SG Morning Highlights | Cordlife Directors File Injunction Application to Cancel Private Placement

Moomoo News SG wrote a column · Apr 22, 2024 09:16

SG Morning Highlights | Cordlife Directors File Injunction Application to Cancel Private Placement

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

●Singapore shares opened higher on Monday; STI up 0.64%

●Singapore's 1Q24 Deals Decline 21.1% YoY, APAC Deals Fall 12.2% YoY

●Manufacturing-Related Stocks Record $68m in Net Institutional Inflows Despite Declining Total Returns

●Stocks to watch: Cordlife, Wilmar, Sabana Reit

●Latest share buy back transactions

-moomoo News SG

Market Snapshot

Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.64 percent to 3,196.93 as at 9.14 am.

Advancers / Decliners is 111 to 58, with 95.08 million securities worth S$110.03 million changing hands.

Breaking News

Singapore's 1Q24 Deals Decline 21.1% YoY, APAC Deals Fall 12.2% YoY

Singapore's total deals, including mergers & acquisitions, private equity, and venture financing deals, fell 21.1% year-on-year in the first quarter of 2024. Data from GlobalData showed that deal activity in Asia-Pacific (APAC) also fell by 12.2% year-on-year to 3,681 deals. Apart from Singapore, other countries in the region that saw declines in deal volume were China (-18.8%), Japan (-8.5%), Australia (-5.2%), South Korea (-1.8%), Malaysia (-24%), Hong Kong (-20.8%), and Indonesia (-21.3%). "The decline in APAC is driven by the subdued deal activity experienced in several key markets within the region," said Aurojyoti Bose, lead analyst at GlobalData.

Manufacturing-Related Stocks Record $68m in Net Institutional Inflows Despite Declining Total Returns

Singapore's indicative iEdge SG Advanced Manufacturing Index has recorded $68m in net institutional inflows year-to-date, despite the decline in total returns by 8.9% year-on-year. The index partially reversed last year's $193m net institutional outflows, with Yangzijiang Shipbuilding, Venture, and ST Engineering posting the highest net inflows for the year ended April 17. The decline in total returns followed the 21% year-on-year drop in Singapore's non-oil domestic exports in March, but stands in contrast to the strong performance of two other major trade hubs in the region, South Korea and Taiwan, which posted growth in exports.

Stocks to Watch

$Cordlife (P8A.SG)$: A group of Cordlife's directors has filed an injunction application before the High Court of Singapore to restrain the company from issuing new shares. An interim injunction was granted by the court on April 19, pending a hearing on the application. The claimants comprise controlling shareholder Nanjing Xinjiekou Department Store, as well as non-independent non-executive directors Zhai Lingyun and Chen Xiaoling. The application is against the company and several executives, alleging a contravention of Section 157 of the Companies Act 1967. Cordlife had announced its intention to raise S$8.2m by issuing 51.2 million new ordinary shares at S$0.16 each on April 17.

$Wilmar Intl (F34.SG)$: Wilmar International's Ukraine tank terminal facility, Delta Wilmar Ukraine, has been hit by a missile during a Russian attack on the Black Sea Ukrainian port of Pivdennyi on Friday. The agribusiness company, which owns an 80% stake in the subsidiary, reported in a regulatory filing on Sunday that it will assess the extent of the damage caused once the fire at the facility is put out. No casualties have been reported. Wilmar has yet to provide further details on the incident. On Friday, the company's stock rose 0.6% or S$0.02 to close at S$3.40.

$Sabana Reit (M1GU.SG)$: The extraordinary general meeting of Sabana Industrial Real Estate Investment Trust has approved key resolutions, including the removal of its current manager and the internalization of management functions. As a result, amendments to the Trust Deed are being proposed and are subject to a High Court application to convene another meeting for unitholder consideration. The Sponsor and related parties may need to vote on these amendments, which affect all unitholders and are in line with the previously approved internalization process. Discussions with regulatory bodies are ongoing to determine their voting rights.

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