Singapore stocks to watch Thursday: ST Engineering, SGX, Singapore Airlines

Singapore 50 dollar bill

These are the Singapore companies which may be in focus on Thursday, 28 March 2019:

Singapore Technologies Engineering

Singapore Technologies Engineering said late on Wednesday it has agreed to buy Belgium-based satellite communications company Newtec Group NV for 250 million euros, or about S$383 million. The consideration on a cash-free and debt-free basis.

“This proposed acquisition expands our satcom business in a meaningful way in an attractive industry that is high-tech and high-growth, driving connectivity advances in a world where 5G (mobile technology) and satcom converge,” ST Engineering president and CEO Vincent Chong said in a statement.

Singapore Exchange

Singapore Exchange said late on Wednesday it has acquired a 20% stake in foreign exchange trading platform BidFX for US$25 million in an effort to strengthen its FX futures business.

The purchase price includes an option that will allow SGX to gain a controlling stake in BidFX.
SGX CEO Loh Boon Chye described FX as one of SGX’s key growth pillars. He also said SGX hopes its investment in BidFX will help it get a bigger slice of the over-the-counter market for FX, where volumes are much larger than what’s traded on exchanges.

Singapore Airlines

Singapore Airlines has upsized its S$500 million issue of five-year bonds to S$750 million following strong demand from institutions and retail investors.

The bonds, which are due in 2024, have a coupon of 3.03%. They were issued under SIA’s S$2 billion Medium Term Bond Programme.

City Developments

City Developments paid executive chairman Kwek Leng Beng S$8.868 million last year, its latest annual report showed, up from S$8.380 million in 2017.

His son Sherman Kwek, who became CEO on 1 Jan 2018, earned S$2.258 million, an amount that was less than the S$2.712 million former CEO Grant L. Kelley received in 2017.

Darco Water Technologies

Darco Water Technologies said late on Wednesday it has entered into a Memorandum of Understanding with Malaysia’s Mattan Engineering to venture into the renewable energy industry. In particular, the two plan to build or own photovoltaic power plants across Southeast Asia.

Yanlord Land

Yanlord Land Group said on Wednesday the latest launch of apartment units at its Riverbay Gardens residential development in Suzhou, China has been fully taken up.

The 193 units were sold at an average selling price of around RMB35,300 (US$5,249) per square metre on Tuesday, the day the units were launched.

“Demand for high-quality residential developments in first-tier and core second-tier cities continues to be driven by strong upgrader demand and healthy inflows of populations,” Yanlord’s chairman and CEO Zhong Sheng Jian said in a statement.

Singapore-based Yanlord specializes in developing high-end integrated commercial and residential property projects in high-growth Chinese cities.