SG Morning Highlights: GoTo IPO books covered, to raise at least US$1b

-Moomoo News SG

Market Trend
Singapore shares opened higher on Friday. The $FTSE Singapore Straits Time Index (.STI.SG)$ increased 0.12 per cent to 3,403.78 as at 9.02am.

Advancers / Decliners is 83 to 41, with 54.15 million securities worth S$53.08 million changing hands.

Breaking News
GoTo IPO books covered, to raise at least US$1b

GoTo Group, Indonesia's biggest tech firm, has received sufficient investor orders for its initial public offering (IPO) that could raise at least US$1.1 billion within its targeted price band.

The sources, who declined to be identified as they were not authorised to speak to the media, said the offering got support from long-term investors, such as the Indonesian units of fund managers Schroders and Eastspring Investments.

GoTo, formed last year by the merger of ride-hailing-to-payments firm Gojek and e-commerce leader Tokopedia, surprised some investors and analysts when it launched its IPO process last week, braving turbulence in global equities markets.

Stocks to Watch
$Shangri-La HKD (S07.SG)$ : The hospitality company on Thursday stemmed some losses for its full year ended Dec 31, 2021, paring its FY2021 net loss to US$290.6 million, from US$460.2 million a year ago, in a bourse filing after market closed. Loss per share stood at 8.13 US cents, compared with the loss per share of 12.89 US cents a year ago. Shares of Shangri-La closed HK$0.12 or 1.9 per cent higher at HK$6.47 on Thursday.

$Olam Group (VC2.SG)$ : The agri-food giant on Friday said it has agreed to sell a 35.4 per cent stake in Olam Agri to the Saudi Agricultural and Livestock Investment Company for US$1.2 billion, as part of reorganisation plans. Post sale, Olam will remain the majority shareholder of Olam Agri with a 64.6 per cent interest. Shares of Olam Group closed at S$1.77 on Thursday, down S$0.10 or 5.4 per cent.

$Food Empire (F03.SG)$ : The food and beverage manufacturer on Thursday said that its auditors have flagged the uncertain financial, economic and social impact on the company arising from the Russia-Ukraine conflict. Ernst & Young noted that both countries are 2 of the mainboard-listed company's major markets which jointly accounted for about 45 per cent of its revenue in FY2021. Shares of Food Empire closed S$0.005 or 1.1 per cent higher at S$0.48 on Thursday.

$Tritech (5G9.SG)$ : The water and environment company has agreed to place out up to 742.2 million new shares worth S$33.8 million to several new strategic investors. It also intends to jointly collaborate with these same strategic investors on a number of projects involving the group's fish farming technology, its existing membrane business, as well as its Vavie brand of products. Tritech last closed flat at S$0.018 on Mar 21 before the group called for a trading halt the following day. Its shares will resume trading on Friday.