SG Morning Call | SGX to Reduce Board Lot Size for Securities Above S$10 to 10 Units; Singapore Plans to Make SGX-Nasdaq Dual Listing Easier

Market Snapshot

Singapore stocks opened higher on Thursday. STI rose 0.4%; SGX and Sembcorp rose 2%; Genting Singapore and Keppel rose 1%.

Stocks in Focus

$Singapore Exchange(S68.SI)$ (SGX): The Monetary Authority of Singapore on Wednesday announced plans to allow companies to list on both SGX and Nasdaq using a single set of listing documents under a new “dual-listing bridge”. Companies with a market capitalisation of S$2 billion and above will only need to submit one prospectus to both bourses. Shares of SGX fell 0.1 per cent or S$0.02 to close at S$16.80 on Wednesday.

$CSE Global(544.SI)$: The systems integrator on Wednesday reported a 20.5 per cent jump in revenue to S$257.7 million for its third quarter ended Sep 30, from S$213.9 million in Q3 2024. This came even as its order book shrank 26.2 per cent for the nine-month period as it lacked major electrification projects. Shares of CSE Global rose 2.1 per cent or S$0.02 to close at S$0.97, before the announcement.

$Manulife US Reit(BTOU.SI)$: The real estate investment trust (Reit) on Wednesday said it secured a 24-month lease renewal with its fifth-largest tenant, the US Treasury, for some 120,000 square feet of office space in Washington, DC. The government department contributes 5.3 per cent of the Reit’s total gross rental income. Units of Manulife US Reit rose 1.4 per cent or US$0.001 to close at US$0.073, before the announcement.

$Keppel Reit(K71U.SI)$: The trustee of Keppel Reit, HSBC Institutional Trust Services (Singapore), on Wednesday priced its offering of S$100 million worth of subordinated perpetual securities at 3.28 per cent, under a S$2 billion multi-currency debt issuance programme. Units of Keppel Reit ended flat at S$1.05, before the announcement.

$Wilmar International(F34.SI)$: Wilmar’s China subsidiary, Yihai (Guangzhou) Oils & Grains Industries, was found guilty of contract fraud and ordered to jointly bear about 1.9 billion yuan (S$345.4 million) in losses. Wilmar announced on Wednesday that the unit intends to appeal the judgment. Shares of Wilmar closed at S$3.32, S$0.01 or 0.3 per cent higher, before the announcement.

$City Developments Limited(C09.SI)$ (CDL): Its wholly owned subsidiary, Millennium & Copthorne Hotels, has divested a multifamily residential asset in the US for US$143.5 million to a US-based institutional investor. Located at 1250 Lakeside Drive in Sunnyvale, California, the property is part of the larger Silicon Valley area. Shares of CDL ended at S$7.22, S$0.02 or 0.3 per cent up on Wednesday, before the announcement.

SG Local News

Singapore Woos Growth Firms with Plans to Make SGX-Nasdaq Dual Listing Easier

Singapore's central bank said on Wednesday it would make it easier for companies to establish dual listings on the Singapore Exchange and the Nasdaq, aiming to boost the city-state's appeal as a hub for high-growth businesses.

The Monetary Authority of Singapore said it would collaborate with the SGX on a regulatory framework for prospectus disclosure requirements that is comparable with U.S. standards, allowing issuers to use a single set of offering documents.

The so-called dual listing bridge, expected to go live by mid-2026, will target Asian companies with a market capitalisation of at least S$2 billion ($1.5 billion) and global ambitions.

SGX said in a separate statement that the bridge would simplify the dual listing process for companies.

SGX to Reduce Board Lot Size for Securities Above S$10 to 10 Units

The Singapore Exchange (SGX) announced on Wednesday (Nov 19) its intention to reduce the board-lot size to 10 units from 100 units for securities priced above S$10.

The significant boost to affordability is aimed at broadening investor participation, boosting trading activity and enabling easier access to higher-priced securities so investors can build more diversified portfolios, said the local bourse.

The reduction to minimum board-lots will apply to ordinary shares, real estate investment trusts, business trusts, company warrants, rights and depository receipts.

Securities currently trading above S$10 include bank stocks such as DBS, UOB and OCBC, Haw Par Corporation and Jardine Cycle & Carriage.

Google DeepMind to Open New AI Research Lab in Singapore

Google DeepMind said on Wednesday it is opening a new artificial intelligence research lab in Singapore that will focus on collaboration with governments, businesses, and academic institutions across Asia.

The AI unit owned by Alphabet said it had doubled its Asia-based team over the past year and already begun hiring for the lab.

Google DeepMind Chief Operating Officer Lila Ibrahim said the research lab was still deciding its research agenda, but would focus on education, healthcare, and science.

UltraGreen.ai Aims to Raise $400 Million in Singapore IPO, Term Sheet Shows

UltraGreen.ai Ltd, a medical imaging and fluorescence-guided surgery company, is aiming to raise about $400 million in a Singapore initial public offering at $1.45 per share, according to a term sheet reviewed by Reuters on Wednesday.

The company, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, plans to list on the Singapore Exchange Mainboard on Dec. 3. It will report in U.S. dollars.

The company is building an AI-powered surgical intelligence platform, according to its website.