Market Snapshot
Singapore stocks opened flat on Tuesday. STI down 0.03%; OUE soared 10.5%; CapitaLand Ascendas Reit rose 0.4%; Keppel fell 0.5%.
Stocks to Watch
Singapore Airlines : C6L (SIA): The national flag carrier has signed an agreement with Indonesia flag carrier Garuda Indonesia to explore revenue sharing arrangements for flights between Indonesia and Singapore, and to partner on their frequent flyer programmes. The frequent flyer partnership – when launched – will allow GarudaMiles and KrisFlyer members to earn and redeem miles on code-share flights operated by both airlines, said both carriers on Monday. Shares of SIA closed on Monday down 0.2 per cent or S$0.01 at S$6.77, before the news.
CapitaLand Ascendas Reit : A17U: The real estate investment trust (Reit) has issued a S$300 million 10-year green bond through its trustee. The notes will bear a coupon of 3.73 per cent per annum, or 66.1 basis points over the 10-year Singapore Overnight Rate Average. The Reit’s units closed 0.4 per cent or S$0.01 lower at S$2.64, before the announcement on Monday.
TSH Resources : KUH: The plantation company reported on Monday a 32 per cent decline in net profit for the first quarter on lower revenue and an absence of disposal gains. Net profit for the three months ended March fell to RM20.1 million (S$ 5.8 million) from RM29.4 million in the year-ago period, the company said in a bourse filing on Bursa Malaysia, where it has a primary listing. Shares of TSH in Singapore rose 1.6 per cent or S$0.005 to close at S$0.325 on Monday.
OUE : LJ3: The property developer on Monday proposed an off-market purchase of its ordinary shares at S$1.25 apiece under an equal access scheme to buy back up to around 84 million shares. The offer price represents a 20 per cent premium over the average of the last dealt prices of the shares over the last five consecutive market days on the Singapore Exchange. OUE’s shares ended 0.9 per cent or S$0.01 lower at S$1.05, before the announcement.
Cordlife : P8A: Some 157 of its customers have engaged law firm Peter Low Chambers to advise them in a case against the private cord-blood bank. The group said on Monday that the law firm will be providing a written legal opinion, based on an agreed-upon scope of queries and concerns raised by verified Cordlife customers. Shares of Cordlife closed 1.3 per cent or S$0.002 lower at S$0.148 on Monday.
SG Local News
AstraZeneca Plans to Build $1.5 Bln Manufacturing Facility in Singapore
AstraZeneca said on Monday it plans to build a $1.5 billion manufacturing facility in Singapore in an effort to enhance its antibody drug conjugates (ADCs) portfolio.
The greenfield facility, which will be the drugmaker's first end-to-end ADC production site, will be supported by Singapore Economic Development.
Far East Shopping Centre Gets Offer of Under S$900M for Collective Sale
FAR East Shopping Centre, the Orchard Road retail property put up for en bloc sale last year, has received an offer under S$900 million, at a price that is slightly more than 5 per cent below its guide price of S$928 million, The Business Times understands.
The offer comes in the wake of a fresh tender called in April, after an earlier deal to acquire the building for about S$910 million came undone. The second tender had closed on May 2 without bids.
Singapore Vegetable, Seafood Production Fell in 2023
LOCAL vegetable and seafood production fell in 2023, despite an increase in the number of vegetable farms, while local egg production went up.
The Singapore Food Agency (SFA) said in its yearly food statistics report on Monday (May 20) that the industry faced challenges in building up its farms during the Covid-19 pandemic, along with inflationary pressures and higher energy prices and manpower costs.
Local vegetable production accounted for 3.2 per cent of total food consumption in 2023, down from 3.9 per cent in 2022.
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