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| 17-May-2026 22:40 |
SIA
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SIA
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SIA H2 FY2026 earnings fall 53.6% to S$945.5 million on absence of accounting gain SIA&rsquo s share of Air India&rsquo s full-year losses mounts to S$945.2 million [SINGAPORE] Singapore Airlines&rsquo (SIA) : C6L +2.23%earnings for its second half ended March more than halved year on year (yoy) to S$945.5 million from S$2 billion. The national carrier group on Thursday (May 14) attributed the 53.6 per cent reduction in H2 net profit largely to the absence of a one-off, non-cash accounting gain of S$1.1 billion. This was from the disposal of Vistara airline and recognised in the year-ago period. However, SIA posted a record revenue of S$10.8 billion for H2 FY2026, up 8 per cent yoy. At the operating level, the group&rsquo s profit also hit a high of S$1.6 billion, jumping 72 per cent. Its passenger flown revenue rose 8.5 per cent, driven by 3.8 per cent stronger yields and 4.7 per cent higher passenger traffic. Cargo flown revenue dipped 1.3 per cent on weaker yields, which declined 3.5 per cent. Group expenditure increased 1.6 per cent, on higher non-fuel expenditure climbing 5 per cent. The rise in non-fuel expenditure was due mainly to capacity increase and higher cost pressures. It was partly offset by a decline in net fuel cost, which was a result of the swing from a fuel hedging loss in FY2025 to a gain in FY2026. Earnings per share for H2 FY2026 also more than halved to S$0.30, from S$0.685 previously. Net asset value per share was S$5.48 as at Mar 31, versus S$5.27 in the year-ago period. The board recommended a final ordinary dividend of S$0.22 per share for FY2026. SIA had earlier paid an interim dividend of S$0.05 a share for H1 FY2026 ended September. It also proposed a special dividend package of S$0.10 per share annually over three financial years. In total, the ordinary and special dividend for FY2026 stood at S$0.37 a share. The full-service airline is rewarding eligible employees with a profit-sharing bonus of 5.7 months for FY2026, The Business Times has learnt. For the full year, the airline group&rsquo s net profit declined by 57.4 per cent to S$1.2 billion. This was also primarily due to the absence of the non-cash accounting gain from the completion of the Air India-Vistara merger. The swing from a share of profits of associated companies in FY2025 to a loss in FY2026 was because SIA accounted for its share of Air India&rsquo s full-year losses that mounted to S$945.2 million. In contrast, the group considered only four months in the previous year. SIA holds a 25.1 per cent stake in the Indian joint venture airline. As at Mar 31, the airline group&rsquo s carrying amount in Air India amounted to S$1.1 billion against a total cost of S$2.1 billion. SIA&rsquo s management assessed that there were indicators of impairment for the investment in Air India, triggered by challenging operating conditions and heightened geopolitical uncertainty. The SIA group&rsquo s full-year revenue rose 5 per cent on the year to a peak of S$20.5 billion. It also carried a record 42.4 million passengers, up 8 per cent yoy. Full-year operating profit expanded 39 per cent to S$2.4 billion. Jet fuel price impact to come SIA said the full impact of higher jet fuel prices is expected to feed through in FY2027, as the surge was only partially reflected in the net fuel cost for March due to pricing lags. Jet fuel, which is the single largest expenditure item for airlines including the SIA group, has more than doubled in price since the US and Israel attacked Iran on Feb 28. SIA and Scoot have since raised airfares across their networks, but the group said these adjustments do not fully offset the spike in jet fuel prices. The group manages cost volatility through risk management, including fuel hedging. Cost pressures are mounting as suppliers increase prices amid higher energy expenses and disrupted supply chains. This high-inflation operating environment is likely to persist, SIA said. Depending on the duration of the Middle East conflict and how the situation evolves, there could be broader implications for supply chains and macroeconomic conditions, affecting demand. But SIA noted that it has clinched opportunities from the shifts, such as adjusted frequencies and capacity, to capture demand to Europe and Australia. The group&rsquo s passenger network served 134 destinations in 35 countries and territories as at Mar 31, with the full-service airline serving 77 destinations and Scoot, 82. The cargo network comprised 137 destinations in 36 countries and territories. As at end-March, the group&rsquo s operating fleet had 218 passenger and freighter aircraft. SIA shares finished 0.2 per cent or S$0.01 lower at S$6.27 on Thursday, before the results were announced. |
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| 17-May-2026 22:40 |
SIA
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SIA
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SIA Group passenger traffic rises 7% in April Singapore Airlines and Scoot carried a total of 3.6 million passengers, a 7.5% year-on-year increase [SINGAPORE] Singapore Airlines (SIA) Group&rsquo s passenger traffic grew 7 per cent year on year in April, outpacing a 6.3 per cent increase in capacity, it announced on Friday (May 15). The group, which comprises flagship carrier SIA and budget arm Scoot, posted passenger traffic of 13.7 billion revenue passenger kilometres in April, up from 12.8 billion in the year-ago period. Passenger traffic measures demand for an airline&rsquo s service and is derived by multiplying the number of passengers carried by distance travelled. The group recorded a passenger load factor (PLF) of 88.4 per cent for the month, an improvement of 0.5 percentage point from the year before. PLF is the passenger traffic expressed as a percentage of passenger capacity. The two airlines carried a total of 3.6 million passengers, up 7.5 per cent year on year. SIA&rsquo s monthly PLF stood at 87.7 per cent Scoot&rsquo s was 91 per cent. For the flagship carrier, passenger traffic rose 5.1 per cent to 10.5 billion revenue passenger-km, against a 4.3 per cent expansion in capacity. Performance was notably strong on European routes, where the PLF rose 4.9 percentage points to 87.7 per cent. The group attributed these gains to &ldquo spillover passenger traffic and cargo loads, particularly on services to Europe and the Americas, as capacity through Middle East hubs remained constrained by the ongoing conflict in the region&rdquo . Budget carrier Scoot&rsquo s capacity grew 14.2 per cent year on year, while passenger traffic rose 13.7 per cent to 3.1 billion revenue passenger-km. On the cargo front, loads grew 3.7 per cent to 530.7 million tonne-km, from 511.9 million tonne-km, against a capacity expansion of 2.3 per cent. Consequently, the cargo load factor went up by 0.8 percentage point to 57.9 per cent. Cargo and mail carried totalled 102.6 million kg, marking a 6.9 per cent year-on-year increase. Shares of SIA : C6L +2.39% rose 2.4 per cent or S$0.15 to close at S$6.42 on Friday, before the announcement. |
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| 17-May-2026 22:39 |
SIA
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SIA
