Singapore shares rose 1.02% this week on US rate-cut hopes.

In terms of star stocks, UOB Kay Hian rose 11%; SIA Engineering, Singapore Land Group rose 9%; CityDev, YZJ Shipbldg rose 8%. Emperador fell 14%.

Market News

CDL Selling Its 50.1% South Beach Stake to Its Malaysian Partner IOI for S$834 Million, Yielding S$465 Million Gain

CityDev has agreed to sell its 50.1 per cent stake in the South Beach mixed project to its Malaysian partner, IOI Properties Group (IOIPG), for about S$834.2 million.

The deal values the complex at about S$2.75 billion, which represents a premium of about 3 per cent over the most recent valuation of S$2.67 billion as at Dec 31, 2024.

CDL expects to see a gain on disposal of about S$465 million for the financial year ending Dec 31, 2025.

Analysts Keep Recommendation on DFI Following Robinson Retail Divestment

DBS Research Group is keeping its “buy” call and US$3.00 target price on DFIRG USD, following news that the group’s move to divest its 22.2% stake in Robinsons Retail Holdings (RRH) of 315.31 million common shares.

The transaction totalled PHP15.8 billion ($365 million), as part of its share buyback programme. The price represents a 36% premium over the last closing price of PHP36.70 and was mutually agreed upon by both parties, reflecting prevailing market conditions and strategic considerations. The deal was funded through a mix of internal resources and external borrowings.

Singapore's Great Eastern Proposes Delisting with OCBC's $700 Mln Offer

Great Eastern is proposing to delist from the Singapore bourse by way of its largest shareholder ocbc bank offering S$900 million ($699.9 million) to buy the rest of the insurer it does not already own, according to joint statement and filings on Friday.

Trading in Singapore-based Great Eastern's shares was suspended on July 15, 2024, after its free float fell below 10% following an offer by OCBC to acquire an 11.56% stake at S$25.60 apiece in May 2024.

Indonesia Wealth Fund Considers Stake in Grab-GoTo Deal, Bloomberg News Reports

Newly launched sovereign wealth fund Danantara Indonesia is in early talks with GoTo to get a piece of U.S.-listed rival Grab Holdings's potential buyout of the ride-hailing and food delivery firm, Bloomberg News reported on Friday.

The fund is seeking a minority stake in the combined entity, which could help ease the Indonesian government's concerns of Singapore-headquartered Grab owning the country's biggest tech firm, the report said, citing people familiar with the matter.

DBS, UOB Provide $411 Million Loan to DayOne-INA Data Centre Project in Indonesia

Singaporean banks DBS and UOB said on Thursday that they had jointly provided a 6.7 trillion rupiah ($411 million) loan to finance a data centre campus in Indonesia.

DBS and UOB are Southeast Asia and Singapore's biggest and third largest lender by assets respectively.