Market Snapshot

Singapore stocks opened lower on Friday. STI fell 0.19%; Riverstone fell 1.9%; NIO fell 1.7%; Top Glove rose 1.25%.

Stocks to Watch

THE following companies saw new developments that may affect trading of their securities on Friday (Dec 13): 

Keppel DC Real Estate Investment Trust (Reit): Its manager announced on Thursday that the Reit’s non-renounceable preferential offering was about 159.9 per cent subscribed. It received excess applications of 79.4 per cent, or for an extra 117.8 million units. Valid acceptances hit 80.5 per cent, or 119.5 million units. Thus, it will allot 28.9 million excess preferential offering units that were not validly accepted or not taken up to satisfy applications for excess preferential offering units. In total, the manager will issue 148.4 million preferential offering units at S$2.03 each, to raise about S$301.3 million. The non-renounceable preferential offering closed on Dec 10, part of an equity funding exercise to raise gross proceeds of around S$1.1 billion. The manager expects the preferential offering new units to list on the Singapore Exchange on Dec 18, with effect from 9 am. Its units closed up S$0.01 or 0.5 per cent at S$2.20 on Thursday, before the announcement.

Singapore Institute of Advanced Medicine (SAM): The healthcare provider said on Thursday that it set up a strategic review committee that will look into improving its performance. The Catalist-listed company said that the committee, set up with immediate effect, will examine ways to improve the usage of the company’s proton beam therapy, photon radiation therapy facilities and diagnostic equipment. It will also assess the sustainability of its operations and consider “any other corporate action” deemed appropriate to address its funding requirements. The move follows SAM’s external auditors PwC’s issuance of a disclaimer of opinion on the group’s results for the financial year ended Jun 30. They noted material uncertainties that could cast significant doubt on the group’s ability to continue as a going concern. Shares of SAM closed Thursday up 39.7 per cent or S$0.023 at S$0.081, before the update.

SG Local News

Singapore to Hold More Mega Events in 2025

In the first 10 months of this year, Singapore welcomed 13.9 million international visitors, with a 23 per cent on-year increase.
 
The surge in tourism activity is partly due to the government’s strategy to create events that appeal to diverse interests and audiences, with plans to hold more in the year to come.
 
Ms Ashlynn Loo, director of attractions, entertainment and tourism concept development at STB, said: “Our strategy moving forward is to continue to build a robust calendar of leisure events that will continue to appeal to our travellers and make Singapore the top-of-mind destination for global visitors.”

Singaporean Tycoon Under Investigation for 150 Possible Offenses

Singapore’s Corrupt Practices Investigation Bureau (CPIB) is investigating more than 150 potential offences linked to Singaporean businessman Ng Teck Lee, who was involved in a US$51 million embezzlement case.

Ng, 58, and his wife, Thor Chwee Hwa, 55, are the key suspects in the corruption case involving Citiraya Industries, a firm responsible for receiving electronic scrap from clients and sending them to be crushed and recycled. They were charged on Dec. 4 and appeared in court via video link on Wednesday.