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SIA airfares up but airline will not pass on full cost of fuel increases to passengers SINGAPORE &ndash Singapore Airlines (SIA) will not be increasing airfares to the extent that it passes the full increase in fuel costs on to passengers, SIA&rsquo s chief commercial officer Lee Lik Hsin said on the sidelines of the group&rsquo s results briefing on May 15. He was responding to a question from The Straits Times on whether airfares would continue to increase. The airline noted that jet fuel prices have more than doubled since the Iran conflict began, adding significant cost pressures to its business. In its results filing for the financial year ended March 31, the group noted that SIA and Scoot had already raised airfares across their network, but that &ldquo the adjustments do not fully offset the rise in the price of jet fuel, which is the group&rsquo s single-largest expenditure item&rdquo . Mr Lee told reporters that the question of airfares still goes back to the concept of demand and supply. &ldquo We want to still be able to attract passengers, and in doing so, we have to be competitive and offer value. We have to factor that in very carefully as we price tickets,&rdquo he said. That is why airfares have not been increased to a point where they fully cover the fuel price hikes, &ldquo because otherwise we will have no passengers&rdquo , Mr Lee said. He added that current prices do not reflect the pass-through of the totality of fuel cost increases, as customers will not accept it and it will hinder demand &ndash which does not meet SIA&rsquo s business objectives. Adding capacity Despite increasing fuel costs and the challenges posed by the Middle East conflict, SIA is increasing its capacity to Europe by 13 per cent, while other airlines are cutting flights. SIA chief executive Goh Choon Phong said: &ldquo Commercially, even right from the start, we were already looking at how we can better capture some of the displaced traffic through some of the ad hoc additional flights that we can put in within the capability of our resources.&rdquo For instance, SIA ran ad hoc flights to London and Frankfurt when other carriers stopped flying the routes from Asia to Europe. SIA is also launching flights to Madrid and a three-times-weekly service to Munich in October. It will also add capacity to Britain by expanding its London Gatwick services. Together with its services to London Heathrow, SIA will operate up to six daily flights to the British capital. Mr Lee added: &ldquo Our financial position is strong, and therefore we are actually growing rather than cutting capacity.&rdquo Chief operations officer Tan Kai Ping also noted that although the Middle East carriers have resumed some services, SIA remains bullish about its ability to capture some of the spillover customer flows that used to transit through the Middle East. There are still the customers who change their plans and want to travel through alternate hubs, he said. Responding to questions about jet fuel supply, he said that it remains &ldquo stable&rdquo across SIA&rsquo s network despite the volatile situation. He noted that if fuel supplies run short, airports would begin rationing fuel, but that scenario is not happening at any of the airports that SIA flies to. Long-term transformation of Air India Mr Goh said during the company&rsquo s presentation that SIA remains committed to supporting Air India&rsquo s transformation efforts, alongside its partner Tata Sons. &ldquo We want to make Air India a world-class carrier and airline with an Indian heart,&rdquo he said. He reiterated SIA&rsquo s multi-hub strategy as Singapore is a small market with a relatively small population base and no domestic operations for airlines. Meanwhile, India is the world&rsquo s third-largest aviation market and has a target of reaching 230 airports by 2030. Mr Goh said: &ldquo We&rsquo ve never had any illusions that it is an easy path. Way back when we started the joint venture with Tata Sons... I already knew at that point in time that it is a long game.&rdquo He added that he told analysts and the media back then that &ldquo this is definitely not going to be a walk in the park&rdquo . &ldquo We have been operating in India for a long time, we know the market, we know how difficult it is. But we also had a sense, even way back then, that this is a market that holds tremendous potential, and today that potential is even more obvious,&rdquo he said. Mr Goh noted that Air India faces the same issues currently affecting all airlines globally, but also three other factors specific to the carrier. Air India was affected by Pakistani airspace closures, the crash of AI171 that caused the airline to cut flights while it relooked processes, and the depreciation of the Indian rupee which is vital given that a large part of any airline&rsquo s expenditure is in US dollars. But Air India has been very active in transforming itself, Mr Goh said, and has shown tangible progress. When asked how long this process might take, Mr Goh said it took a decade for Vistara to establish itself as a leading carrier in India. He added that some SIA staff were seconded to Air India to support it. But when asked about whether SIA will install one of its staff as Air India&rsquo s new CEO, Mr Goh said the Air India board is responsible for appointing the next CEO. Air India is searching for a CEO after Mr Campbell Wilson resigned in April. Improvements to SIA On the SIA side, the group is also harnessing generative artificial intelligence to improve operations, Mr Goh said. It has an AI-powered assistant and knowledge repository called Jarvis, with about 95 per cent staff penetration. An AI-powered chatbot called Kris also provides customers with round-the-clock self-service support, from answering general inquiries to completing simple transactions. SIA will also be unveiling next-generation seats in 2026 for long-haul flights across all cabin classes from first class to economy. It will also launch a new KrisWorld in-flight entertainment experience, along with new in-flight dishes, amenity kits and updated soft furnishings and serviceware. The roll-out of these new cabin features is expected in 2026 as well. SIA&rsquo s share price rose 2 per cent on May 15 to close at $6.42. |
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| 17-May-2026 22:38 |
SingPost
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SingPost
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Is SingPost grasping at straws? Singapore Post&rsquo s (SingPost) latest set of results yet again reflects the group&rsquo s struggles. For FY2026, SingPost reported earnings of $60.9 million, 75.2% lower y-o-y. Profit from continuing operations was down by 73.6% y-o-y to $62 million, while the group made a loss from discontinued operations of $2.5 million, reversing from the previous year&rsquo s profit of $10.1 million. For the first time, the group has also included the derecognition of aged trade payables, which added $38.1 million to its bottom line. Strip out that line, and the underlying picture looks bleaker. &ldquo These aged trade payables relate to international settlements with overseas postal administrators for international industries. We will now derecognise aged trade payables that exceed a seven-year threshold. This will remove long-standing balances from the current trade payables in the balance sheet, better reflecting the company&rsquo s current financial position,&rdquo says group CFO Isaac Mah. The seven-year threshold stems from the six-year limit that companies have to sue for debt. If a debt owed to a company &mdash or trade payable &mdash has not been acknowledged, paid or pursued legally, it is generally considered &ldquo statute-barred&rdquo . Given the trade cycle of international postal deliveries, which takes about 12 months, the group has decided to take on a &ldquo six plus one&rdquo approach, says Mah. The policy will be applied to SingPost&rsquo s balance sheet moving forward. The group&rsquo s postal business, once its core and most reliable source of cash, is now struggling. Mail volumes have been declining for years and show no sign of reversing. To mitigate the structural decline, SingPost has increased regular domestic postage rates by 10 cents from Jan 1. The increase marks the second rate increase in less than three years, following the rate increase in October 2023. Yet, how much is enough? The group&rsquo s attempts to diversify its business have seen limited success. The e-commerce logistics push saw the bankruptcy of its US subsidiaries and the sale of its Australian business, once the group&rsquo s largest revenue contributor. The sale generated a large, exceptional gain, but left a much smaller company behind. What remains in focus is SingPost Centre, once identified as a non-core asset following a strategic review completed in March 2024. At the time, the building was valued at around $1.09 billion as at Sept 30, 2023. As recently as its FY2025 results briefing in May 2025, Mah reiterated that the building, which generated strong cash flows for the group then, was still deemed non-core to the group&rsquo s operations. That position has changed. On May 14, alongside a strategic update acknowledging previous struggles such as &ldquo structural headwinds&rdquo from declining traditional letter mail volumes and &ldquo early generation technology and systems&rdquo , group CEO Mark Chong stated categorically that the group will be keeping SingPost Centre. &ldquo It is not for sale,&rdquo he told the media. &ldquo SPC (SingPost Centre) remains a crucial part of our portfolio. We&rsquo re retaining it to harvest significant long-term upside for our shareholders.