Market Snapshot

Singapore stocks opened higher on Wednesday. STI up 0.3%; Infinity Dev and ManulifeReit up 2%; UltraGreen down 15%; Wilmar down 1%.

Stocks in Focus

Far East Group : The company on Tuesday announced that its dormant, 93.88 per cent indirectly owned subsidiary Far East Enterprise (Penang) will be undergoing a members’ voluntary winding up. The subsidiary was incorporated in Malaysia, and had derived rental income from its property up to 2024, with the property disposed of at the end of that year. This move is not expected to have any material impact on the net tangible assets per share and earnings per share of the group for the financial year ending Dec 31, 2025. Shares of Far East Group closed flat at S$0.118, before the news.

UltraGreen.ai: The surgical tech group is set to debut on the mainboard of the Singapore Exchange (SGX) on Wednesday at 9 am. The company previously offered 112.1 million shares at US$1.45 or S$1.892 apiece. On Tuesday evening, the group said in a bourse filing that it recorded a subscription rate of 4.5 times, with over 1,000 valid applications for some 26.5 million shares. The Singapore public offer received about S$50.2 million in application monies, while its international offering was about 14.1 times subscribed. Overall, the offering was around 13.6 times subscribed.

Infinity Development: The adhesive manufacturer based in Hong Kong is scheduled to debut on the Catalist board of SGX on Wednesday morning. It announced on Nov 21 that it was looking to raise net proceeds of S$11.1 million in an initial public offering via the issue of 35.1 million placement shares at S$0.39 apiece. Gross proceeds from the placement would be S$13.7 million, including estimated expenses related to the placement.

SG Local News

City Developments Limited acquires London hotel for $479.9m

City Developments Limited has acquired the Holiday Inn London – Kensington High Street for $479.9m or £280m, giving the group full ownership of the 706-room freehold hotel.

The price works out to £396,600 per key, or about $480m based on an exchange rate of £1 to $1.715.

UOB issues $1.284b notes due 2029 in global bond programme

United Overseas Bank Limited (UOB) announced plans to issue $1.284b (GBP750m) floating rate covered bonds due June 2029, pursuant to its $19.b (US$15b) global covered bond programme.

The covered bonds will be issued as the 14th series under the global programme, UOB said in a statement.