Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.1%; SingPost rose 1%; SGX rose 0.9%; DBS rose 0.6%; Seatrium rose 0.5%.

Stocks in Focus

Seatrium: The marine engineering company on Wednesday said it has rejected the notice of termination of a US$475 million contract for a wind vessel with a Maersk affiliate. It said the Maersk affiliate was “in repudiatory breach of the contract”. It also sent a notice to the buyer on Monday (Oct 20) that the vessel will be delivered on January 30, 2026, and received a notice of arbitration on Tuesday (Oct 21). Shares of Seatrium closed 1.5 per cent or S$0.03 higher at S$2.09 on Tuesday.

Keppel DC Reit: The manager of the real estate investment trust (Reit) said it has issued about 180.6 million new units at S$2.24 per new unit. The new units will commence trading today. It had previously announced the launch of the preferential offering to raise gross proceeds of about S$404.5 million to help fund the 82.1 billion yen (S$707 million) purchase of Tokyo Data Centre 3. Units of Keppel DC Reit closed 1.3 per cent or S$0.03 higher at S$2.38 on Tuesday.

Soilbuild Construction: The builder said on Tuesday that it is exploring spinning off and listing its precast and prefabrication business on the mainboard of the Singapore Exchange (SGX). The process is still at an early stage and the listing may not occur at all. Details such as the structure, timing and terms of the potential listing are also yet to be determined. Shares of Soilbuild Construction closed 6.7 per cent or S$0.23 higher at S$3.65 on Tuesday, before the announcement.

SG Local News

Seatrium Rejects “Wrongful Termination“ of US$475 Million Contract, Receives Notice of Arbitration

Seatrium on Wednesday (Oct 22) said that it has rejected the notice of termination of its US$475 million contract inked with a Maersk Offshore Wind affiliate in 2022.

In a bourse filing, the marine engineering company said that it rejected the notice of termination on Oct 12.

In that rejection, it said that the Maersk affiliate was “in repudiatory breach of the contract” and it “reserved all its rights against the buyer for wrongful termination”.

ST Engineering to Hire More Cybersecurity Experts as It Launches New Innovation Hub

ST Engineering is looking to recruit more cybersecurity experts as it launches a new facility to spur innovation and develop talent, focused on developing cybersecurity solutions driven by agentic artificial intelligence (AI).

The Cybersecurity Centre of Excellence will begin operations on Dec 1, with an initial headcount of 26 cybersecurity experts.

The group aims to nearly treble this number to 81 over the next three years, ST Engineering said.

Taste Orchard Tenants Reject Settlement with Hao Mart, Say It Does Not Address Business Losses

At least two tenants at Taste Orchard have said they would reject a proposed settlement with master tenant Hao Mart as the current terms do not address the issue of business losses.

A third tenant told CNA that it would only accept the terms if Hao Mart compensates it for its renovation costs.

Affected businesses at the Orchard Road mall have been in limbo since they were informed in September that they would have to vacate by the end of this year. Landlord OG had terminated Hao Mart's lease after less than two years, way ahead of the seven-and-a-half-year lease that was signed.