Market Snapshot
Singapore stocks opened higher on Wednesday. STI rose 1.08%; DBS bank rose 2%; UOB rose 1.58%; SingPost rose 1.18%; OCBC bank rose 0.95%.
Stocks to Watch
THE following companies saw new developments that may affect trading of their securities on Wednesday (Jul 3):
Keppel: It has merged two indirect wholly owned subsidiaries, Keppel Fund Management (KFM) and Keppel Capital Alternative Asset, to streamline the company’s organisational structure. Both subsidiaries are licensed fund managers, and KFM will continue as a surviving entity. Shares of Keppel closed at S$6.36 on Tuesday, down 1.2 per cent or S$0.08, before the announcement.
Cromwell European Real Estate Investment Trust (Cromwell E-Reit): The Reit’s portfolio valuations rose 0.6 per cent, or 13.1 million euros (S$19.1 million), as at end-June 2024 on a like-for-like basis, compared with valuations as at end-2023. Net valuation adjustment, however, is expected to be relatively flat after accounting for expected capital expenditure over the latest half-year period, said its manager on Wednesday. Units of Cromwell E-Reit ended Tuesday 0.01 euro or 0.7 per cent lower at 1.39 euros.
Accrelist: The Catalist-listed company is planning to acquire a 60 per cent equity stake in a health management company, Accrelist Nanjing, for 1.5 million yuan (S$280,000). The acquisition will be funded entirely through a 95 per cent-owned subsidiary’s internally available, disposable resources, including loans from Accrelist, said the company on Wednesday. Shares of Accrelist closed flat at S$0.039 on Tuesday.
SG Local News
Six Family Office Funds Tied to Singapore Launder Case Got Tax Breaks
Six single family office funds linked to a S$3 billion ($2.2 billion) money laundering case in Singapore have received tax incentives from the Monetary Authority of Singapore.
The tax benefits were withdrawn starting from the financial year the owners of these family office funds or their spouses were charged or convicted, said Deputy Prime Minister and MAS chair Gan Kim Yong in a written parliamentary reply. The benefits accorded prior to that won’t be clawed back, unless there were breaches of the tax incentive conditions then, Gan added.
DBS Boosts Digital-Asset Push With First Stablecoin Tie-Up
Singapore’s largest bank DBS Group Holdings Ltd. will for the first time custody stablecoin reserves and offer related cash management services, in a tie-up with the local unit of cryptocurrency issuer Paxos Trust Co.
The lender said the development deepens its wide-ranging involvement in the digital-asset ecosystem, making the announcement after Paxos’ operation in the city-state received a license from the Monetary Authority of Singapore.
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