Market Snapshot

Singapore stocks opened higher on Friday. STI rose 0.1%; SingPost fell 1%; NIO up 7%.

Stocks in Focus

SingPost: The postal service provider’s operating profit for the first quarter ended June came in at S$3.4 million, a 60 per cent year-on-year drop from S$8.4 million. The decrease comes on the back of increased market pressure and competition, said SingPost on Friday. Its property assets business – including SingPost Centre – is expected to remain stable, it added. The counter closed flat at S$0.50 on Thursday.

Thomson Medical: The group on Thursday announced that it obtained a S$225 million Islamic revolving credit facility from Maybank in Singapore. Proceeds will go towards repayment of the monies owed under its existing revolving credit facility and related costs, as well as towards the company’s working capital needs, capital expenditure and acquisitions. Shares of Thomson Medical ended Thursday at S$0.047, up 2.2 per cent or S$0.001, before the announcement.

TalkMed: The mainboard-listed group called for trading of its shares to be suspended from the Singapore Exchange (SGX) with effect from Friday, 9 am. This comes as the SGX Regulation on Thursday granted in-principle approval for its delisting after Tamarind Health’s offer to privatise TalkMed received shareholder approval on Jul 15. TalkMed is expected to delist on Sep 15. The counter closed Thursday flat at S$0.455.

LHN: The real estate services group’s unit Coliwoo will launch a co-living residence with retail offerings at the former Bukit Timah Fire Station in September. The property will feature a community garden, co-working space, events for members in Coliwoo’s network, and retail tenants with experiential offerings such as urban farming and beer brewing. This follows LHN’s proposed spin-off listing of Coliwoo on SGX’s mainboard, for which an extraordinary general meeting will be held on Sep 9. Shares of LHN ended Thursday at S$0.825, up 5.8 per cent or S$0.045, before the announcement.

SG Local News

Singapore to Launch Insolvency Arbitration Protocol Next Week

Singapore will launch procedures for resolving restructuring, debt and insolvency disputes through arbitration next week, offering businesses and creditors an alternative to traditional court processes.

The Singapore International Arbitration Centre’s protocol for the use of arbitration to resolve these disputes will help in faster and more effective handling of cross-border restructuring cases, Murali Pillai, senior minister of state for law, said at an insolvency conference in Singapore on Thursday.

The initiative is the latest in Singapore’s efforts to enhance the city-state’s appeal as a hub for restructuring in Asia. Earlier this year, policymakers sought public feedback on proposed changes to its insolvency law, which included broadening a provision in restructuring plans to prevent shareholders from dissenting.

Asia's Wealthy Investors Seek More Crypto in Portfolios

Wealthy Asian families and family offices are ramping up their cryptocurrency investments, driven by the bullishness around digital assets, increased mainstream adoption and favourable regulatory developments in key markets.

Wealth managers said they are receiving more enquiries, cryptocurrency exchanges have seen trading volumes surge and crypto funds are in huge demand as high-net-worth Asian investors seek more exposure.