SG Morning Highlights | Keppel, ADB, and EnterpriseSG Team Up to Pursue US$800 Million in Green Projects in Asia-Pacific

Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.16 percent to 3361.03 as at 9:12 am.

$Keppel (BN4.SG)$: Keppel Corporation has partnered with the Asian Development Bank (ADB) and Enterprise Singapore (EnterpriseSG) to explore the development of US$800 million worth of projects focused on energy transition and environmental sustainability across the Asia-Pacific region. With an eye on Southeast Asia, the initiative's goals include the decarbonization of power generation, promotion of renewable energy sources, advancement of electric mobility, and construction of green buildings. These projects, expected to abate at least one million tonnes of CO2 annually, will be incorporated into Keppel's pipeline for its private funds and listed business trust. The collaboration will leverage Keppel's infrastructure development expertise, ADB's financing and regional cooperation, and EnterpriseSG's deal facilitation and market access to drive significant green growth in the region between 2025 and 2030.

$Japfa (UD2.SG)$: Singapore-based agri-food giant Japfa has proposed a share buyback scheme to repurchase up to 183.3 million of its shares, or approximately 9% of its total issued shares, at S$0.355 each, representing a 6% premium over the last traded price. The buyback, amounting to S$65.1 million, will be funded through internal or external means, without materially affecting the company's working capital or gearing. This move, which allows shareholders to sell back a portion of their holdings, follows Japfa's shares trading below the net asset value of S$0.52, and aims to manage market supply and bolster shareholder value as the shares are to be held as treasury shares with the possibility of future use or cancellation.