&rdquo Chong, who was appointed to the post in November 2025, adds that the building will benefit from the transformation of the Paya Lebar area, which will &ldquo provide [a] further boost to SingPost Centre&rsquo s asset value and redevelopment upside.&rdquo In the meantime, the group also said that it will conduct an asset enhancement on the building to increase more commercial space, tipped to be completed by mid-2028 or &ldquo hopefully sooner&rdquo . The group has already appointed an architect and works are ongoing, says Mah. On the prospect of nationalisation, Chong said that the lack of announcements means it won&rsquo t be happening. &ldquo No announcement [on nationalisation] means no la.&rdquo In May 2025, Mah had told the media that nationalisation was &ldquo not on the cards&rdquo . The remarks came after former chairman Simon Israel said to &ldquo ask the government&rdquo at a February 2025 media roundtable briefing. At this rate, it looks like business as usual for SingPost. Whether the group is facing a turnaround or a managed decline will be left to shareholders to decide. |
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| 17-May-2026 22:37 |
AEM SGD
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AEM (+Venture, UMS) the most AI-relevant SGX stock
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AEM knocks DBS off pedestal as top value traded stock after crossing S$10 barrier CSE Global also climbs as much as 7.9% to all-time high as tech stock rally continues [SINGAPORE] Advanced semiconductor and electronics test solutions provider AEM : AWX +0.71% overtook DBS in terms of total value of securities traded on Friday (May 15) as tech stocks continued their rally. About S$47.3 million worth of AEM shares changed hands as at 9.40 am, compared with S$45.6 million for DBS, Singapore&rsquo s largest company by market capitalisation. South-east Asia&rsquo s biggest bank dominates the top spot because of its hefty S$60 price tag and active daily positions by global institutions and investors. Shares of AEM rose as much as 7.8 per cent to S$10.68 in the first four minutes of trading on Friday. AEM and smaller tech stocks such as Asti Holdings : 575 -3.31% and Avi-Tech : 1R6 -3.33% have been beating the Straits Times Index : *STI -0.32% this year. The benchmark has lagged, falling just shy of 1 per cent in April while gaining only about 6.5 per cent year to date. Analysts said that many semiconductor and precision-engineering firms listed on the Singapore Exchange (SGX) supply major US-listed technology companies, causing their share prices to move in tandem with those of global peers and customers. Major tailwinds include the explosion in demand for artificial intelligence-linked chips and related test services. AEM stands out on investors&rsquo radar after it announced a partnership with ASE Technology, the world&rsquo s largest provider of independent semiconductor manufacturing services in assembly and test. The Singapore companies&rsquo strong earnings have flowed through to Singapore&rsquo s macro performance. Despite the geopolitical concerns triggered by the Middle East war, Singapore&rsquo s exports in March grew 15.3 per cent year on year, due to an AI-related electronics surge. Analysts believe the tech rally still has legs, with Phillip Securities&rsquo Chong Yik Ban expecting the gains to persist through the end of this year. Systems integration specialist CSE Global&rsquo s : 544 0% shares hit an all-time high on Friday after reporting a 29.1 per cent rise in first quarter revenue the previous day. The counter climbed as much as S$0.14 to a peak of S$1.91 within the first 15 minutes of trading on Friday. It has been on a tear this year, having gained about 80 per cent since Dec 31. It has also been hitting new record highs since mid-April. CSE&rsquo s S$265.2 million revenue was boosted by fresh demand from the data centre industry. Its first quarter order intake rose 74.6 per cent to S$271.2 million. Alongside AEM and CSE&rsquo s gains on Friday, Frencken : E28 -1.47% also added as much as 3.2 per cent and UMS Integration : 558 0% rose as much as 6.8 per cent. Venture Corp : V03 -1.37% was a notable outlier, rising about 0.2 per cent in the first few minutes of trading before reversing into a decline of as much as 0.7 per cent. |
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| 17-May-2026 22:36 |
First Resources
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First Resources
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First Resources Q1 net profit up 53.1% at US$96.6 million on stronger sales, production output It has posted a 70.4% year-on-year increase in sales to US$477.2 million [SINGAPORE] Indonesian palm oil producer First Resources : EB5 +3.53% posted net profit of US$96.6 million for its first quarter ended Mar 31, up 53.1 per cent from US$63.1 million in the year-ago period. This was underpinned by a 70.4 per cent year-on-year increase in sales to US$477.2 million for Q1 2026, from US$280 million previously. The mainboard-listed company on Friday (May 15) attributed the higher sales to stronger production output, increased purchases of fresh fruit bunches and palm oil products from third parties, as well as a net inventory drawdown of 59,000 tonnes during the quarter. This is compared to a build-up of 18,000 tonnes in the corresponding period the prior year. For the quarter, earnings before interest, taxes, depreciation and amortisation increased 54.9 per cent to US$165.7 million from US$107 million in the previous corresponding period. Equity attributable to owners of the company climbed 2.8 per cent on the year to US$1.58 billion from US$1.54 billion. Shares of First Resources closed Thursday 3.5 per cent or S$0.13 higher at S$3.81. |
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| 17-May-2026 22:35 |
MarcoPolo Marine
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Marcopolo Marine Next Rotational Play
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Marco Polo Marine to spin off shipyards via $139 mil RTO deal with Fuji Offset Plates Manufacturing Marco Polo Marine plans to spin off its shipyard business via an RTO of Fuji Offset Plates Manufacturing in a deal worth up to $139 million. The Teo family, who controls Apricot Capital, is a significant shareholder of Marco Polo Marine. The family founded and controls FOPM as well. Last May, Lim Ah Cheng, former executive chairman of Dyna-Mac Holdings, announced plans to take a 16.7% stake in FPOM by buying new shares at 45 cents each. The Teo family remains controlling shareholders. Under Lim, Dyna-Mac, which builds parts for rigs, turned around and for a brief couple of years, was a hot small cap stock riding on the recovery of the offshore and marine sector, before it was acquired by Korea' s Hanwha. Under terms of the deal, FPOM will issue new shares at 70.1 cents per share, giving Marco Polo Marine a controlling stake of 74.1%. Currently, besides its Indonesia-based yards, Marco Polo Marine runs a growing chartering business with a focus on the Taiwan offshore market. The company is already aiming for a separate listing of its Taiwan-based business. Marco Polo Marine explains that by creating a separately listed entity for its yards, it can set up a " transparent platform" for future growth. The company points out that a " substantial" portion of the yard' s revenue is from intragroup projects&mdash such as its fleet renewal and expansion into offshore wind support, which is eliminated upon consolidation. " Post-transaction, all revenue will be fully reportable, providing investors with clear visibility into the shipyard' s earnings capacity and its strategic role in the offshore wind sector," the company says. " Furthermore, the spin-off will establish an independent capital-raising platform for the shipyard business, enabling it to fund future growth and expansion based on its own market capitalisation without diluting Marco Polo Marine' s shareholders," the company adds. Sean Lee, executive director and CEO of Marco Polo Marine, calls this deal, which is subjected to shareholders' approval at an EGM to be called, " a pivotal milestone" for the company. " With the ongoing expansion of our offshore wind operations and our active fleet renewal programme, the shipyard is well positioned for robust, sustained growth," he says. Marco Polo Marines shares closed at 18 cents, up 2.27% FPOM shares last traded at 62 cents. |
