Market Snapshot

Singapore stocks opened lower on Wednesday. STI rfell 0.2%; SGX rose 0.5%; ST Engineering rose 0.4%; Genting Singapore fell 1%; NIO fell 0.9%; UOB fell 0.5%; DBS fell 0.2%.

Stocks in Focus

Seatrium: The offshore, marine and energy engineering solutions provider announced on Tuesday that it has divested its AmFELS shipyard in Brownsville, Texas, for a consideration of S$65 million. The asset sale is being executed through the group’s subsidiary, Seatrium AmFELS, which has entered into a binding agreement with a related party of Turkish builder Karpowership, Karpower Valley. The completion of the divestment is subject to customary closing conditions, including the transfer of the lease to the new owner by the Port of Brownsville. Shares of Seatrium closed 3.9 per cent or S$0.09 higher at S$2.43, before the announcement.

Food Empire: The company on Wednesday announced that it raised around S$42.8 million in gross proceeds through the placement of 17 million treasury shares at S$2.52 apiece. This brings its issued share capital, excluding treasury shares, from 529.8 million to 546.8 million shares. Food Empire said the placement enhances the trading liquidity of its shares and is expected to broaden its institutional investor base as well as position it to pursue growth opportunities. The counter finished on Tuesday 0.4 per cent or S$0.01 lower at S$2.66.

Frasers Property, Frasers Centrepoint Trust (FCT): The real estate company on Tuesday announced that it has completed the acquisition of 10 strata lots at 51 Yishun Central 1 for S$34.5 million. These lots are located in Yishun 10, the strata-titled development next to the Northpoint City mall. They have a 99-year leasehold term which commenced on Apr 1, 1990, and a combined area of 966 square metres. This venture was proposed earlier on Aug 25 by the group to buy the remaining properties at Yishun 10 complex from FCT. Shares of Frasers Property ended 1.5 per cent or S$0.015 lower at S$0.985 on Tuesday; units of FCT closed 0.4 per cent or S$0.01 higher at S$2.30.

SG Local News

Singapore’s Core Inflation Slows to 0.3% in August, Below Expectations

Core and headline inflation slowed in August, contrary to economists’ expectations that both would hold steady at their July rates.

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) maintained their forecasts but noted that the outlook remains uncertain.

Core inflation, which excludes accommodation and private transport, eased to 0.3% in August. This was driven by a moderation in services inflation, said the Singapore Department of Statistics on Tuesday.

Seatrium Divests AmFELS Shipyard in Texas for S$65 Million

Offshore, marine and energy engineering solutions provider Seatrium has divested its AmFELS Yard in Brownsville, Texas, for a consideration of S$65 million.

The asset sale is being executed through the group’s subsidiary, Seatrium AmFELS, which has entered into a binding agreement with a related party of Turkish builder Karpowership, Karpower Valley.

This venture will allow Seatrium to enhance capital and operational efficiencies, while unlocking value from one of its surplus facilities.

DBS‑Backed Family‑Office Platform Hits $780 Million in Assets, to Double by End‑2026

DBS Private Bank, part of Singapore's biggest bank DBS Group, said on Tuesday its bank-backed multi-family office platform has reached S$1 billion ($780 million) in assets under management two years after launch and is on track to hit S$2 billion by end-2026.

Family offices are private firms that the ultra wealthy use to manage their money, taxes and succession plans. Multi-family offices provide most of the same services as single-family offices but to more than one family using shared resources.

The milestone by DBS Multi Family Office Foundry VCC (DBS MFO) reflects Singapore's appeal as a base for family wealth at a time of growing global economic uncertainty and market volatility.