SG Morning Call | Seatrium Unit Files Arbitration Proceedings over Dispute with Consortium Partner Aibel
Market Snapshot
Singapore stocks opened higher on Thursday. STI rose 0.7%; CityDev up 2%; Seatrium, UOB, SGX, DBS up 1%.
Stocks in Focus
Toku: The customer experience platform made its trading debut on the Catalist board on Thursday, making it Singapore’s second listing of the year. It had offered 63 million placement shares and two million public offer shares, which gave it a market capitalisation of about S$142.6 million.
$AIMS APAC Reit(O5RU.SI)$: The trustee of AA Reit, HSBC Institutional Trust Services (Singapore), on Wednesday issued S$150 million of subordinated perpetual securities carrying a distribution rate of 4.1 per cent. The perps are expected to be listed on the Singapore Exchange at 9 am on Thursday. Units of AA Reit ended S$0.01 or 0.6 per cent lower at S$1.53 on Wednesday, before the announcement.
$HRnetGroup(CHZ.SI)$: The staffing company’s human resources tech brand, Octomate, has been awarded a project by Outward Bound Singapore to streamline its operations. In a separate statement, the company announced that Octomate was awarded a substantial contract by the Sentosa Development Corporation to streamline HR functions. Shares of HRnetGroup ended S$0.005 or 0.7 per cent higher at S$0.735 before the news.
$Info-Tech(ITS.SI)$: The software provider said on Wednesday that it expects to report a “considerable increase” in its consolidated net profit for FY2025, compared with the full-year ended Dec 31, 2024. The forecast is mainly due to higher academy training revenue as a result of stronger demand, particularly in the second half of the year, alongside continued growth in the human resource management systems and accounting business. The counter ended Wednesday 0.7 per cent or S$0.005 down at S$0.76 before the news.
SG Local News
Seatrium Unit Files Arbitration Proceedings over Dispute with Consortium Partner Aibel
Seatrium New Energy (SNE), a wholly owned subsidiary of Seatrium, and Norwegian energy services firm Aibel have filed arbitration proceeds in relation to a consortium agreement they inked in May 2019.
The parties are disputing the distribution of revenue and costs incurred in relation to the scope of the project under the consortium, to design and build a 900 megawatt offshore converter platform for end-customer TenneT Offshore.
They have also lodged claims against one another for breaches related to the scope of works and responsibilities allocated under the project, said Seatrium on Thursday (Jan 22).
Chevron plans to finalise Singapore oil assets sale in Q1, sources say
Chevron plans to close a deal to sell its oil refining and distribution assets in Singapore in the first quarter of the year as it engages in a final round of talks with Japanese refiner Eneos and Glencore, four sources with knowledge of the matter said.
The assets for sale include Chevron's stake in a refinery, a terminal and retail stations in Singapore, the sources said. Chevron is also looking to include retail stations in Cambodia and Malaysia in the deal, one of the sources said.
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