Market Snapshot

Singapore stocks opened higher on Thursday. STI rose 0.1%; SIA fell 0.5%; DBS rose 0.2%; UOB fell 0.2%; Singtel rose 0.3%; Seatrium rose 0.6%; Nio fell 4.9%; Genting Singapore rose 1.1%; SGX rose 1%.

Stocks to Watch

Sabana Reit: Its manager on Thursday said the trust will convene the requisitioned extraordinary general meeting on Oct 18. This is to vote on the trustee’s and requisitionists’ proposed candidates for directorship in the internal manager. Units of Sabana Reit ended Wednesday 1.4 per cent or S$0.005 higher at S$0.36.

Elite UK Reit: Its manager has submitted a planning application to develop a data centre campus at a 15.65-hectare freehold site in Peel Park, Blackpool. This comes after receiving “positive feedback” from the local authority during the pre-planning phase, it said on Thursday. Units of the Reit ended Wednesday 1 pence or 3.2 per cent higher at £0.32.

Dyna-Mac: Hanwha Ocean SG, which is seeking to buy over the offshore oil and gas contractor at S$0.60 a share through its voluntary conditional cash offer, lodged its offer document on Wednesday. The shipbuilding company said it aims to provide Dyna-Mac scale and potential synergies through its proposed acquisition. Shares of Dyna-Mac closed unchanged at S$0.63, before the news.

SG Local News

Singapore Ex-Minister Iswaran Set for Sentencing in Bribery Case

A Singapore court will sentence S. Iswaran on Thursday after the former transport minister pleaded guilty to bribery and obstruction of justice, marking a quick end to one of the biggest political scandals in decades.

The 62-year-old pleaded guilty last week to four charges of obtaining valuable items as a public servant and one count of obstruction of justice. The former politician initially vowed to defend himself over nearly three dozen counts including corruption, but the prosecution amended the charges on the first day.

If Iswaran gets a prison term, he would become the first ex-minister in Singapore to be sentenced to jail since 1975. The prosecutors asked for a seven-month jail term, while his defense lawyers are seeking no more than eight weeks. The court will also take into consideration the 30 other charges in sentencing.

Singapore’s PMI up Further in September Amid Cooling in Regional Factory Activity

Singapore’s overall manufacturing sentiment improved further in September, even as regionwide factory activity remained weak.

The purchasing managers’ index (PMI) improved slightly to 51 in September, a 0.1 point gain from the month before, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (Oct 2).

A reading above 50 on the index indicates growth from the previous month, and one below 50, a contraction.

The reading of 51 marked the 13th month of expansion for the overall manufacturing sector and is the highest reading since July 2021, boosted by a firm recovery in the linchpin electronics sector.

Increase in Voluntary CPF Top-Ups; National Survey Showed More Awareness of Retirement Planning

Singaporeans are beefing up their retirement nest eggs, with voluntary top-ups to CPF accounts hitting more than $3 billion in the first eight months of the year.

The figure was up 15 per cent on the same period in 2023, noted the Central Provident Fund (CPF) Board on Oct 2. 

Voluntary top-ups refer to cash and CPF transfers made to the Special Account (SA) of members aged below 55 or to the Retirement Account (RA) of those above 55.

GIC Agrees to Buy 25% Stake in EQT-Backed Waste Company Reworld

Singapore’s sovereign wealth fund GIC has agreed to acquire a 25 per cent stake in waste management company Reworld.

The wealth fund is buying the holding from Reworld’s owner, investment company EQT, indicated a statement released on Wednesday (Oct 2).

Financial terms were not disclosed. Bloomberg News reported in May that a deal could value Morristown, New Jersey-based Reworld at more than US$8 billion, including debt.