The following companies saw new developments that may affect trading of their securities on Thursday (Sep 21):
Nio has priced US$1 billion ($1.37 billion) worth of convertible senior notes. The notes will be issued in two tranches of US$500 million each. The first tranche will mature on Oct 15, 2029, while the second tranche will mature on Oct 15, 2030. The notes due 2029 will bear interest at a rate of 3.875% per annum (p.a.) and are payable semiannually in arrears on April 15 and October 15 per year beginning on April 15, 2024. The notes due 2030 will be an interest rate of 4.625% p.a., also payable at the same time and beginning on the same day.
Loh Boon Chye, chief executive of the Singapore Exchange (SGX) Group, has been elected the new chairman of the World Federation of Exchanges (WFE). He will serve a 2-year term with the global industry association. He is among seven newly-elected board directors at the WFE. The appointments were announced at the WFE’s 62nd general assembly held in London.
The Singapore research team at RHB Bank Singapore has downgraded its call on United Overseas Bank (UOB) - to “neutral” as it sees limited potential upside to its share price. The team remains positive on the bank’s earnings, seeing that it could report a sequentially stronger profit before tax (PBT) in the 3QFY2023 ending Sept 30. This is based on the assumption that broad trends in headline items materialise.
Singtel on Sept 20 launched the Cyber Elevate Programme, a holistic one-stop training and cyber incident management programme, aimed at improving the cyber security resilience of small and medium enterprises (SMEs), at the Singtel Cyber Security Institute (CSI).
OCBC Securities has maintained its "buy" call on ST Engineering but with a raised fair value of $4.45 from $4.20. OCBC notes that the defence and engineering firm's 21% gain year to date has outperformed the broader Straits Times Index by 16%.
Sevens Atelier has been asked to assist in a probe by the Commercial Affairs Department and the Monetary Authority of Singapore under the Securities and Futures Act.