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| 17-May-2026 22:34 |
Aspial Lifestyle
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Aspial Lifestyle
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Aspial Lifestyle to raise S$84.8 million via equity to fuel expansion Under the private placement, 149.3 million new shares will be issued to institutional, accredited and other investors [SINGAPORE] Consumer lifestyle group Aspial Lifestyle : 5UF 0% on Thursday (May 14) announced a proposed equity fund raising exercise to raise gross proceeds of about S$84.8 million. A private placement will raise about S$60 million, while a non-renounceable preferential offering will raise about S$24.8 million. They are both priced at S$0.402 each, which represents a discount of about 8.1 per cent to the volume-weighted average price of S$0.4375 per share. This benchmark price was based on the trades done on the Singapore Exchange (SGX) on Wednesday, the last full market day prior to a trading halt called before market open on Thursday morning. The company moved from the Catalist board to the SGX mainboard on May 4. Dual-pronged fundraising Under the private placement, 149.3 million new shares will be issued to institutional, accredited and other investors. DBS, OCBC SAC Capital and UOB have been appointed as joint placement agents. For the preferential offering, 61.7 million new shares will be offered to eligible shareholders on the basis of one preferential offering share for every 30 existing shares held as at the record date of 5 pm on May 22. To demonstrate support, controlling shareholders Aspial Corp : A30 0% and non-executive chairman Koh Wee Seng have provided irrevocable undertakings to subscribe for their full provisional allotments of 43.7 million and 6.1 million preferential offering shares, respectively. Koh has also entered into a sub-underwriting agreement to subscribe for up to five million unsubscribed preferential offering shares without receiving a sub-underwriting fee. SAC Capital will underwrite the remaining preferential offering shares. Fuelling strategic growth Aspial Lifestyle &ndash which has the Maxi-Cash, Lee Hwa and Goldheart brands in its stable &ndash plans to deploy the bulk of the funds towards strategic growth initiatives. About S$67.8 million, or 80 per cent of the gross proceeds, is earmarked for general corporate activities. These activities include business expansion, investments into the group&rsquo s growing pawnbroking and secured lending businesses, as well as potential strategic acquisitions. Another S$15.3 million, or 18 per cent, will go towards general working capital requirements and the repayment of bank borrowings. The remaining S$1.7 million will cover estimated professional fees and expenses related to the fund-raising. The board stated that the exercise will strengthen the group&rsquo s financial position and provide the flexibility to seize growth opportunities in the pawnbroking and secured lending sectors, which it believes has demand and long-term potential. Furthermore, the issuance of the 211 million new shares is expected to expand the company&rsquo s free float. The group&rsquo s total number of issued shares, excluding treasury shares, will increase from 1.9 billion to 2.1 billion, which is anticipated to improve the trading liquidity of the stock. The private placement shares are expected to be listed and commence trading on May 25, while the preferential offering shares are slated for listing on Jun 17. |
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| 17-May-2026 22:33 |
CityDev
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CityDev
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What to expect ahead of CDL&rsquo s strategic review City Developments&rsquo (CDL) strategic review, which is slated to be unveiled by June, has got a lot riding on it. Group CEO Sherman Kwek announced the review during the group&rsquo s FY2025 results briefing on Feb 27. Sherman said CDL had engaged a global advisory firm in September last year to spearhead the review and the firm was &ldquo still in the process&rdquo of its assessment. Later, during CDL&rsquo s annual general meeting (AGM) on April 29, Sherman revealed the firm&rsquo s name: Teneo, which was chosen because of its long-standing working relationship with the group. According to him, CDL did not invite any other firms to submit their bids as the company did not want to &ldquo waste time interviewing endlessly&rdquo . &ldquo We had used them [Teneo] before ... previously they had advised us when we were privatising Millennium & Copthorne Hotels,&rdquo Sherman says. &ldquo We were very pleased with the scope that they proposed. We are also satisfied with the fees. They are not exorbitant.&rdquo Thus far, Teneo has conducted an investor perception audit for CDL where it spoke to institutional shareholders and equity analysts to solicit their feedback about the company. Sherman says the board will meet to discuss the strategy review in May and hopes to unveil a refreshed strategy by the end of June. What could the strategic review recommend? Following CDL&rsquo s FY2025 results in February, The Edge Singapore reported that the company is aiming to &ldquo monetise&rdquo all assets in its UK development platform by the end of the year. After two assets were sold in 2024 and 2025, five properties remain with a carrying value of some $800 million as at end-2025. That development platform has grown and shrunk over the years. As of May 13, the five properties in the platform are: a carpark at 28 Pavilion Road, Knightsbridge, acquired in 2013 Stag Brewery at Mortlake, acquired in 2015 office building Development House in Shoreditch, acquired in 2016 a residential development Teddington Riverside in Richmond upon Thames, acquired in 2015 and launched in 2018 and the six-unit Chesham Street in Belgravia. As at end-2025, 148 units at the 224-unit Teddington Riverside remain unsold, while three of the six units at Chesham Street remain unsold. According to Sherman, CDL is exploring options including bulk sales for Teddington Riverside. Some other properties in the platform have since been divested. Ransome&rsquo s Wharf was divested in 2025 for GBP69.1 million ($115.3 million). CDL had purchased the prime freehold site in 2017 for GBP58 million, or $103.4 million. At the time, CDL said it planned to redevelop the site into a luxury residential project with an estimated gross development value of GBP222 million. Meanwhile, Sydney Street, a residential development in Chelsea, was fully sold for GBP46.1 million in 2024. What analysts say Bank of America (BofA) analysts Donald Chua and Kylie Wan noted in a report following CDL&rsquo s FY2025 results that capital recycling is likely to form a big part of the strategic review, with $6 billion to $7 billion of non-core assets that could potentially be sold. &ldquo The question is timeframe and how flexible CDL is on pricing, given the majority of these are offshore and/or in sectors that are seeing weak demand (e.g UK office, China commercial, global living, M& C hotels). In our view, divesting more Singapore assets is unlikely to narrow its valuation discount in the long term. Tightening geographical exposure and boosting recurring income are also possible outcomes, in our view, but would need time to execute,&rdquo the BofA duo say. In June 2025, following the announcement of the divestment of CDL&rsquo s 50.1% stake in South Beach, JP Morgan said: &ldquo The next positive catalyst is a potential disposal of the former Stag Brewery site in Mortlake, South West London, that recently received planning approval and which CDL had acquired for GBP158 million ($335 million at the time of acquisition versus $271 million at the GBP/SGD rate on May 13) in 2013.