Market Snapshot

Singapore stocks opened flat on Tuesday. STI was unchanged; Kim Heng jumped 24% on inking deal with Singapore Energy Interconnections.

Stocks in Focus

OCBC : Independent directors of Great Eastern Holdings (GEH) are recommending that shareholders to accept OCBC’s conditional exit offer that will ultimately lead to the delisting of the insurer. This is based on advice from EY, the independent financial adviser (IFA) involved in the deal, GEH said after the market closed on Monday. The insurer noted the IFA is of the opinion that the financial terms of the exit offer are “on balance, fair and reasonable”. Shareholders will be voting at an extraordinary general meeting on Jul 8. Shares of OCBC closed 0.6 per cent or S$0.09 higher at S$16.37 on Monday.

Kim Heng : The offshore marine services contractor Kim Heng has inked an agreement with the newly set-up Singapore Energy Interconnections (SGEI), to cooperate in submarine power projects, the Catalist-listed company said on Monday. The partnership covers the purposes of operating, repairing and maintaining submarine power cable systems within the Asean region, Kim Heng said. Shares of Kim Heng closed flat at S$0.075 on Monday.

SG Local News

Relaxed rules could spur cross-listing on SGX

A proposal to ease prospectus requirements for companies listed on 15 foreign exchanges could lift secondary listing applications in Singapore by 30% over the next two to three years, an expert said.

The Singapore Exchange (SGX) could draw five to 10 secondary listings each year if execution is effective, Henry Tan, group CEO and chief innovation officer at CLA Global TS Holdings Pte. Ltd., told Singapore Business Review.

Keppel DC REIT to join STI on 23 June

Keppel DC REIT will join the benchmark Straits Times Index (STI) on 23 June.

As of 31 March, the REIT has assets under management (AUM) of approximately $4.9b with 24 assets in 10 countries across Asia Pacific and Europe.

Unitholders who have invested in Keppel DC REIT since its initial public offering would have seen total unitholder returns of approximately 295.3% as of 5 June.