Market Snapshot
Singapore stocks opened lower on Monday. STI fell 0.46%; Bumitama Agri up 7.65%; Sembcorp Ind, Kep Infra Tr up around 1%; YZJ Shipbldg down 1%; CapLand India Tr down 3%.
Stocks in Focus
$DBS(D05.SI)$: The group has entered India’s buoyant equity capital market, marking a push into one of the world’s busiest venues for share sales. The lender secured its first mandate in the country from Manipal Health Enterprises, which filed for an initial public offering last week that is expected to raise about US$1 billion. A DBS spokesperson confirmed the development, saying the bank has expanded into equity capital markets under its merchant banking licence in India and now has a fully operational investment banking platform in the country. Shares of DBS ended at S$57.15 on Friday, S$0.03 or 0.05 per cent higher.
$Sembcorp Industries(U96.SI)$: The company’s chairman and director Tow Heng Tan will retire on Jun 1. Andreas Sohmen-Pao, 54, has been appointed as chairman designate, as well as non-executive and independent director. He will succeed Tow on Jun 1. Yap Chee Keong will retire as director and chairman of the audit committee on Apr 29, and Steven Phan will take on his positions thereafter. Shares of the company ended Friday 1.7 per cent or S$0.11 higher at S$6.50.
$Jardine C&C(C07.SI)$: The company has appointed Freddy Lee as its new chief executive officer, effective from May 1. Lee, currently the group’s finance director, will succeed group managing director Ben Birks, who will step down at the company’s annual general meeting on Apr 30. Lee will continue to serve as the group’s executive director. The counter closed at S$34.91 on Friday, down S$0.24 or 0.7 per cent, before the announcement.
$Manulife US Reit(BTOU.SI)$: The real estate investment trust (Reit) is proposing to sell its Figueroa office property in Los Angeles to repay some loans, said its manager on Monday. The 35-storey building will be sold to the City of Los Angeles for US$92.5 million, with net proceeds of S$82.4 million. Net proceeds from the divestment will be used to make an early repayment of a loan due in 2026 and partial repayment of loans due in 2027. Units of MUST closed flat at US$0.057 on Friday.
SG Local News
Food Manufacturers Fret as Iran War Sends Diesel, Logistics, Packaging Cost Soaring
Already under pressure from sharply rising energy, logistics and raw material costs due to the conflict in the Middle East, Singapore’s food manufacturers are bracing for more headwinds – such as higher natural gas and electricity prices – in upcoming months.
The war has shut down the Strait of Hormuz, a critical channel for around 20 per cent of the world’s oil and liquefied natural gas supplies, pushing up energy prices.
This in turn wreaked havoc on packaging supply chains by disrupting the supply and export of naphtha which is used to produce plastics, including those used for food packaging.
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