SG Morning Highlights | Frasers Property Considers Asset Sale Amid Financial Review

Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.30 percent to 3,189.39 as at 9.04 am.

$Frasers Property R (IOQR.SG)$: Amid a strategic assessment to manage debt from recent acquisitions, Frasers Property may sell the company or certain assets, as the initial stages of a review reported by The Wall Street Journal suggest. Trading at a third of its book value, the real estate group faces a stark contrast to competitors like City Developments Ltd and UOL, with assets around S$39.8 billion as of September 30, 2023. Following a substantial net loss of S$74 million in the latter half of 2023, attributed to weaker performance in residential and industrial projects, the company's future actions remain uncertain pending the review's outcome.

$Novo Tellus SPAC (NTA.SG)$: Facing challenging market conditions, Novo Tellus Alpha Acquisition (NTAA) announced it will not engage in a business combination, adhering to the January 26 deadline, two years post-listing. Details on redeeming its Class A shares will follow, excluding founder shares and warrants. Industrial tech buyout fund Novo Tellus Capital Partners backs NTAA, whose shares closed flat at S$4.93.