Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 1.1%; Mandarin Oriental rose 36%; NIO rose 8%; SGX rose 3%; Singtel, Keppel, Yangzijiang Shipbuilding, and ST Engineering rose 2%; UOB rose 0.7%; OCBC rose 0.5%; DBS rose 0.4%; Hong Leong Asia fell 5%.

Stocks in Focus

Genting Singapore: The mainboard-listed group on Monday named Si Chen as its chief operating officer (COO) of its wholly-owned subsidiary Resorts World Sentosa, which will be effective Dec 1. This comes after the position has been vacant for three years. The last COO was Alan Teo, who departed from the company in September 2022. The counter closed last Friday flat at S$0.725, prior to the announcement.

Jardine Matheson, Mandarin Oriental: The company announced on Friday that it will be delisting Mandarin Oriental at US$3.35 per share. This brings the hotel group’s total valuation to around US$4.2 billion. The privatisation offer represents a 62.6 per cent, 65.8 per cent and 70.9 per cent premium over Mandarin Oriental’s volume-weighted average price for the one-month, three-month and six-month period, respectively. The wholly-owned subsidiary of Jardine Matheson – Bidco – will acquire the remaining 11.96 per cent of Mandarin Oriental shares it does not already own. In Singapore, shares of Jardine Matheson closed on Friday 0.8 per cent or US$0.48 higher at US$61.13. Mandarin Oriental ended 0.4 per cent or US$0.01 higher at US$2.40.

Parkway Life Real Estate Investment Trust (Reit): The manager of Parkway Life Reit said on Friday that it has appointed a new chairman Robin Hu, Asia chairman at Milken Institute and advisory senior director at Temasek; and Eng-Kwok Seat Moey, former group head of capital markets at DBS, as an independent director to its board. Hu, 67, had been on the board of Parkway Life Reit’s manager as independent director since July. Eng-Kwok, 66, will succeed Cheah Sui Ling, 53, as chairperson of the audit and risk committee. Units of Parkway Life Reit on Friday closed 0.5 per cent or S$0.02 higher at S$4.15, before the news.

Hong Leong Asia: The director and former chief accountant of its subsidiary China Yuchai International have been 「detained」 by Chinese authorities. On Monday, the group stated that the reasons for the detainment are unknown and any charges have not been verified. The counter ended Friday down 4.5 per cent or S$0.12 at S$2.52. 

Wilmar International: The general manager of the group’s Indonesian subsidiary Duta Sugar International was charged by the Indonesian public prosecutor over carrying out unlawful acts related to the imports of raw sugar in 2016, based on a Monday bourse filing. These imports reportedly caused state losses amounting to 578 billion rupiah (S$45 million). It is among representatives of eight other refined sugar producers in Indonesia who have been charged in the same case. Shares of Wilmar International ended last Friday 0.7 per cent or S$0.02 higher at S$2.95.

First Reit: The manager of the Reit said on Friday that it has agreed to divest its property, Imperial Aryaduta Hotel & Country Club, for 332.2 billion rupiah. The buyers are indirect wholly-owned subsidiaries of Indonesian property player Lippo Karawaci. The sale consideration translates to a 0.65 per cent premium to the average of two independent valuations that came to 330 billion rupiah. It also represents a premium of 22.2 per cent over its initial investment cost, said Victor Tan, executive director and chief executive of the manager. Units of First Reit closed 1.8 per cent or S$0.005 higher at S$0.28 on Friday, before the announcement.

SG Local News

Wilmar’s Indonesia Unit General Manager Charged over Sugar Imports

The general manager of Wilmar International’s Indonesian subsidiary has been charged by the Indonesian public prosecutor over carrying out unlawful acts related to the importation of raw sugar in 2016.

The unlawful imports had allegedly caused state losses amounting to 578 billion rupiah (S$45 million), said the company in a bourse filing on Oct 20.

The Duta Sugar International general manager is among representatives of eight other refined sugar producers in Indonesia who have been charged in the same case. The nine companies account for most of the country’s refineries that process imported raw sugar into refined sugar.

Genting Singapore Names New RWS Chief Operating Officer

Genting Singapore has appointed Mr Si Chen as chief operating officer (COO) of its wholly owned subsidiary, Resorts World Sentosa (RWS), effective Dec 1 – filling a position that has been vacant for three years.

The role was previously held by Mr Alan Teo, who left the company in September 2022.

「The appointment reflects RWS’ continued focus on leadership renewal and sustained operational performance as the resort advances its transformation under RWS 2.0,」 the company said on Oct 20.

Home Equity Loans on the Rise in Singapore but Experts Urge Caution over Their Use for Investments

Home equity loan usage is rising; average loan amounts for private properties increased 15.5% year-on-year in Q2 2025, and 8.1% for ECs.

These loans offer liquidity at lower interest rates, aiding business owners and others, but should not be used for high-risk investments.

Risks include potential investment failure, exchange rate fluctuations on overseas properties and the need to pay monthly instalments in cash.