Market Snapshot
Singapore stocks opened higher on Thursday. STI rose 0.4%, SIA rose 0.2%, DBS rose 0.4%, OCBC rose 1.1%, Seatrium rose 2.4%, ST Engineering rose 1.3%.
Stocks to Watch
OCBC (O39): The bank confirmed an earlier media report that it is exploring the redevelopment of its Chulia Street property. On Wednesday, OCBC added that there was no certainty that the plans being explored would result in redevelopment, a transaction or other options. The counter closed 0.3 per cent or S$0.04 lower at S$13.60, before the announcement.
Cromwell European Real Estate Investment Trust (Cromwell E-Reit) (CWBU): The Reit divested a non-core office property in Poland for 15.9 million euros (S$23.1 million). The manager on Wednesday said a deferred payment mechanism was agreed on with the buyer, Polish real estate developer Solida Capital Europe. Units of Cromwell E-Reit closed down 0.01 euro cent or 0.7 per cent at 1.42 euros, before the announcement.
Best World International (CGN): The mainboard-listed consumer company proposed to cancel all of some 150.1 million shares held by eligible shareholders in consideration for S$2.50 in cash per share by way of a selective capital reduction. This represents an aggregate sum of S$375.4 million, financed by capitalising part of its retained earnings prior to undertaking the selective capital reduction exercise, said the company on Wednesday. Its counter closed 2.2 per cent or S$0.05 lower at S$2.22, before the announcement.
SG Local News
Singtel Rules Out Impending Deal to Sell Australian Unit Optus
Singapore Telecommunications (Singtel) on Wednesday ruled out any impending deal to sell its Australian mobile network operation Optus following reports that talks for a potential stake divestment had fallen off.
Southeast Asia's largest telecom operator, Singtel sought a trading halt after its shares sank 3.15% to S$2.46. The company then reiterated that there was no Optus divestment deal. Its shares were last down 4.33%.
Earlier in the day, reports said talks had ended for Singtel to divest a 20% stake in Optus as the parties were unable to agree on certain terms involving the valuation and price aspect of a possible transaction.
Car Shows Drive COE Hikes; Category B Back Above S$100,000
Certificate of Entitlement (COE) premiums for passenger cars all rose in April’s first round of bidding, with the category for larger, more powerful cars rising above S$100,000 after a steady decline over the past two months.
The price for Category A, used to register mainstream cars, rose 4.1 per cent or S$3,511 to S$89,000.
The Category A COE applies to cars with engine capacities of up to 1,600 cubic centimetres (cc), or with up to 97 kilowatts (kW) of power, or for electric vehicles (EVs) with up to 110 kW of power.
The premium for larger, more powerful cars – Category B – rose the most. It increased 5.5 per cent or S$5,323 to S$101,334.
Scion of Singapore’s Richest Banking Dynasty Buys Mansion for $29 Million
A scion of the Wee family, Singapore’s richest banking dynasty, is buying a S$39.5 million ($29 million) mansion, taking advantage of a lull in the high-end real estate market.
Grace Wee Jingsi, the youngest child of United Overseas Bank Ltd. Chief Executive Officer Wee Ee Cheong, is buying the so-called good class bungalow at Ford Avenue, according to property filings lodged March-end seen by Bloomberg News.
The house is co-owned by Choo Chiau Beng, whose former roles include being chief executive officer of the infrastructure giant now known as Keppel Ltd. and Singapore’s non-resident ambassador in Brazil. He acquired the more than 19,500 square feet (1,810 square meters) house in 2007, the records show.
Singapore Urges Women to Pursue Tech Careers to Narrow Pay Gap
Singapore is encouraging more women to pursue jobs in science, technology and engineering to help bridge the gender pay gap.
While the gap narrowed to 14.3% last year from 16.3% in 2018, the government is looking to do more, according to the Ministry of Manpower’s written reply to parliamentary questions on Tuesday.
Singapore plans to introduce its first workplace fairness law later this year to protect against discrimination. The government is also working to address gender stereotypes about careers and has initiatives to develop women in the tech sector. The city-state doubled government-paid paternity leave to four weeks this year in a bid to balance parenthood and care giving responsibilities.
Singapore Aims to Build Pool of About 100 Nuclear Energy Experts
Singapore has plans to build a pool of about 100 nuclear energy experts in the medium to long run, said Second Minister for Trade and Industry Tan See Leng on Wednesday (Apr 3). However, no decision has been made on the deployment of nuclear energy and Singapore is unable to commit to a timeline on taking a position regarding it.
Dr Tan was responding to supplementary questions posed by Member of Parliament Gerald Giam (WP-Aljunied) who asked how many scientists are currently at the Singapore Nuclear Research and Safety Initiative, as well as the number of scholarships awarded each year to help build a pipeline of nuclear scientists and expertise.
Mr Giam also asked if the government is building up the necessary regulatory policy frameworks that will be needed to oversee potential nuclear energy programmes such as nuclear fission and nuclear fusion.
To this, Dr Tan said the government supports efforts to train scientists and experts in local and overseas universities.
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