&rdquo Mortlake&rsquo s divestment plans are likely to be included in the strategic review, market watchers say. The UK development platform has been challenging. Notably, the various property parcels experienced delays in receiving planning permission from town councils and local authorities. Moreover, since entering the UK in 2013&ndash 2014, Brexit materialised, and the UK has had several changes of prime ministers. No surprise then that divesting this platform has been identified as a priority by analysts. At OCBC Investment Research, analyst Andy Wong notes that the strategic review could enable the group to &ldquo unlock significant value&rdquo given that its investment properties are on its balance sheet at &ldquo cost less accumulated depreciation and accumulated impairment losses&rdquo . Some assets could be sold at a discount, but the capital gained can be deployed into &ldquo higher growth opportunities&rdquo . CDL&rsquo s living sector portfolio, which has a gross development value of $3.7 billion, could be put into a funds management platform that the group has plans for, Wong adds. In addition to the development platform and the living sector, CDL acquired two office properties in London in 2018, 125 Old Broad Street for GBP385 million ($687 million at the time), and Aldgate House for GBP185 million ($328 million at the time). Those prices translate into $662 million and $318 million as of May 13. Both these properties were identified as seed assets for a UK-based commercial REIT to be listed on the Singapore Exchange. At CDL&rsquo s FY2023 briefing on Feb 28, 2024, chairman Kwek Leng Beng said the UK had &ldquo a lot of potential&rdquo and that the group &ldquo should be present there and be more active&rdquo . At the time, Leng Beng believed that demand for offices in the country would start to stabilise and strengthen over time. Some two years later, Sherman says the UK &ldquo underperformed&rdquo and the group is looking to &ldquo recycle this as soon as we can&rdquo . During the results briefing on Feb 27, Sherman says that the group&rsquo s entry into the UK was &ldquo before [his] time&rdquo , and CDL had to engage an external manager then as it had no presence in the UK. Beyond capital recycling, analysts are watching for updates on CDL&rsquo s Singapore operations, potential capital returns and fund ambitions, among others. OCBC&rsquo s Wong is hoping for a &ldquo structured, medium-term strategy on its targeted geographies and asset classes over the next three to five years&rdquo alongside a &ldquo clear capital allocation framework&rdquo . &ldquo Several regional peers have pivoted towards an asset-light strategy with the aim of improving their return on equity and to generate recurring income streams via management fees,&rdquo Wong says. &ldquo Given CDL&rsquo s large asset base, it would be well positioned to grow a fund management platform and attract high quality LPs (limited partners) as partners.&rdquo Phillip Securities Research&rsquo s Darren Chan is hoping for a &ldquo clearer capital recycling framework&rdquo and a &ldquo more disciplined portfolio pruning&rdquo through targeted divestments, as well as more clarity on CDL&rsquo s plans to build a capital-light platform. &ldquo We would also look for a more explicit shareholder returns policy, including potential buybacks or special dividends where appropriate,&rdquo he adds. Plans to pare debt levels Since FY2020, CDL&rsquo s net gearing &mdash save for FY2022&rsquo s 84% &mdash has consistently come in above 90%. In FY2024 and FY2025, the group&rsquo s net gearing spiked to 116% and 117% respectively, driven by a constant spate of acquisitions including St Katharine Docks in Central London, which the group acquired for GBP395 million or $636 million then. Recognising the strain of higher net finance costs due to the higher interest rate environment, Sherman announced a $1 billion divestment target at CDL&rsquo s FY2023 results briefing on Feb 28, 2024. During CDL&rsquo s AGM on April 23, 2025, Sherman reiterated CDL&rsquo s need to accelerate its divestments due to its &ldquo very high&rdquo gearing and said that the group would divest at least $600 million worth of assets in FY2025, matching 2024&rsquo s total divestment sum of over $600 million, although the figure fell short of the initial target of $1 billion. In 2025 alone, however, the group had executed $2 billion worth of divestments, including the sale of its 50.1% stake in South Beach to its joint venture partner, IOI Properties. The group, in its FY2025 results presentation, said that it would focus on capital recycling initiatives. &ldquo Capital recycling is [going to] be very much a part of our business as property development and asset management&hellip and to me, it&rsquo s core,&rdquo Sherman says. At CDL&rsquo s most recent AGM, Sherman told investors that the new strategy will not only shape how CDL is run going forward, it will also be a way to hold the company&rsquo s management to account. &ldquo This is how CDL is going to be morphing over time,&rdquo Sherman says. &ldquo If you don&rsquo t like what you see, then maybe this is not the company for you. But you will be able to at least see how CDL is changing.&rdquo |
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| 17-May-2026 22:32 |
CityDev
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CityDev
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CDL, DBS launch S$300 million green loan to advance nature-based solutions in Singapore It will be used for general corporate funding and working capital purposes, among others [SINGAPORE] City Developments Limited (CDL) has secured a new S$300 million multicurrency sustainability-linked loan (SLL) provided by DBS, a bourse filing on Friday (May 15) said. The aim of the venture is to accelerate the adoption of nature-based urban development solutions in Singapore. The loan will be used for general corporate funding and working capital purposes, including asset redevelopment and sustainability initiatives. A statement said the new SLL was structured in line with sustainability-linked loan principles and introduces a comprehensive suite of sustainability performance targets focused on strengthening climate and nature resilience in urban systems. Hence, it is in line with the Singapore Green Plan 2030. Targets include scaling urban farming initiatives, establishing and/or expanding microforests with predominantly native species, and enhancing stakeholder engagement on climate and nature. Yiong Yim Ming, group chief financial officer at CDL, said that sustainable financing is a catalyst for growth and &ldquo an important enabler&rdquo in accelerating the transition towards a low-carbon and more climate-resilient future. &ldquo This latest SLL reflects the next evolution of our sustainability journey, embedding measurable nature-based targets into our financing framework and further aligning our financial strategy with environmental outcomes,&rdquo he added. &ldquo As a developer, real estate can play an important role in advancing climate action and shaping a greener, more resilient and more liveable urban environment.&rdquo It is the second partnership involving an SLL between the two parties &ndash the first being the Taskforce on Nature-related Financial Disclosures (TNFD) targets-aligned SLL issued in June 2024, with a S$400 million value. Launched in September 2023, the TNFD framework is a set of global standards and guidelines designed to help businesses effectively integrate nature and biodiversity considerations into corporate decision-making. This in turn enables greater transparency, accountability and more consistent measurement in nature-related financial disclosures. |
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| 17-May-2026 22:32 |
StarHub
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Starhub
