Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.2%; AJBU rose 0.95%; M44U rose 0.92%; G13 rose 0.81%; U11 rose 0.4%.

Stocks in Focus

Accrelist Ltd: The Catalist-listed medical aesthetics and technology group, on Tuesday defended its proposed RM30 million (S$9.5 million) divestment of its stake in Malaysia-listed MClean Technologies. This followed queries from the Singapore Exchange over the transaction’s mechanics, pricing and the identities of the buyers. Accrelist shares fell 4.5 per cent to close S$0.008 lower at S$0.171 on Tuesday, before the news.

UMS: The company called for its trading halt to be lifted after it announced a Malaysia placement of 59.4 million new shares at RM8.50 per share. That amounts to a maximum aggregate consideration of up to RM450 million. About three-fourths of the proceeds will be used to fund projects in Penang, Malaysia, while the rest will be used to fund projects in Vietnam and Singapore. Shares of UMS fell 3.3 per cent or S$0.09 to close at S$2.63 on Monday.

Singapore Kitchen Equipment: The company’s board was informed by executive director and chief executive Chua Chwee Choo Sally and senior manager Koh Sai Eng Charlene that the investigations by the Commercial Affairs Department are ongoing and are currently expected to progress substantially into 2027. The probe is expected to conclude before mid-2027, subject to the court schedule. The company added that it remains committed to its plans to seek a resumption of trading. Shares of Singapore Kitchen have been suspended from trading for about five years.

SG Local News

UOB found ‘grossly negligent’ over Stamford Land rights issue advice, to pay S$1.9 million

UOB has been ordered to pay Stamford Land S$1.9 million after the High Court found that the bank was “grossly negligent” in advising the property and hotel group on the allocation of shares in a 2021 rights issue.

In a judgment issued on Tuesday (Sep 29), Justice Dedar Singh Gill found that UOB breached its contractual duty to advise Stamford Land, as well as its duty to exercise reasonable skill and care.

A UOB spokesperson said: “The bank acknowledges the court’s decision, and is currently reviewing the grounds of decision before deciding on our next appropriate course of action.”

MAS appoints 5 asset managers with S$1.45 billion allocation to support Singapore stock market

The Monetary Authority of Singapore (MAS) on Tuesday (Sep 29) appointed five new asset managers under the Equity Market Development Programme (EQDP) to support Singapore's equities market.

This is the third batch of asset managers appointed under the S$6.5 billion (US$5.08 billion) programme, which aims to strengthen the local asset management and research ecosystem and attract more investors to the local stock market. 

South-east Asia offers opportunities for squeezed Singapore firms, says head of SME body

Small businesses in Singapore can look to Asean for more growth opportunities, given domestic constraints such as a small local market and rising costs, Association of Small and Medium Enterprises president Ang Yuit said on Tuesday (Sep 29).

He noted that “the operating environment has become increasingly difficult” for small and medium-sized enterprises (SMEs) in Singapore, which he said must contend with high local staff and rental costs, on top of global energy prices and supply chain shocks.

Fingering the emergence of a “two-speed economy” with unequal outlooks for different types of companies, Ang said that larger firms may benefit from trade tensions or technology opportunities, “but many of the smaller and micro-businesses actually see a reversal”.