Market Snapshot
Singapore stocks opened lower on Monday. STI fell 1.86%; CityDev, Keppel, ComfortDelGro down over 3%; SIA down 2.7%; iFast, UOB, Sats, OCBC Bank down about 2%.
Stocks in Focus
Sembcorp Industries: The engineering services company on Monday said that no damage has been suffered by the United Arab Emirates’ Fujairah F1 power and water plant amid Iran’s strikes. It elaborated that operations are currently continuing while the situation continues to be monitored. This also applies to its Oman facilities Salalah IWPP and the Manah II Solar Independent Power Project. Shares in Sembcorp Industries ended 0.7 per cent or S$0.04 higher at S$5.72 on Friday.
Frasers Property: The property player on Monday announced the appointment of Tony Lombardo as its new group chief operating officer, effective Oct 1. He will report to the group chief executive and be based in Singapore. Lombardo is currently the group CEO and managing director of Lendlease. Shares of Frasers Property ended 0.5 per cent or S$0.005 lower at S$0.995 on Friday.
Yangzijiang Maritime: The maritime financial solutions provider’s proposed share buyback mandate has been approved by shareholders at its Friday extraordinary general meeting. The share buyback will see the group purchase up to 10 per cent of all its issued shares. The group’s chief executive and chairman, Ren Yuanlin, previously spoke of plans to focus on capital allocation, including through share buybacks. The counter ended Friday unchanged at S$0.575, before the news.
OKP: The mainboard-listed infrastructure and civil engineering company announced on Monday that it secured a contract valued at around S$87.3 million from the Land Transport Authority for commuter infrastructure works along the Jurong Region Line. Shares of OKP ended flat at S$0.76 on Friday.
SG Local News
As Middle East conflict rages, DBS urges SMEs to hedge at least half their FX exposure – not time the market
Small and medium-sized enterprises (SMEs) in Singapore and the region should lock in foreign-exchange rates instead of trying to time the market, said Eileen Chia, regional head of corporate advisory for global financial markets at DBS.
Her advice comes as FX markets experience heightened volatility amid the ongoing conflict in the Middle East.
Grab seeks to double votes tied to Class B ‘super-voting’ shares; move could lift CEO Anthony Tan’s voting power to 74.9%
Grab will hold an extraordinary general meeting (EGM) on Mar 24 on a special resolution to double the votes attached to its “super-voting” Class B shares.
The move could raise founder and group chief executive officer Anthony Tan’s voting power in the company to as high as 74.9 per cent, assuming there is no conversion of Class B shares into Class A ones, which carry one vote per share.