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StarHub CEO on staying the dividend course through headwinds By Julian Wong When Nikhil Eapen became group CEO of StarHub in early 2021, he inherited a company in need of reinvention. StarHub had been built on a single insight: bundle everything. And for years, that was enough. Mobile, broadband, pay television, fixed line. StarHub was among the first telcos in the world to offer an all-in-one package. Eventually, consumer behaviour shifted with the times, shaped by changing needs and expectations across each segment. StarHub, known as the challenger and innovator, now needed to reignite its spark. &ldquo StarHub has changed over the last five years,&rdquo Eapen says. &ldquo We are now a full-fledged telco and enterprise services company.&rdquo Two businesses, one company According to Eapen, StarHub is roughly evenly split between its consumer and enterprise operations today. On the consumer side, it considers itself number two in mobile by revenue market share, number one in residential broadband (a position built through organic growth and solidified with the acquisition of the MyRepublic Broadband brand), and dominant in pay television by differentiating itself as the &ldquo Home of Sports&rdquo . But mobile is no longer the whole story, as its enterprise business now narrows the gap with the consumer business in scale. The enterprise business has two components. The larger of StarHub&rsquo s regional enterprise divisions generates roughly $600 million to $700 million in annual revenue and is built around a managed digital infrastructure platform. Rather than the traditional systems-integrator models of reselling and implementing third-party hardware and software, StarHub offers enterprise customers (campuses, large corporations, government-linked entities) a modular platform built on its own cloud-native network. Contract range varies in the millions. The second component is Ensign Infosecurity (Ensign), a cybersecurity joint venture focused on government and large-enterprise clients. Ensign generates around $400 million in annual revenue and currently operates close to breakeven. &ldquo When investors value StarHub, they don&rsquo t really factor in the value of Ensign,&rdquo Eapen says. Since this interview, however, that has changed. On April 15, StarHub announced it had agreed to terminate its assigned rights arrangement with Temasek for total cash proceeds of $121 million, and expects to recognise a fair value gain of over $200 million from the transaction. StarHub retains a 38.92% equity interest in Ensign, which remains an important cybersecurity partner to the group. Winning revenue share without cutting price At the same time, the more immediate challenge in the consumer business is the state of Singapore&rsquo s mobile market, where pricing has been driven to levels that Eapen calls &ldquo shocking.&rdquo Plans for less than $10 a month, with generous data allowances, have become a common sight at promotional booths in Singapore shopping malls. Eapen understands: &ldquo If it&rsquo s there, you&rsquo re gonna take it.&rdquo But he views it as a symptom of a sector that has been &ldquo structurally distorted&rdquo and that is now correcting. StarHub&rsquo s response has been to compete on value rather than to match the price cuts. Its flagship 5G Unlimited+ plan bundles unlimited voice and data, roaming inclusions, and device and cybersecurity protection into a single package. It aims to offer more value for a slightly higher spend, rather than fewer features at a lower price. &ldquo What we are not doing is taking revenue market share by taking pricing down,&rdquo Eapen says. &ldquo Instead, we are delivering more value. Not the lowest price, but a good price. And at that great price, real value.&rdquo In the fourth quarter of 2024, StarHub grew its subscriber base while holding average revenue per user (ARPU) flat at $22. Growing subscribers without sacrificing ARPU &mdash without cutting price &mdash is the signal he says investors should be watching most closely. The dividend question StarHub has long been a familiar name among income investors on the Singapore Exchange, and it has maintained its commitment to a dividend of 6 cents per share despite challenges. In the most recent financial year, for instance, free cash flow turned negative and net debt rose, even while its payout ratio exceeded 100%. Eapen is keen to address each of these. Firstly, he points out that the deterioration in free cash flow was driven primarily by a single large, non-recurring payment of approximately $190 million for 700MHz spectrum. The spectrum had been auctioned in 2016&ndash 2017, but only became available after international broadcasters in the region vacated the band in 2025. Set against a starkly different market environment, the mobile sector at the time of the auction was in far better health than it was when telcos in Singapore received the spectrum bands in 2025. After normalising for that payment, StarHub&rsquo s cash balance stands at approximately $857.1 million as of Dec 31, 2025. &ldquo Our cash flow dipped, but it will start going back up,&rdquo Eapen says. &ldquo It&rsquo s something we can definitely do with high confidence.&rdquo Steady plus Eapen is also specific about the signals investors should look for in StarHub. In mobile: ARPU. He points out that investors should look at whether this number holds steady across the sector, and then starts to climb. In enterprise: Order book. StarHub has been signing contracts faster than it recognises revenue, meaning the pipeline is growing faster than the numbers currently show. Large contract announcements that StarHub is allowed to disclose would then be a secondary signal to watch. On the balance sheet: the Ensign assigned rights transaction, which has since closed. The $121 million in cash proceeds and the expected fair value gain of over $200 million have done precisely what Eapen anticipated, strengthening the cash position and crystallising value that had not previously been reflected. Overall, Eapen&rsquo s phrase for the investment case is &ldquo Steady Plus&rdquo . Steady: a dividend that is supportable now, at a yield he describes as attractive at current share prices, and backed by a substantial cash balance and a capital expenditure cycle that has largely run its course. Plus: the operating leverage that becomes available as the mobile sector stabilises and enterprise momentum continues to build. &ldquo Think of us as: you&rsquo ll get your dividend in the short term, we can commit to that,&rdquo he says. &ldquo And then that should hopefully give you the patience to wait for the mid-to-long term, where you&rsquo ll see the positive benefits of operating leverage and a reflation upwards in our financial performance.&rdquo For investors, the steady part is available now. The plus, Eapen argues, is a matter of patience. After all, as he points out, the sector is steadily moving in the right direction. |
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| 17-May-2026 22:31 |
IHH
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medical stock that worth look upon
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IHH bags S$250 million green loan from DBS to promote safe use of antibiotics The deal shows that sustainable financing can go beyond traditional environmental metrics, says DBS [SINGAPORE] IHH Healthcare has secured a S$250 million sustainability-linked loan from DBS to tackle the misuse and overuse of antibiotics. One of the key performance indicators tied to the loan is for IHH to promote the responsible use of antibiotics in its four Singapore hospitals: Mount Elizabeth, Mount Elizabeth Novena, Gleneagles and Parkway East. This is the first known use case in which sustainable financing has been linked to strengthening antibiotic stewardship, IHH and DBS said in a statement on Friday (May 15). Excessive and wrong usage of antibiotics have led to drug-resistant bacterial infections, which are harder to treat. They also strain healthcare systems and threaten ageing populations. In response, IHH is strengthening its tracking of antibiotic &ldquo time-outs&rdquo . These are follow-up reviews within 72 hours of starting treatment to assess whether the course of the drug should be continued or adjusted. The healthcare sector currently does not track antibiotic time-out compliance rates consistently. The loan is &ldquo breaking new ground in what sustainable finance can achieve in the healthcare sector&rdquo , said IHH&rsquo s chief financial officer Dilip Kadambi. It also demonstrates how sustainable finance can evolve beyond traditional environmental metrics to address social and public health challenges, said Dr Eugene Hong, head of healthcare and pharmaceuticals at DBS&rsquo institutional banking group. IHH&rsquo s initiative is in support of Singapore&rsquo s National Strategic Action Plan on Antimicrobial Resistance. |
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| 17-May-2026 22:28 |
Golden Agri-Res
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GoldenAgr
