Market Snapshot

Singapore stocks opened lower on Tuesday. STI down 0.3%, Yoma Strategic up 3%, Nio fell 2.5%, UOL fell 1%, SATS down 0.5%.

Stocks to Watch

SATS LTD. : The in-flight caterer and ground handler intends to divest 49 per cent of its interest in its Saudi Arabia cargo-handling subsidiary for S$52.6 million to a private limited company incorporated in the kingdom. Sats will continue to hold 51 per cent of the issued share capital of the unit following the restructuring, with the remaining 49 per cent acquired by Avilog Logistics Services – which is owned by a consortium of shareholders Albawardi Holding Group and Abdulkadir Al Muhaidib and Sons. Shares of Sats closed on Monday at S$3.86, up S$0.02 or 0.5 per cent, before the announcement.

SEMBCORP INDUSTRIES LTD : The group was awarded a 300 megawatt wind-solar hybrid power project from NTPC, India’s state-run power producer. Upon completion and subject to a power purchase agreement, Sembcorp will sell power output from the build-own-operate project to NTPC under a 25-year contract. The company said on Tuesday that the project, which will be funded through internal funds and debt, will not have material impact on its earnings per share or net tangible assets per share for the financial year ending Dec 31. The counter closed on Monday down 0.4 per cent or S$0.02 at S$5.23. 

SG Local News

Singapore Gulf Bank to Raise Funds, Buy Stablecoin Payments Firm

Singapore Gulf Bank is seeking to raise at least $50 million in a funding round and plans to acquire a stablecoin payments company next year, according to people with direct knowledge of the matter.

The startup bank, established by Singapore family office Whampoa Group and licensed in Bahrain since February, is in talks with a Middle East sovereign wealth fund and other investors to sell an equity stake of less than 10% by early 2025, the people said, asking not to be identified as the matter is private.

DFI Singapore Reshuffles Giant, Cold Storage Supermarkets as Competition Rises

When supermarket chain Giant closed an outlet in Bishan in August, it set tongues wagging that the business was streamlining its operations amid rising costs and cut-throat competition.

Speculation grew after rival chain Sheng Siong immediately took over the vacated retail space in Block 512 Bishan, opening a new supermarket outlet within a month.

Barclays to Add Singapore as Private Bank Booking Center By 2026

Barclays Plc plans to add Singapore as its second booking center for its private bank operations in Asia Pacific, marking a full return to the wealth hub.

Rich clients will be able to park assets in the city-state by 2026, the London-based firm said in a statement on Tuesday. India has been its sole booking center in the region after Barclays sold its wealth businesses in Singapore and Hong Kong to Oversea-Chinese Banking Corp. in 2016.

Barclays’ move is significant, as Singapore vies with Switzerland and Hong Kong to be the world’s most popular destination for offshore wealth, attracting flows from China, the Middle East and other parts of the world.