Market Snapshot
Singapore stocks opened higher on Monday. STI rose 0.1%, SIA rose 0.9%, OCBC rose 0.1%; DBS fell 0.2%; UOB fell 0.5%.
Seatrium : 5E2: The offshore and marine specialist has obtained S$11 billion worth of contracts to build two new floating production storage and offloading vessels (FPSOs) for Brazil’s national oil company, Petrobras, it said on Saturday. The FPSOs will be deployed in the Atapu and Sepia fields in the Santos Basin, offshore of the Brazilian city Rio de Janeiro. Shares of Seatrium fell 2.5 per cent or S$0.04 to close at S$1.54 on Friday.
Yangzijiang Financial : YF8: Yangzijiang Financial on Sunday said its entry into the maritime sector will not create a conflict of interest with its sister company, Yangzijiang Shipbuilding. Yangzijiang Financial also said it has “no intention to compete in the shipbuilding segment”. Shares of Yangzijiang Financial closed 1.5 per cent or S$0.005 lower at S$0.32 on Friday. Best World International : CGN: The personal care products developer and distributor said on Friday that it will raise its exit offer price to S$2.56 per share in cash, up from S$2.50 previously. It said it does not intend to revise the final exit offer price and that it decided to increase the exit offer price after a review of its financial and cash position. Shares of mainboard-listed Best World closed 0.4 per cent or S$0.01 higher at S$2.50, before the announcement.
Stamford Land : TBMR: It reported on Friday an 88.9 per cent decline in net profit to S$20.6 million for its second half ended Mar 31, 2024, from S$184.5 million in the same period a year earlier, in the absence of disposal gains in the year-ago period. Shares of mainboard-listed Stamford Land closed 1.3 per cent or S$0.005 higher at S$0.39 on Friday, before the announcement.
GP Industries : G20: The mainboard-listed battery maker expects to record a net loss of between S$58 million and S$68 million for the financial year ended Mar 31, 2024, sinking into the red from a net profit of S$22 million for the previous fiscal year. The group attributed the loss to non-cash impairment losses of XIC Innovation, one of its industrial investments. Excluding its share of attributable loss on XIC, GP Industries would have expected a net profit of between S$16 million and S$18 million for FY2024. Shares of GP Industries ended 1 per cent or S$0.005 higher at S$0.52 on Friday.
SG Local News
Seatrium Bags S$11 Billion in FPSO Contracts from Petrobras
OFFSHORE and marine specialist Seatrium : 5E2 has secured S$11 billion worth of contracts to build two new floating production storage and offloading vessels (FPSOs) for Brazil’s national oil company, Petrobras.
Called P-84 and P-85, the FPSOs will be deployed in the Atapu and Sepia fields in the Santos Basin, offshore of the Brazilian city Rio de Janeiro, Seatrium announced in a bourse filing on Saturday (May 25).
Construction will commence in the first quarter of 2025, with final delivery expected in 2029. Seatrium’s facilities in Brazil, China and Singapore will manufacture 60,000 tonnes of modules for the FPSOs, with integration and commissioning in Singapore.
AEM, UMS, NetLink and Baker Tech Directors Acquire Stock
INSTITUTIONS were net buyers of Singapore stocks over the four trading sessions till May 23, with S$58.5 million of net institutional inflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$24.3 million.
On May 20, OUE : LJ3 announced a proposed off-market purchase of up to 84,038,036 shares representing 10 per cent of the total number of shares in issue. This is in accordance with an equal access scheme following the share purchase mandate approved at the Apr 26 annual general meeting.
Priced at S$1.25 per share, this represents a premium of 20 per cent over the average of the last dealt prices of OUE shares for the five consecutive market days immediately preceding the date of the offer, excluding transaction costs.
Yangzijiang Financial Says Its Maritime Entry Not a Conflict of Interest with Shipbuilding Unit
YANGZIJIANG Financial : on Sunday (May 26) said that its entry into the maritime sector will not create a conflict of interest with its sister company, Yangzijiang Shipbuilding : BS6 (YSL).
The company was addressing shareholder queries in a bourse filing, ahead of an extraordinary general meeting (EGM) on May 31. It is seeking shareholders’ approval to diversify its core business into the maritime sector, loan services, and imports and exports.
A shareholder had asked if the diversification is a conflict of interest, given that YSL is also in the maritime business and both companies have the same controlling shareholders.
Twelve Injured as Qatar Airways Dublin Flight Hits Turbulence
Twelve people travelling on a Qatar Airways flight from Doha to Ireland were injured during a bout of turbulence, Dublin Airport said on Sunday, adding that the plane landed safely and as scheduled.
Flight QR017, a Boeing 787 Dreamliner, landed shortly before 1 p.m. Dublin time (1200 GMT), the airport said.
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