bourse.
OCBC was responding to a media report saying that it still can propose to take Great Eastern private when its non-voting shares are due in five years if the latest delisting proposal by Great Eastern cannot be achieved in an EGM on July 8.
MAS Sets on Record Its Regulatory Oversight in Allianz’s Offer for Income Insurance
The Monetary Authority of Singapore (MAS) has on June 23 set on record matters related to its regulatory oversight during German insurer Allianz’s planned offer to buy a majority stake in homegrown Income Insurance in 2024.
In a late night release, the regulator outlined key events and points in response to former NTUC Income chief executive officer Tan Suee Chieh’s open letters on the proposed acquisition, which fell apart after Allianz withdrew its offer on Dec 16.
MAS’s reply comes ahead of Income’s annual general meeting, which is scheduled to take place on June 24 evening.
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