SG Morning Highlights: SPH to delist from SGX on May 13 following Cuscaden takeover, scheme payment complete

Good morning mooers! Here are things you need to know about today's Singapore:

●Singapore shares opened higher on Friday; STI up 1.11%

●SPH to delist from SGX on May 13 following Cuscaden takeover, scheme payment complete

●Stocks to watch: ST Engineering, Genting, First Resources, OUE C-Reit, SingPost

-moomoo News SG

Market Trend

Singapore shares opened higher on Friday. The $富時新加坡海峽指數(.STI.SG)$ increased 1.11 per cent to 3,200.17 as at 9:26 am.

Advancers / Decliners is 176 to 65, with 205.66 million securities worth S$280.31 million changing hands.

Breaking News

SPH to delist from SGX on May 13 following Cuscaden takeover, scheme payment complete

Following the acquisition by investment vehicle Cuscaden Peak $SPH (T39.SG)$ is set to delist from the Singapore Exchange (SGX) on May 13.

In a bourse filing on Thursday (May 12), Cuscaden announced that the payment of the Cuscaden scheme consideration has been effected. This comprises the cash consideration and for eligible shareholders cash and $PARAGONREIT (SK6U.SG)$ units consideration.

Cuscaden has arranged to facilitate odd lots trades of SPH Reit Units from 12 May to 23 June, via selected brokers - OCBC Securities, Phillip Securities, UOB Kay Hian. The brokerage fees including any goods and services tax (GST) for the odd lots trades carried out via the brokers during the applicable period will be borne by Cuscaden, the filing noted.

Stocks to Watch

$ST Engineering (S63.SG)$ :ST Engineering on Friday (May 13) reported revenue of S$2 billion for the first quarter ended March 2022, up 13 per cent year on year and returning to pre-Covid levels.

$Genting Sing (G13.SG)$ : Integrated resort operator Genting Singapore reported a 17 per cent increase in its net profit after taxation to about S$40.4 million for the first quarter ended Mar 31, 2022, from S$34.5 million in the year-ago period.

$First Resources (EB5.SG)$ : Indonesia palm oil producer First Resources posted a net profit of US$73.6 million for its first quarter ended Mar 31, 2022, jumping by 738.5 per cent from the US$8.8 million it recorded a year earlier.

Sales increased 54.1 per cent to US$303.5 million, from US$196.9 million a year ago.

$OUEREIT (TS0U.SG)$ : Net property income for OUE Commercial Reit (OUE C-Reit) fell 21.5 per cent to about S$48 million for the first quarter ended Mar 31, 2022, from S$61.1 million in the year-ago period.

The drop in net property income was partly mitigated by lower rental rebates and lower property expenses, the real estate investment trust's manager said in a quarterly business update on Thursday (May 12) evening.

$SingPost (S08.SG)$ : Singsapore Post on Friday (May 13) posted a 188.1 per cent rise in net profit to S$48.1 million for the second half year ended Mar 31, 2022, from S$16.7 million in the year-ago period.