SG Morning Highlights | DBS to Sell Majority Stake in AXS to Private Equity Firm Tower Capital Asia
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.41%
●DBS to sell majority stake in AXS to private equity firm Tower Capital Asia
●Stocks to watch: DBS, Keppel Corp, SIA Engineering
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ gained 0.41 per cent to 3,162.38 as at 9.19 am.
Advancers / Decliners is 121 to 50, with 116.58 million securities worth S$101.68 million changing hands.
Breaking News
Despite signs of cooling in Singapore's Central Business District (CBD) office rents, real estate investment trust (Reit) analysts believe local office landlords will remain more resilient than those with overseas assets.
In the second quarter of 2023, gross effective rent for CBD Grade A office climbed 0.2 per cent quarter on quarter to an average of S$11.33 per square foot per month, according to property consultancy JLL.
This was a slowdown from the 1.2 per cent and 1.1 per cent quarter-on-quarter growth in Q4 2022 and Q1 2023, respectively, JLL said in a recent report.
Stocks to Watch
$DBS Group Holdings (D05.SG)$: DBS has agreed to sell a 77.8 per cent stake in electronic payment services provider AXS to Tower Capital Asia, a private equity firm based in Singapore.
On Tuesday (Jul 11), the bank said it will retain a minority stake of 9.9 per cent in AXS.
The deal is slated to close by August, and is not expected to have a material impact on DBS’ earnings or net tangible assets for the current financial year ending Dec 31.
$Keppel (BN4.SG)$: Keppel Corporation, through its Infrastructure Division, has secured over US$70 million in so-called energy-as-a-service contracts in Vietnam.
Customers that are coming on board include Republic Holiday Inn, Republic Suite Plaza and Estella Place in Ho Chi Minh City, as well as Grand Mercure Hotel & Resort in Quang Binh Province.
Via an operation centre, Keppel is able to remotely monitor and optimise all of its energy assets in Vietnam in real-time.
$SIA Engineering (S59.SG)$: SIA Engineering Company and NYSE-listed Eaton have signed an agreement to form a component maintenance, repair and overhaul joint venture (JV) on July 11.
SIAEC will hold a 49% stake in the JV while Eaton will hold the remaining 51%.
The JV, which has an initial issued and paid-up share capital of US$16 million ($21.5 million), will inspect, test, repair, maintain, modify and overhaul Eaton-manufactured aircraft components installed on airframe and engine fuel systems and hydraulics systems.
$Nanofilm (MZH.SG)$: Nanofilm Technologies has warned of a net loss of approximately $8 million for the first six months ended June 30 due to a fall in revenue.
The mainboard-listed company, which specialises in advanced materials and coatings, said in a regulatory filing on Monday that it is expecting to post a 34 per cent fall in revenue to $73 million for the first half year.
Nevertheless, the group will continue to recognise a positive earnings before interest, taxes, depreciation and amortisation for the period.
Latest Share Buy Back Transactions
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