Market Snapshot
Singapore stocks opened flat on Tuesday (Sep 3). STI rose 0.08%; Nio rose 1.47%; SingPost rose 1.15%.
Stocks to Watch
THE following companies saw new developments that may affect trading of their securities on Tuesday:
$CapitaLand Investment(9CI.SI)$ (CLI): It has agreed to sell a 50 per cent interest in Ion Orchard and its connecting underpass, Orchard Link, to $CapitaLand Integrated Commercial Trust(C38U.SI)$ (CICT) for an estimated purchase consideration of S$1.1 billion. On Tuesday, CICT’s manager said it will finance the transaction with proceeds from a private placement and a preferential offering. Shares of CLI closed Monday S$0.02 or 0.7 per cent lower at S$2.69, while CICT units were up S$0.01 or 0.5 per cent to S$2.13 before the trust requested a trading halt on Tuesday morning.
$Silverlake Axis(5CP.SI)$: It has appointed PrimePartners Corporate Finance to be its independent financial adviser (IFA) regarding the voluntary unconditional offer it received to take the company private at S$0.36 in cash per share. The IFA will advise the directors of Silverlake Axis, who will subsequently make a recommendation to shareholders about the offer. The counter closed flat at S$0.375 on Monday, before the news.
$Ossia International(O08.SI)$: The Goh family’s shareholding in the company has risen to 85.9 per cent as at the close of its privatisation offer last Friday. The group said it had received valid offer acceptances for over 23.5 million shares, representing about 9.3 per cent of the more than 252.6 million shares in the company. Shares of Ossia International closed 0.7 per cent or S$0.001 higher at S$0.146 on Monday.
SG Local News
Singapore’s PMI Improves in August to Post Highest Reading in Three Years
SINGAPORE’S overall factory activity improved in August to post its highest reading in three years, according to data from the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday (Sep 2).
The purchasing managers’ index (PMI) gained 0.2 point to 50.9, marking the 12th straight month that it remained in expansionary territory, and its highest reading since August 2021.
A reading above 50 on the index indicates growth from the previous month, while one below 50 points to a contraction.
Food Innovators lodges preliminary document for Catalist IPO
RESTAURANT operator Food Innovators Holdings (FIH) has lodged a preliminary prospectus for a Catalist listing on the Singapore Exchange.
FIH, which has more than a decade of experience in the Japanese food and beverage (F&B) industry, now runs two business divisions – leasing and subleasing, and a food-retail business.
Its leasing and subleasing division leases restaurant premises from landlords and then subleases these to those seeking to open a restaurant or relocate their existing operations.
iFast, Analysts Refute Short-Seller Claims That Business Is Unsustainable
BANK and wealth management platform $iFast Corporation(AIY.SI)$ has refuted claims made against the company in a recent short-seller report.
Among other things, the report by Sakura Research called into question the sustainability of iFast’s Hong Kong ePension division’s revenue, the health of the company’s UK digital bank, as well as the company’s profitability as it grows its assets under administration (AUA).
iFast’s Hong Kong-based subsidiary, iFast ePension Services, launched Occupational Retirement Schemes Ordinance (Orso) e-pension services, a digital pension solution for Hong Kong Orso pension schemes in June last year.
$(STI.SI)$
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