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Golden Agri-Resources Q1 net profit falls 20% to US$44 million amid weaker upstream business However, its downstream business boosts revenue by 6% year on year [SINGAPORE] Golden Agri-Resources delivered a net profit of US$44 million for its first quarter ended Mar 31, a decline of 20 per cent from US$55 million in the previous corresponding period. Noting that commodity markets faced volatility due to escalating geopolitical tensions, the company said that earnings moderated primarily due to weaker contributions from the upstream segment, with declines in both palm product output and average selling prices. For the quarter, the average crude palm oil (CPO) market price fell 2 per cent year on year to US$1,136 per tonne, from US$1,156. The upstream palm product output for the quarter, which includes CPO, decreased 10 per cent to 592,000 tonnes, from 658,000 tonnes. Higher income tax expenses, driven by higher taxable profits in certain subsidiaries and additional cost for provisioning, also contributed to the bottom-line declines. Despite lower earnings, revenue for the quarter rose 6 per cent on the year to US$3.2 billion from US$3 billion, driven by expanded merchandising volume from the downstream business, which partly mitigated the impact of lower CPO prices. Downstream sales volume climbed 2 per cent to 2.81 million tonnes from 2.76 million tonnes. For the three months, gross profit rose 4 per cent to US$450 million from US$433 million. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) dropped 7 per cent year on year to US$241 million, from US$259 million. Financial position, El Nino risk Anticipating a &ldquo stronger-than-usual&rdquo dry season in Indonesia this year as a result of El Nino conditions, the group said it remains vigilant in its approach to fire risk. It has strengthened detection and response capabilities, deployed new fire detection technology and continued its close collaboration with communities. In terms of financial position, the company had a gearing of 0.55 times and a net debt to Ebitda of 0.24 times. Total liabilities stood at US$5.2 billion as at Mar 31, up 4 per cent from US$4.9 billion as at Dec 31, as total assets stood at US$10.9 billion, up 2 per cent from US$10.7 billion. Total equity as at March was steady at US$5.8 billion, 0.4 per cent higher than US$5.7 billion as at December. Its interest bearing debts dropped 2 per cent to US$3.19 billion as at March, from US$3.25 billion as at December. Golden Agri-Resources noted that escalating diesel prices due to the global energy shortage have accelerated adoption of biofuel mandates across major countries including the US, Indonesia, Malaysia and Thailand. &ldquo This surge in demand from the energy sector is adding pressure to vegetable oil supplies and sustaining higher prices,&rdquo the company said. It added that palm oil production has been constrained in early 2026, compounded by the structural challenges of ageing plantations and replanting cycles. &ldquo Tightening supply is further exacerbated by developing El Nino conditions and potentially reduced fertiliser application driven by elevated input prices,&rdquo it said. &ldquo Together, these factors are expected to keep CPO prices elevated in the near term, even as geopolitical tensions may gradually ease.&rdquo |
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| 17-May-2026 21:38 |
Keppel
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Keppel Corp
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Keppel inks further Bifrost deal with Telstra, in &lsquo advanced&rsquo talks with more customers It aims to sign contracts for the remaining fibre pairs in H1 this year [SINGAPORE] Asset manager Keppel : BN4 -0.93% on Friday (May 15) announced a definitive 25-year deal with the global arm of Australian telco Telstra for a fibre pair on the Bifrost Cable System. Spanning over 20,000 km, Bifrost is the world&rsquo s first subsea cable system linking Singapore directly to the US West Coast, via the Java and Celebes seas. It supports artificial intelligence workloads and cloud-native platforms, with commercial traffic having started in December 2025. Keppel and Telstra International inked a binding term sheet in January, though the telco was not named at the time. Three of the five fibre pairs in Bifrost are now committed to customers. Keppel is in &ldquo advanced discussions&rdquo with potential customers on the remaining two fibre pairs, with contracts targeted to be signed in the first half of this year. The Telstra deal involves an indefeasible right of use (IRU) agreement, which is a long-term, irrevocable contract in telecommunications that grants exclusive and secure access to a portion of network capacity. Finalising the IRU agreement &ldquo reflects the growing traction of Bifrost amid growing demand for high-quality digital connectivity infrastructure globally&rdquo , said Manjot Singh Mann, chief executive officer of Keppel&rsquo s connectivity business. Roary Stasko, Telstra International&rsquo s CEO, noted that the Singapore-US route is &ldquo one of the world&rsquo s most important digital corridors, connecting fast-growing Asian markets to global cloud and content hubs&rdquo . Bifrost has branching units extending connectivity to Jakarta and Manado in Indonesia, Davao in the Philippines, and Winema, Oregon in the US. Keppel&rsquo s investment in the Bifrost fibre pairs is held through a 40-60 joint venture with its private fund co-investors. Its shares ended Friday at S$10.60, down by S$0.10 or 0.9 per cent. |
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| 17-May-2026 21:37 |
UOL
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UOL
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UOL to buy out UOB stake in former Faber House for S$68 million amid Nomad Hotel rebuild The new development will have a banking hall at its ground level [SINGAPORE] Property developer UOL on Friday (May 15) inked a deal to purchase the interest it does not already own in the Orchard Road property formerly known as Faber House for S$68.5 million. Located at 230 Orchard Road, the property is being redeveloped into a new mixed-use commercial development. It will feature the hospitality development Nomad Hotel and a banking hall at the ground-floor unit. The remaining interest that UOL is acquiring includes all of UOB&rsquo s legal and beneficial title to and interest in the property and its banking hall, along with the bank&rsquo s one-twelfth share in the 30-year lease of the airspace above certain lots. The deal allows UOL to &ldquo consolidate its interest in and wholly own&rdquo the property, the company said in a bourse filing after trading hours. Shares of UOL ended Friday&rsquo s trading session at S$10.15, down 0.4 per cent or S$0.04. |
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| 17-May-2026 21:36 |
Nam Cheong
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Nam Cheong
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Nam Cheong&rsquo s reports 1QFY2026 patmi of RM78.9 mil, lowers net gearing to 0.17 times Mainboard-listed Nam Cheong has reported patmi of RM78.9 ($25.5) million, a y-o-y gain of around 160% for 1QFY2026 ended March 31. The increase was mainly due to a one-off gain from a vessel sale worth RM60.5 million. The offshore service vessel (OSV) provider earned nearly RM118 million in revenue from core operations, a y-o-y increase of 1.1%. Due to higher operating costs for a vessel deployed in the Middle East, gross profit declined by 12% y-o-y to RM49.6 million, with gross margin dropping to 42% from the prior 48%. The vessel was chartered to the region prior to escalation of geopolitical tensions. In the results filing on May 15, the company says that despite a smaller fleet size, revenue increased slightly due to improved vessel utilisation as more long-term charter contracts commenced and began contributing to earnings. Vessel utilisation rose to 58% in 1Q2026 from 48% in 1Q2025, reflecting a higher mix of vessels operating under long-term charters, says the firm. Cash and cash equivalents rose to almost RM251 million as at March 31 from nearly RM203 million at the end of FY2025, mainly due to the collection from customers during the period. During the quarter, borrowings declined by around RM20.3 million to RM405 million with financing costs decreasing by 21.7% y-o-y to RM4.1 million. Overall, net gearing ratio fell q-o-q from 0.27 times to 0.17 times as of March 31 and is expected to decrease further following accelerated debt repayment in 2QFY2026. Against the backdrop of elevated energy security concerns and an aging global OSV fleet, Nam Cheong says it remains well-positioned to meet robust offshore demand moving forward, supported by its young and technologically advanced fleet. Fleet utilisation is expected to rise in 2QFY2026 post monsoon season with five new vessels scheduled to make their debut and contribute to revenue for the rest of 2026. Nam Cheong CEO Leong Seng Keat says: &ldquo With five new vessels scheduled to join our fleet for the remainder of 2026, we expect our revenue base to be further enhanced. At the same time, we remain on track to recognise the first revenue streams from our shipbuilding segment during 2QFY2026. Moving forward, we remain focused on balancing fleet growth with capital discipline as offshore demand stays firm in the era of heightening of energy security.&rdquo Shares in Nam Cheong closed at $1.41 on May 15, down two cents or 1.4%. |
