SG Morning Highlights: STI advances 0.2% led by Wall Street's exuberance

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Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG)$ increased 0.20 per cent to 3,362.12 as at 9.14 am.

Breaking News
Keppel DC REIT sues DXC Technology Services over a disputed amount of $14.8 mil

The manager of Keppel DC REIT, on March 21 announced that Keppel DC Singapore 1 has commenced a suit against DXC Technology Services Singapore in Singapore's High Court.

The dispute is said to pertain to DXC's partial default of payment in connection with the provision of colocation services at the data centre.

The dispute is said to not have a material impact on the REIT's overall financial performance.

Stocks to Watch
$Mapletree PanAsia Com Tr (N2IU.SG)$ and $Mapletree NAC Tr (RW0U.SG)$ : The managers of both real estate investment trusts (Reit) said on Monday that they are now offering MNACT unitholders the option to receive the entire scheme consideration of their proposed merger, of S$1.1949 per unit, wholly in cash. MCT will also make a preferential offering of S$2.0039 per unit to fund the additional cash of up to S$2.2 billion required in the new cash-only option. The unit price of MCT closed 0.5 per cent or S$0.01 higher at S$1.90 on Monday, while those of MNACT jumped 8.9 per cent or S$0.10 at S$1.22.

$Keppel DC Reit (AJBU.SG)$ : The master lessee at one of the Reit's data centres in Serangoon North, Keppel DC Singapore 1, has commenced legal proceedings against tenant DXC Technology Services Singapore over the latter's partial default of payment in relation to colocation services provided at the centre. The amount being disputed is approximately S$14.8 million for the 4-year period between Apr 1, 2021 and Mar 31, 2025, said the Reit manager on Monday. DXC has disputed their liability to make payment. Keppel DC Reit closed 0.9 per cent or S$0.02 higher to S$2.28 on Monday.

$ESR-REIT (J91U.SG)$ and $ARA LOGOS Log Tr (K2LU.SG)$ ： The managers of both Reits have finally gotten the nod of approval by their respective unitholders to go ahead with the merger to form ESR-Logos Reit (E-Log Reit). Their units were both suspended from trading on Monday, pending the outcome of the vote, and will resume trading on Tuesday.

$Riverstone (AP4.SG)$ : The glove manufacturer's subsidiary has acquired 6 parcels of leasehold industrial lands in Perak, Malaysia from I-R & D Sdn Bhd and I-Berhad for RM17.6 million (S$5.7 million). The acquisition was funded from internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the financial year ending Dec 31, 2022, it said on Monday. Its share price fell S$0.055 or 5.2 per cent to close at S$1 on Monday, before the announcement.

$Tuan Sing (T24.SG)$ : The real estate-focused investment holding company has teamed up with Japan's Mitsubishi Estate to develop the first phase of a luxury outlet mall in Karawang, Indonesia for an initial S$90 million. Construction is scheduled to commence in Q2 of 2022 with a target opening date of Q4 2023, said Tuan Sing in a press statement on Tuesday. The counter closed Monday S$0.02 or 5.3 per cent higher at S$0.40.