SG Morning Call | STI Rises 1.18%; YZJ Maritime up over 4%; Keppel, SATS, SIA, IFast up over 2%; OCBC Bank, SIA Engineering, DBS up over 1%
Market Snapshot
Singapore stocks opened lower on Wednesday. STI rose 1.18%; YZJ Maritime up over 4%; Keppel, SATS, SIA, iFast up over 2%; OCBC Bank, SIA Engineering, DBS up over 1%.
Stocks in Focus
$PSC Corporation(DM0.SI)$: The Securities Industry Council said on Tuesday that it will not take further action against PSC Corporation’s executive chairman Sam Goi for his 2023 breach of the Singapore code on takeovers and mergers. Goi broke rule 14.1(a) of the code, requiring persons with minimally 30 per cent of the company’s voting rights to immediately extend an offer to other shareholders, as he did not make a general offer for the group when his shareholding reached 30.23 per cent. The counter closed down 3.6 per cent or S$0.015 at S$0.405, before the update.
$Frasers Property(TQ5.SI)$: A consortium comprising Frasers Property and Mitsubishi Estate has placed the top bid of S$610.75 million, or about S$1,415 per square foot per plot ratio (psf ppr), for a private housing site next to Kallang River. Analysts attributed this to a cocktail of factors, including part of the site facing industrial buildings and a lack of primary schools within 1 km of the site.
SG Local News
No Longer ‘Boilerplate’: Force Majeure Provisions Under Fresh Scrutiny, Say Singapore Lawyers
Force majeure provisions – which free parties from contractual obligations under war or other unforeseen circumstances – are under intense scrutiny in Singapore’s oil and gas sector, driving a flurry of queries from clients amid the Middle East conflict.
Tam Shu Ching, a senior associate at law firm Herbert Smith Freehills Kramer, noted that clients are “no longer treating these provisions as boilerplate” and are engaging in “significant negotiation around the scope and drafting of such clauses”.
This intense focus follows recent force majeure declarations by Singapore players, including refiner Aster and olefins producer PCS, triggered by disruptions including the continued closure of the Strait of Hormuz.
Changes to Regulatory Regime in New Bill Pave Way for SGX-Nasdaq Dual Listings
Retail investors will have access to preliminary listing prospectuses if an amendment Bill proposed by the Monetary Authority of Singapore (MAS) is passed.
The Securities and Futures (Amendment) Bill 2026, read for the first time in Parliament on Tuesday (Apr 7), included some of the above proposed changes.
If passed, it will be a major step towards the proposed regulatory regime that will underpin the Global Listing Board (GLB) to be set up by Singapore Exchange Securities Trading (SGX) and the Nasdaq Stock Market (Nasdaq).
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