Market Snapshot

Singapore stocks opened lower on Monday. STI fell 0.34%; Pacific Century up 1.3%; Sembcorp Industries up 0.9%; SIA, OUEREIT, Olam Group down more than 1%.

Stocks in Focus

Suntec Reit; ESR Reit; Sabana Industrial Reit; Acrophyte Hospitality Trust: ESR Group, which is the sponsor of Suntec Reit, ESR Logos Reit, Sabana Industrial Reit and Acrophyte Hospitality Trust, is expected to delist from the Hong Kong Stock Exchange on Jul 3 as its shareholders on Friday approved a scheme resolution to privatise it. The real estate fund manager received a privatisation proposal from a consortium of investors comprising Starwood Capital Operations, Sixth Street Partners, and SSW Partners in April 2024. Units of Suntec Reit ended Friday unchanged at S$1.14; units of ESR Reit ended Friday down 1.3 per cent or S$0.03 at S$2.31; units of Sabana Industrial Reit declined 2.5 per cent or S$0.01 to S$0.39 on Friday while units of Acrophyte Hospitality Trust ended Friday up 1.7 per cent or US$0.005 at US$0.295.

Fu Yu: The components manufacturer announced on Sunday that all its independent directors had resigned, including Royston Tan and Christopher Huang, who is also the non-executive chairman. This comes amid attempts by Fu Yu’s largest shareholder Victor Lim to oust Tan and Huang from the board. Independent director Daniel Poh also resigned over differences in opinion on the company’s direction on matters not involving the day-to-day business of the company, which Tan and Huang also cited as a reason for resignation. All three quoting the investigations into Fu Yu Supply Chain Solutions as an example. Shares of Fu Yu closed down S$0.001 or 1 per cent at S$0.096 on Friday.

SG Local News

Singapore, Indonesia Reaffirm Economic Ties in Ministerial Meeting

Singapore and Indonesia reaffirmed their commitment to strengthen bilateral economic ties at the 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting (6WG) on Sunday (Jun 15).

Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto co-chaired the meeting. The 6WG is an economic platform between Singapore and Indonesia to advance economic cooperation in the Batam, Bintan and Karimun (BBK) region and other special economic zones, investments, manpower, transport, agribusiness and tourism.