Market Snapshot
Singapore stocks opened higher on Wednesday. STI rose 0.3%; Yangzijiang Shipbuilding up 2%; Keppel up 1%.
Stocks in Focus
Centurion: The group has acquired a land site in central London for £41 million (S$71 million) via a joint venture (JV) with US-based real estate firm Landmark Properties. Centurion holds a 99 per cent interest in the JV. The site will be used to develop a purpose-built student accommodation, it said on Tuesday. The deal marks Centurion’s entry into London, the sixth city in its UK portfolio. Shares of Centurion ended 2.7 per cent or S$0.04 lower at S$1.42 on Tuesday, before the news.
Stoneweg EUTrust EUR: The managers on Wednesday said that Sert has issued its second green bond in 2025, this time a 300 million euro (S$452 million) bond maturing in 2033. The order book peaked at almost one billion euros, making it more than three times oversubscribed. The net proceeds will be used to refinance existing borrowings due to mature in 2026 and 2027. Stapled securities of Sert closed 0.7 per cent or 0.01 euro up at 1.5 euros on Tuesday.
Ever Glory: The engineering services provider is looking to transfer its Catalist listing to the mainboard of the Singapore Exchange, in line with its long-term strategy to enhance long-term value for shareholders. The proposed transfer will provide it with a wider platform to reach a larger investor base, enhance its reputation locally and internationally, and open new business opportunities, the group said on Tuesday. The counter closed 0.7 per cent or S$0.005 higher at S$0.685 on Tuesday, before the announcement.
SG Local News
Seatrium Stays Bullish on Green Bets Despite Axing of US$475 Million Wind Project
Even in the face of a US$475 million contract termination for a wind vessel, Seatrium is staying the course on green opportunities.
The offshore and marine company is actively looking at developing infrastructure for floating offshore wind farms – a nascent segment that could revolutionise wind energy globally.
Seatrium, which specialises in building offshore oil and gas assets, is also looking into ammonia production platforms and carbon capture retrofits for vessels.
“We are actively pursuing new opportunities in key markets such as Europe and the Asia-Pacific,” said Aziz Merchant, the company’s executive vice-president for engineering, technology and new product development.
Seatrium on Friday (Oct 10) disclosed that it had received a termination notice for its US$475 million contract with Maersk Offshore Wind, for the construction of a wind turbine installation vessel.
Singapore to Impose Green Aviation Fuel Levy on Flights
Singapore’s parliament passed a bill on Tuesday introducing a fixed levy on departing flights to cut emissions and support the use of sustainable aviation fuel by airlines.
The levy will be paid to the Civil Aviation Authority of Singapore, which will procure and manage sustainable aviation fuel, according to Senior Minister of State for Transport Sun Xueling at a parliamentary debate.
Singapore has set a goal to raise the use of sustainable aviation fuel to more than 1% by 2026, with plans to increase it further to between 3% and 5% by 2030 — a move it says won’t significantly raise airfares. The cost will be shared across all air transport users, with earlier estimates suggesting an SAF levy of S$3 ($2.30) to S$16 for passengers on an economy class direct flight, depending on distance.
Singapore Firms Commit $4.2 Billion to Malaysia’s Johor Ecozone
Singapore companies have committed to invest S$5.5 billion ($4.23 billion) in a joint special economic zone in Malaysia’s Johor state since January last year, Singapore Deputy Prime Minister Gan Kim Yong said.
The special economic zone, which was first agreed in January last year and formally inked a year later, has made good headway and will help the creation of a business community that can compete effective in a changing global economy, Gan said during the joint investment forum on the special economic zone in Singapore on Tuesday.
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