Market Snapshot
Singapore stocks opened lower on Wednesday. STI down 0.2%; SUTL Enterprise up 4%; SingPost up 1%; Kore down 2%; ManulifeReit down 1%.
Stocks in Focus
Sembcorp Industries : The energy player on Wednesday said its acquisition of all of CleanCurrent Renewable Energy’s shares in Puente Al Sol, through its wholly owned subsidiary Sembcorp Energy Philippines, has been “delayed” pending the fulfilment of “certain conditions”. The company added that it will provide further updates “if and when” completion of the acquisition takes place. The acquisition, proposed in January, was for a total consideration of about S$105 million. Shares of Sembcorp rose 0.2 per cent or S$0.01 to close at S$6.01 on Tuesday.
CapitaLand India Trust (Clint): The trust has entered into definitive agreements to divest 20.2 per cent of its stake in three data centre assets under development to the CapitaLand India Data Centre Fund. The divestments have an estimated total purchase consideration of around seven billion rupees (S$99.7 million) and come as part of the trust’s portfolio reconstitution strategy, the trustee-manager said on Wednesday. Units of Clint rose 0.8 per cent or S$0.01 to close at S$1.23 on Tuesday.
ValueMax Group : Global luxury and fashion goods company Louis Vuitton (LV) has applied for summary judgment for its lawsuit against a wholly owned subsidiary of ValueMax Group over alleged trademark infringement and “passing off”. LV sued ValueMax Retail in mid-September, alleging that it was selling a gold charm and offering for sale a pair of gold earrings that are counterfeits that infringed LV’s trademarks. ValueMax Retail denied the allegations in its October defence, but LV’s application for summary judgment from the Singapore High Court is set to be heard on Jan 6. Shares of ValueMax ended Tuesday flat at S$0.99.
Keppel Pacific Oak US Reit (Kore): The manager on Tuesday said that it has obtained a loan facility with a principal amount of US$115 million. The terms and conditions of the agreement require the borrower to pay all outstanding loans under the facility in 10 business days in the event of certain changes to the real estate investment trust’s management. Should this occur, around US$820 million of facilities will be affected. Units of Kore ended flat at US$0.235, before the news.
SUTL Enterprise : The marina developer and operator on Tuesday said it will acquire Marina at Keppel Bay from Keppel Bay for S$40 million, with the acquisition to be completed in the second half of 2026. After acquisition, the 166-berth marina will be renamed One°15 Marina Keppel Bay. When combined with SUTL’s existing One°15 Marina Sentosa Cove, which has 270 berths, the deal will make SUTL the largest owner-operator of integrated marinas in Singapore. Shares of SUTL rose 1.8 per cent or S$0.015 to close at S$0.865, before the news.
SG Local News
Former GIC and Avanda's Sung Cheng Chih to be new chairman of SGX RegCo
Professor Tan Cheng Han, founding chairman of SGX RegCo, will be stepping down after nearly 9 years on the board. Sung Cheng Chih, a former chief risk officer of GIC, will be taking over with effect from Jan 1.
Tan, a former dean of the NUS Faculty of Law, was in the news recently for taking on the president role at the Law Society of Singapore.
He is now chief strategy officer at the law school and is also a senior consultant at Wong Partnership LLC.
IFA Zico Capital recommends Low Keng Huat shareholders to accept 'not fair' but 'reasonable' offer
Zico Capital, independent financial advisor to the privatisation of Low Keng Huat (Singapore), believes that the 72 cents per share offer is "not fair" but "reasonable" and is recommending shareholders to accept the offer.
The offer by the company's managing director Marco Low Peng Kiat and his mother Seah Soh Seng was tabled on Nov 28 and will close on Jan 14.
Low Keng Huat was founded back in 1969 and was listed on March 9 1992. It was a building contractor but is more active in recent years with its property investments, holding assets such as the retail units of Paya Lebar Square.
