Singapore stocks opened higher on Thursday. STI rose 0.1%; DFI Retail rose 3%; Capitaland Investment, Keppel, and Seatrium rose 1%; Genting Singapore and SGX rose 0.7%; UOB rose 0.3%.
Ban Leong Technologies: Video game distributor Epicsoft Asia’s voluntary unconditional cash offer to take the technology products distributor private closed at 5.30 pm on Wednesday. The offeror now owns, controls or has agreed to acquire 104.1 million or 96.6 per cent of Ban Leong’s total issued shares and plans to compulsorily acquire all remaining unacquired shares and delist the group. Epicsoft Asia is a subsidiary of Nasdaq-listed GCL Global. As Ban Leong no longer meets the Singapore Exchange’s 10 per cent free float requirement, its shares will be suspended from 9 am on Thursday. The counter closed flat on Wednesday at S$0.595, before the announcement.
Oiltek: The vegetable and edible oil processing company is supporting a sustainable aviation fuel pilot plant programme by global technology provider Sulzer, who will be in collaboration with the Sarawak Economic Development Corporation (SEDC). This programme will be executed through SEDC’s new energy arm, SEDC Energy (SEDCE). The group said in a statement on Thursday it is in talks with SEDCE to explore the possibilities of involvement in the initiative, but that as at Thursday no definitive agreements have been entered into, and no formal plans have been finalised or approved by its board. Its shares closed flat at S$0.56 on Wednesday.
Addvalue Technologies: The group announced on Thursday that it has secured several new orders totalling around US$1.5 million for its advanced digital radio-related business. These orders are for the supply of the company’s proprietary highly compact software defined radio modules to customers in the defence technology industry. They will also increase Addvalue’s order book from US$14.3 million as announced on Jun 26, to US$15.8 million. The counter closed flat at S$0.015 on Wednesday.
Singapore’s overall factory activity returned to expansion territory in June after two straight months of contraction, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (Jul 2).
The purchasing managers’ index (PMI) expanded marginally last month, by 0.3 point to 50. A reading above 50 on the index indicates growth from the previous month, while one below 50 points to a contraction.
Similarly, the linchpin electronics sector edged up 0.2 point from the previous month to record an expansion at 50.1 in June, after two straight months of contraction.
South-east Asian neighbours Singapore and Cambodia intend to continue advancing shared interests in renewable energy trade, high-quality carbon markets, agri-trade and in bolstering Asean centrality.
Singapore Prime Minister Lawrence Wong made this point on Wednesday (Jul 2), in a toast speech during an official lunch at the Peace Palace in Phnom Penh that was hosted by his Cambodian counterpart Hun Manet.
The Singapore leader is on a one-day trip to the kingdom. This is his eighth stop in an introductory tour of the Asean member states that has taken him to Brunei and Malaysia last June, Laos in October, Indonesia and Thailand in November, Vietnam this March and the Philippines in June.
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