SGX Weekly Review｜STI Rose 1.6%; Silverlake Soared 25% and SingTel Jumped 6%

Singapore stocks rose 1.62% this week, boosted by positive US economic data and strong performances among technology shares.

Silverlake rose 25% after receiving privatisation offer with S$0.36 per share cash option. Singtel rose over 6% after collaborating with Hitachi on Data Centres in Japan. PEC rose over 5% as H2 net profit jumps 176% to S$10.8 million.

Market News

Singtel, Hitachi to Collaborate on Data Centres in Japan

The regional data centre arm of $Singtel(Z74.SI)$’s Digital InfraCo unit, Nxera, is exploring opportunities with Hitachi to develop data centres across Japan and potentially the wider Asia-Pacific region.

This comes as part of a memorandum of understanding (MOU) signed between Singtel and Hitachi, both parties announced in a joint statement on Monday (Aug 26).

Singapore Airlines Gets India's FDI Approval for Air India-Vistara Merger

Singapore Airlines (SIA) said on Friday (Aug 30) it has received approval from the Indian government for foreign direct investment, as part of a merger in which Vistara, its 49 per cent-owned joint venture with Tata, will be absorbed into Air India.

Singapore's flagship carrier had announced the plan to merge Vistara and Tata-owned Air India in November 2022, in a bid to create a dominant full-service airline in the domestic and international markets.

Cordlife to resume cord-blood banking service ‘in controlled manner’ from Sep 15

Embattled cord-blood bank Cordlife will be allowed to resume cord-blood banking services “in a controlled manner” from Sep 15, the Ministry of Health (MOH) said on Thursday (Aug 29).

However, to safeguard the interest of its customers, it will not be allowed to collect, test, process and/or store more than 30 units of new cord blood each month, from Sep 15 to Jan 13, 2025, said the ministry.

PEC’s H2 net profit jumps 176% to S$10.8 million

Engineering company PEC posted a net profit of S$10.8 million in the second half of its 2024 fiscal year ended Jun 30, almost trebling its earnings of S$3.9 million for the period in the year before.

However, its revenue fell 15 per cent to S$204 million from S$240 million over the period, going by its latest financial results released on Wednesday (Aug 28) in a bourse filing.

Keppel Infrastructure Trust closes private placement at S$0.438 apiece

Keppel Infrastructure Trust (KIT) has closed its private placement at S$0.438 apiece with 456.6 million new units issued, representing the top end of the price range proposed the day before.

The trustee-manager on Wednesday (Aug 28) said that the placement was 2.5 times subscribed. The move is said to raise some S$200 million.

Silverlake Axis receives privatisation offer with S$0.36 per share cash option

A group led by Silverlake Axis : 5CP 0% chairman Goh Peng Ooi has made a voluntary unconditional offer to take the enterprise technology company private at S$0.36 in cash per share, it was announced on Monday (Aug 26).

Alternatively, shareholders may choose to receive a combination of S$0.30 per share in cash, together with one new redeemable preference share (RPS) in the capital of the offeror, E2I, for each offer share.