SG Morning Call｜Singapore Stocks Opened Flat; MoneyMax Up 6%; Nio Up 4%; Yangzijiang Maritime Up 2%; SingPost And YZJ Fin Down 1%
Market Snapshot
Singapore stocks opened flat on Friday. STI was unchanged; MoneyMax up 6%; Nio up 4%; Yangzijiang Maritime up 2%; SingPost and YZJ Fin down 1%.
Stocks in Focus
Frasers Logistics & Commercial Trust (FLCT) : The manager of FLCT announced on Thursday that it has completed the acquisition of a freehold logistics property in Hapert, the Netherlands, for a gross purchase price of 43 million euros (S$64.4 million). The acquisition is expected to be accretive to FLCT’s distribution per unit. Units of FLCT ended at S$0.97 on Thursday before the announcement, S$0.015 or 1.6 per cent higher.
Yangzijiang Maritime : The maritime investments company on Thursday said it has signed contracts to acquire eight very large crude carrier (VLCC) newbuilds and sell four medium-range tankers. It said the transactions are expected to contribute positively to its financial performance, subject to completion, delivery schedules and applicable accounting recognition TThe acquisition will be funded through a combination of equity co-investment and debt financing. Shares of the company closed S$0.01 or 1.5 per cent lower at S$0.675 before the announcement.
MoneyMax : The company said on Thursday that it has agreed to offer an aggregate of around 53 million shares at a placement price of S$0.835, and has entered into a placement agreement with CGS International Securities Singapore, DBS and OCBC. This will amount to a rough consideration of up to nearly S$44.3 million. CGS International Securities and DBS are the joint bookrunners of the proposed placement. Shares of MoneyMax ended Thursday flat at S$0.845, prior to the announcement.
Keppel Pacific Oak US Reit (Kore) : The manager of Kore on Friday posted a distributable income of US$10 million for its first quarter ended March, up 4.3 per cent from US$9.6 million in the year-ago period. The improvement came as the US office-focused real estate investment trust recorded a 13.6 per cent year-on-year increase in net property income to US$22.3 million from US$19.7 million. Units of Kore ended Thursday 0.5 per cent or US$0.001 higher at US$0.191.
SG Local News
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
The board decision by OCBC to defer a planned S$5 billion redevelopment of its landmark Chulia Street properties was, in hindsight, a “wise” decision given uncertainties stemming from the current geopolitical landscape, chairman Andrew Lee said on Thursday (Apr 16).
“The whole development would have cost us S$5 billion, and if we had gone ahead, if we are meeting this storm (now), we will be very, very challenged,” said Lee at the bank’s annual general meeting (AGM) held at the Sands Expo and Convention Centre before more than 1,800 shareholders.
The remarks come as uncertainties from the Iran conflict continue to weigh on business sentiment.
Yangzijiang Maritime orders 8 giant oil tankers, sells 4 smaller vessels in twin deals
The eight VLCCs, of approximately 319,000 deadweight tonnes (DWT) each, will be constructed at a large Chinese shipyard with deliveries staggered across 2028, 2029 and 2030, said the company in a bourse filing on Thursday (Apr 16).
The acquisition will be funded through a combination of equity co-investment and debt financing.
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