Singapore stocks opened higher on Friday. STI rose 0.03%; Keppel DC Reit rose 2%; SGX rose 0.8%; OCBC rose 0.2%; NIO fell 1%; Jardine C&C fell 0.8%.
OCBC, Great Eastern: The bank has made a S$0.9 billion conditional exit offer at S$30.15 per share for the 6.28 per cent stake in Great Eastern it does not own, in a bid to delist the insurer. The offer, which OCBC said on Friday was made “at the request of Great Eastern”, will resolve the latter’s 11-month suspension in share trading, while “providing its shareholders an exit at a fair and reasonable price”. OCBC shares ended Thursday flat at S$16.23.
Keppel DC Real Investment Estate Trust (Reit), Jardine Cycle & Carriage (C&C), NetLink NBN Trust: The Reit will replace Hong Kong-based conglomerate Jardine C&C on the benchmark Straits Times Index (STI), following a quarterly review. Internet service provider NetLink NBN Trust will replace Keppel DC Reit on STI’s reserve list, said the index’s administrator FTSE Russell on Thursday. Units of Keppel DC Reit closed S$0.02 or 0.9 per cent higher at S$2.19, while shares of Jardine C&C closed S$0.08 or 0.3 per cent lower on Thursday at S$23.85, before the announcement. Shares of NetLink NBN Trust ended S$0.005 or 0.6 per cent lower at S$0.865.
OCBC is now offering to buy out the chunk of insurer Great Eastern that it does not already own, for S$900 million ($699.90 million), almost a year after failing to gain full control of the firm.
Under the conditional exit offer announced on Friday, the financial giant is offering S$30.15 for the 6.28% of the insurer's stock that it does not own. This values Great Eastern at S$14.27 billion.
In May 2024, OCBC offered S$25.60 apiece for the 11.56% stake in Great Eastern. The new exit offer reflects a 17.8% premium as compared to the previous bid.
Singaporean banks DBS Group and United Overseas Bank said on Thursday that they had jointly provided a 6.7 trillion rupiah ($411 million) loan to finance a data centre campus in Indonesia.
DBS and UOB are Southeast Asia and Singapore's biggest and third largest lender by assets respectively.
The banks said in a statement that the loan for the project, to be jointly developed by Singapore-based data centre company DayOne and the Indonesia Investment Authority (INA), was the largest ever rupiah-denominated data centre financing deal.
The funding comes at a time when investor appetite for data centres is growing in Asia, driven by demand for artificial intelligence and cloud computing-based services.
Keppel DC Real Estate Investment Trust (Reit) will replace Hong Kong-based conglomerate Jardine Cycle & Carriage (C&C) on the benchmark Straits Times Index (STI), following a quarterly review.
Therefore, Internet service provider NetLink NBN Trust will replace Keppel DC Reit on the STI’s reserve list, said the index’s administrator, FTSE Russell, in a bourse filing on Thursday (Jun 5).
The STI, Singapore’s main stock market benchmark, is jointly calculated by FTSE Russell; SPH Media, which publishes The Business Times; and the Singapore Exchange (SGX).
The STI reserve list is made up of the five highest ranking non-constituents of the index by market capitalisation.
Stocks on the reserve list will replace any STI constituents that become ineligible as a result of corporate action before the next review, which will take place in September.
The other four companies on the reserve list are CapitaLand Ascott Trust, ComfortDelGro, Keppel Reit and Suntec Reit.
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