SG Morning Highlights | Keppel Merges Two Wholly Owned Subsidiaries to Streamline Organizational Structure

Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.94 percent to 3399.62 as at 9:06 am.

$Keppel (BN4.SG)$: Keppel has merged two of its wholly owned subsidiaries, Keppel Fund Management (KFM) and Keppel Capital Alternative Asset, to streamline its organizational structure. KFM, which is the private fund management arm of Keppel, will continue as the surviving entity. Both subsidiaries are licensed fund managers. The amalgamation became effective from June 28, 2024, and is not expected to have any material impact on Keppel's net tangible assets per share and earnings per share for the current financial year. KFM has investments in different asset classes, including real estate and data centers, and has managed six commingled funds since 2004. Keppel Capital Alternative Asset was launched in 2019 and focuses mainly on new alternative asset classes such as senior living, education, and infrastructure.

$SATS (S58.SG)$: SATS has issued over 4.3 million new ordinary shares, which will be vested under the SATS Restricted Share Plan and Performance Share Plan. With this, the total number of issued and paid-up ordinary shares of SATS has increased to 1,495,068,992, including 99,905 treasury shares. The new ordinary shares will be listed and quoted on the Singapore Exchange from July 2, 2024.

$UMS (558.SG)$: UMS Holdings, a company that provides equipment manufacturing and engineering services, has acquired 5.38 acres or approximately 235,000 square feet of leasehold industrial land in Malaysia's Penang Science Park North for approximately $4.5m. The leasehold has a tenure of 60 years. With this acquisition, UMS Holdings now has a combined space of 1.2 million square feet in Singapore and Malaysia. The acquisition will be funded internally from UMS' placement proceeds raised in January 2024 and is not expected to have any significant financial impact on the company within the current fiscal year.

$Accrelist Ltd (QZG.SG)$: Accrelist Ltd has completed the acquisition of a 28.53% equity stake in MClean Technologies through its wholly-owned subsidiary, Accrelist Crowdfunding Pte. Ltd. MClean Technologies offers surface treatment, precision cleaning, sterile, and packaging services for various industries such as Hard Disk Drive, consumer electronics, and oil & gas. With its headquarters in Singapore, the company operates in Malaysia, Singapore, and Thailand, providing high-quality and reliable services to its diverse clientele. Executive Chairman and Managing Director of Accrelist, Datuk Dr. Terence Tea Yeok Kian, expressed confidence in the company's future growth, particularly in the prospect of the company's HDD solutions, especially in Malaysia and Thailand. The acquisition is expected to drive growth and provide comprehensive solutions to a broader market, further solidifying their presence in the electronics and semiconductor sectors.