Singapore stocks rose this week, with the STI up 0.17%.

In terms of individual stocks, Prudential USD soared 20%; Oiltek rose 18%; Geo Energy Res rose 15%; AEM USD and Olam Group up 13%.

Market News

Prudential Buys Back Shares

Prudential bought back 298,331 shares in London on Thursday at an average price of about 11.24 pounds sterling apiece, according to a Friday Hong Kong bourse filing.

The insurer intends to cancel the repurchased shares. Following the transaction, the company will have about 2.52 billion shares in issue.

Koh Brothers rejects shareholders' request to hold AGM vote on distribution of Oiltek shares

Koh Brothers Group has declined to put forward a resolution requested by certain shareholders agitating to receive the distribution of Oiltek International shares that KBG holds indirectly.

According to KBG on March 25, a group of shareholders had asked KBG to include at its upcoming AGM a resolution to make subsidiary Koh Brothers Eco Engineering distribute shares it in turn holds in Oiltek International.

Oiltek, as indicated in its FY2024 annual report, is 68.14% held by Koh Brothers Eco Engineering, which in turn is 54.81%-held by Koh Brothers.

Geo Energy Resources raises $18.4 mil from investors including Centurion's Han, Asdew

Geo Energy Resources has raised gross proceeds of $18.4 million by placing out new shares to a group of investors.

Based on today's closing price of 61.5 cents, which lifts the company's market cap above $1 billion, these investors are already in the money as they subscribed for the new shares at 52.5 cents.

The investors include Asdew Acquisitions, Ascend Open Master Fund, Icham Master Fund, Han Seng Juan, one of the two controlling shareholder of Centurion Corp.

Olam gets nod from final jurisdiction to divest 44.58% of Olam Agri to Saudis

Olam Group has secured all required regulatory approvals from a total of 21 jurisdictions for its proposed US$1.8 billion sale of 44.58 per cent of its agribusiness unit Olam Agri to a Saudi fund.

“The regulatory approvals in respect of the remaining one jurisdiction has been obtained,” Olam said on Thursday (Apr 16).

The proposed sale is expected to be completed “in due course” and is the first of two tranches in Olam’s planned US$2.6 billion disposal of its remaining 64.57 per cent stake in Olam Agri to Saudi Agricultural and Livestock Investment Company (Salic).