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| 17-May-2026 21:34 |
Olam Group
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Olaim Group Financial Results
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Olam Group completes Mindsprint sale to Wipro for US$386 million cash In a bourse filing on May 15, Mainboard-listed Olam Group has announced the completion of the sale of subsidiary Mindsprint to Wipro, a global technology services and consulting company. Wipro paid US$386 ($492) million in cash for Mindsprint. The sale of Mindsprint, an IT and digital services business, is part of Olam&rsquo s updated 2025 re-organisation plan to gradually divest and monetise the assets and businesses of Olam Global Holdco and distribute the net proceeds to the shareholders via special dividends after taking into account the prevailing operational and financing needs of Olam. While fully-divested from Olam, Mindsprint will continue to support the technology and shared services requirements of its former parent under an eight-year agreement with Wipro. Olam chairman Yap Chee Keong says: &ldquo The completion of the Mindsprint divestment marks another significant step forward in our Re-organisation Plan, and follows the completion of the landmark sale of 44.58% stake in Olam Agri to SALIC which we announced in April 2026. We are making meaningful and tangible progress in crystallising the value of our businesses and assets for shareholders.&rdquo |
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| 17-May-2026 21:33 |
IX Biopharma
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iX Biopharma
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IX Biopharma Announces Share Allotments and Vesting of Share Awards
Key Highlights
IX Biopharma Ltd. announced changes in shareholdings involving directors, the CEO and a substantial shareholder following the allotment and issuance of new ordinary shares on 13 May 2026. As approved by shareholders at the Extraordinary General Meeting held on 8 May 2026, Directors Teo Woon Keng John and Albert Ho Shing Tung were each allotted 99,051 ordinary shares, valued at S$41,750 each, in lieu of cash payment for directors&rsquo fees for the period from 1 October 2025 to 31 March 2026. Separately, Executive Director and CEO Eddy Lee Yip Hang received 1,012,332 ordinary shares arising from the vesting of share awards, increasing his total interest in the Company from 236.79 million shares to 237.81 million shares. Following the vesting, his total interest in the Company stood at approximately 22.5%. In addition, substantial shareholder Anson Properties Pte. Ltd. was allotted 1,045,164 ordinary shares valued at S$440,537, increasing its direct shareholding in IX Biopharma from 62.75 million shares (5.96%) to 63.79 million shares (6.03%). |
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| 15-May-2026 11:17 |
UOB
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UOB
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DBS, UOB among lenders arranging US$2 billion AirTrunk&rsquo s loan for Malaysia growth Proceeds will support the firm&rsquo s 200-megawatt JHB2 facility located in Johor [KUALA LUMPUR] Blackstone-owned data centre firm AirTrunk is marketing a US$2.3 billion loan to fund a Malaysia project, according to people familiar with the matter, part of a slew of tech-linked financings in South-east Asia spurred by the artificial intelligence boom. Proceeds will support the firm&rsquo s 200-megawatt AirTrunk JHB2 facility located in the southern state of Johor, said the people, who asked not to be identified discussing private matters. About a dozen lenders &ndash including DBS, Credit Agricole, ING Bank and UOB &ndash are arranging the three-year loan, which is being syndicated to the broader market, the people said. Blackstone and AirTrunk declined to comment. Surging demand for AI capabilities has spurred data centre operators to take on more debt to expand. Moody&rsquo s Ratings expects at least US$3 trillion to flow into the sector over the next five years, with much of it financed through debt. Some investors, however have raised concerns about whether such investments will deliver sustainable returns. Recent deals underscore the trend. Digital Edge and power producer B Grimm Power this month announced an US$880 million facility, the largest-ever financing for a data centre project in Thailand. Bain Capital-owned Bridge Data Centres has also been in talks with lenders for a potential loan of up to US$6 billion for expansion in the country. In Malaysia, Singapore-based DayOne Data Centers has been seeking to double the size of an existing loan to as much as US$7 billion for its expansion plans. AirTrunk&rsquo s loan &ndash which carries two one-year extension options &ndash pays an interest margin of 225 basis points above the Secured Overnight Financing Rate for offshore financing and 235 basis points for onshore, the people said. The Sydney-headquartered firm is also looking to raise at least A$500 million (S$461.3 million) through asset-backed bonds for its data centre expansion, among the first for the region. |
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| 15-May-2026 11:16 |
SingPost
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SingPost
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SingPost, Fullerton Health to collaborate on healthcare logistics, last-mile medical delivery This marks a step towards diversification into healthcare as a focus sector [SINGAPORE] Singapore Post (SingPost) and Fullerton Healthcare Group on Thursday (May 14) announced the signing of a memorandum of understanding for the co-development of a robust, integrated healthcare delivery ecosystem. The collaboration aims to tap SingPost&rsquo s nationwide and community infrastructure &ndash specifically, its extensive logistics and warehousing capabilities &ndash and the clinical and pharmaceutical expertise of Fullerton Health to serve the healthcare community. This includes plans to build innovative solutions for healthcare and medicine delivery in Singapore, said the group, adding that it has been developing end-to-end logistics solutions. Mark Chong, CEO of SingPost, said: &ldquo We believe that our ability to deliver medicine to every household will support Fullerton Health&rsquo s ambition to extend its reach to customers islandwide.&rdquo The move comes as Singapore is in acute need of a resilient medical supply chain as it becomes a super-aged society in 2026, where at least 21 per cent of the population is aged 65 or older, SingPost said. The partnership also marks a step towards the diversification of its logistics portfolio, identifying healthcare as a focus sector alongside its established e-commerce operations. SingPost noted that Singapore&rsquo s health strategies increasingly prioritise community-anchored care with a growing requirement for a resilient, medical-grade supply chain. &ldquo SingPost and Fullerton Health intend to evaluate how their combined capabilities can support the direction of national initiatives and facilitate more efficient medication fulfilment within residential neighbourhoods,&rdquo the group said. The collaboration also helps Fullerton Health strengthen the downstream elements of its healthcare value chain. Ho Kuen Loon, group CEO and executive director of Fullerton Health, said: &ldquo We look to strengthen the links in our healthcare value chain and enhance access to medical care across different community segments and all corners of Singapore.&rdquo |
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