Market Snapshot

Singapore stocks opened higher on Tuesday. STI up 0.8%; Yangzijiang Shipbuilding up 6%; Nio, Seatrium up 5%; Sembcorp up 4%.

Stocks to Watch

DBS Group Holdings: On Monday night, DBS said it was informed by Toppan Next Tech, one of its vendors for the printing of customer statements and letters, that it had been a victim of a ransomware attack. About 8,200 customers of DBS – as well as 3,000 from the Bank of China’s Singapore branch – had their customer information compromised, potentially including their first and last name, postal address, as well as details relating to equities held under DBS Vickers and Cashline loans. The bank will be contacting potentially affected customers. Shares of DBS closed at S$39.28, down S$4.02 or 9.3 per cent on Monday, before the announcement.

SGX: Amid a period of volatility when the Straits Times Index (STI) plunged after the Trump tariffs were announced, investors will be watching how the index performs, as well as trading volumes on SGX. On Friday, the STI closed 3 per cent or 116.37 points lower, and on Monday it declined 7.5 per cent or 285.36 points to 3,540.5 – its worst fall since 2008. Shares of SGX closed on Friday at S$13.02, and tumbled 9.5 per cent or S$1.23 to close at S$11.79 on Monday.

Thakral: The company has clarified rumours that its associate GemLife, a resort-living developer in Australia, is gearing up for an initial public offering, and said there is “no certainty or assurance” that any transaction will go through. It said GemLife is “currently considering its strategic options, which may include the consideration of a possible initial public offering, and is intending to conduct a series of introductory meetings with investors regarding GemLife”. Shares of Thakral closed at S$0.78, down S$0.01 or 1.3 per cent on Monday, before the announcement.

Dasin Retail Tr: Its trustee-manager has declared an upcoming extraordinary general meeting (EGM) called by several dissenting unitholders “invalid and ineffective”, and that any resolutions passed during the meeting will be void. Its board – with the exclusion of minority directors – has recommended that unitholders do not participate in the proposed EGM, which is set to take place on Apr 17. The trustee-manager also does not intend to participate in the meeting, it said in a bourse filing on Monday.

The notice of the EGM stated that Resolution 3 of the requisition notice was the only one tabled for consideration. Resolution 3 seeks approval for the proposed termination of FTI Consulting (Singapore) as adviser to Dasin Retail Trust with immediate effect, and for a new adviser to be appointed in its place by the unitholders to assist with the restructuring of the trust’s financial obligations. Units of Dasin Retail Trust last closed at S$0.020 on Apr 2, before it called for a trading halt on Apr 4. It requested to lift its trading halt on Apr 7.

SG Local News

Singapore Steps Up Efforts to Become Asia’s Restructuring Hub

Singapore’s policymakers are wrapping up the public feedback process on proposed changes to its insolvency law, part of a broader effort to enhance the city state’s appeal as a hub for restructuring in Asia.

A key change would broaden a provision in restructuring plans, known as cross-class cramdowns, to prevent shareholders from dissenting, according to a Ministry of Law report. The proposals would also streamline the process of disposing a debtor’s property or issuing new shares, and recommend building incentives into restructuring managers’ compensation.

The public consultation period will close on April 8, after which the Ministry of Law will draft a bill to be read in parliament before the proposals are enacted.

Singapore's DBS, BoC Customer Data at Risk After Ransomware Attack on Vendor

Some customer information from Singapore's DBS Group and Bank of China's branch in the country has potentially been compromised after a ransomware attack on their data vendor Toppan Next Tech (TNT).

DBS said on Monday customer statements of around 8,200 clients were at risk, but their systems were not compromised and customer deposits and monies remain safe.