Market Snapshot
Singapore stocks opened higher on Tuesday. STI rose 0.3%; SIA Engineering, OCBC up over 1%.
Stocks in Focus
UOB: The bank announced on Monday that its cardholders in Singapore will be able to redeem reward points when travelling in Johor Bahru, Malaysia. This is a first for a local financial institution and comes as UOB Singapore credit card customers have increased cross-border spending in Malaysia. Participating merchants include Subway, Jean Yip and MOG Eyewear, with more set to be added in the future. Shares of UOB closed on Monday at S$34.45, up 0.2 per cent or S$0.06.
OUEREIT: Its wholly owned subsidiary, OUE Reit Treasury, has priced an offering of S$150 million worth of green notes, due in 2032, the manager said on Monday. The notes are expected to be issued on Oct 8, 2025, at an issue price of 100 per cent of their principal amount and will bear interest at a rate of 2.75 per cent per annum, payable semi-annually. Net proceeds from the issuance will go towards new or existing green projects. Units of OUE Reit finished at S$0.335, down 1.5 per cent or S$0.005, before the announcement.
KepPacOakReitUSD: The trustee of the real estate investment trust, Perpetual Asia, has made changes and restated a facility agreement on Monday, which was previously dated Jul 19, 2024. The amended agreement states that under the new terms and conditions, Perpetual Asia will be required to pay all outstanding loans under the loan facility within 10 business days in the event that Keppel Capital Investment ceases to own at least about 64.2 million units in Keppel Pacific Oak US Reit. The revolving credit facility is in a principal amount of US$25 million. The aggregate level of facilities that may be affected by this, as at Monday, is about US$705 million, excluding interest and fees. Units of Kore closed flat at US$0.23 before the news.
SG Local News
Singapore to Ease Requirements for Family Office Tax Benefits
Singapore is seeking to make it easier for single family offices to tap a tax benefit program, amid rising competition for the global super rich.
The Monetary Authority of Singapore is looking to reduce the documents needed for applications and ease reporting requirements, Deputy Chairman Chee Hong Tat said in a speech on Monday. It is also considering expanding the types of investments eligible for the program, he said.
Single family offices are firms dedicated to managing the lives and the wealth of one main clan. Jurisdictions from Hong Kong to Dubai and Malaysia are all offering special benefits in an effort to solicit their funds.
Singapore Population Hits Record 6.11 Million, Driven by Foreign Workers
Singapore's population grew 1.2% in June compared to a year ago, hitting a new high of 6.11 million, government statistics released on Monday showed.
Singapore has experienced steady population growth since the end of the pandemic, during which strict restrictions kept foreigners away and led to rare instances of the Asian financial hub's population shrinking.
Crisis Deepens for Australian Telco Optus After Fresh Emergency Call Outage
Australian telco Optus said on Monday it had suffered another emergency call outage in an area south of Sydney, 10 days after a broader disruption that it said had probably caused four deaths when customers were unable to get timely aid.
The Australian government called the outage an "absolutely shocking failure" and has said it will seek answers from Singapore Telecommunications, which owns the country's No. 2 carrier.
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