SG Morning Call | Singapore Stocks Opened Flat on Thursday; Sabana Reit’s EGM to Vote on Proposed Internal Manager Directors to Be Postponed

Market Snapshot

Singapore stocks opened flat on Thursday. STI was unchanged; Sabana Reit fell 1%; Seatrium rose 3%; SingPost rose 2%.

Stocks to Watch

Sabana Industrial Real Estate Investment Trust (Sabana Reit) : The Reit’s requisitionists have rejected the trustee’s proposal to postpone the extraordinary general meeting to vote on the proposed internal manager directors. On Wednesday, the requisitionists noted that it will not change the amended resolutions as suggested by the trustee, as they believe their requisitions “provide clear directions”. Units of Sabana Reit closed 2.8 per cent or S$0.01 higher at S$0.37 before the news.

Oiltek International : The renewable energy solutions provider on Thursday said it secured new contracts worth approximately RM19.5 million (S$5.9 million) from Africa, Central America and Malaysia. This will take the group’s current order book, which is expected to be fulfilled over the next 18 to 24 months, to about RM378.3 million. Shares of Oiltek ended Wednesday 1.1 per cent or S$0.005 higher at S$0.46.

SG Local News

Cordlife’s business reset may give minority shareholders the best chance to bail out fast

Cordlife Group has been granted a reprieve, following the Ministry of Health’s (MOH) notice on Aug 29 that it could resume some cord-blood banking services in a “controlled manner” from Sep 15.

Although this signals that things could be getting back on track, some upcoming personnel departures show that the company is not quite out of the woods yet – and investors may need to look for an exit, fast.

OCBC lines up new hub in Punggol Digital District that can house up to 4,000 employees

OCBC will invest about S$500 million (US$390 million) in the Punggol Digital District and house up to 4,000 workers there, the bank said on Wednesday (Sep 18).

It will set up an innovation hub and embark on a "strategic partnership" with the Singapore Institute of Technology (SIT), OCBC said in a joint press release with SIT and government industrial planner JTC.