SG Morning Highlights | Keppel to Buy Aermont Capital in Two Phases for up to 931.9 Million Euros
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Thursday; STI down 0.31%
●Government to pilot "long-stay" serviced apartments on two GLS sites to address rental demand
●October condo rents slide again; 2024 demand-supply gap could widen
●Stocks to watch: Keppel, Manulife US Reit
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 0.31 per cent to 3,075.27 as at 9.04 am.
Advancers / Decliners is 57 to 82, with 56.15 million securities worth S$79.99 million changing hands.
Breaking News
Government to pilot "long-stay" serviced apartments on two GLS sites to address rental demand
A new class of serviced apartments with a longer minimum-stay requirement – at least three months – will soon be rolled out to “better meet rental demand”, Minister for National Development Desmond Lee said on Wednesday (Nov 29). The government will pilot the new category in two state land sites coming up for sale in early December under the Government Land Sales (GLS) programme’s confirmed list for private residential housing for the second half of this year. At these sites in Upper Thomson Road and Zion Road, a proportion of the gross floor area will be set aside for long-stay serviced apartments, with a total potential yield of about 535 units, said Lee.
October condo rents slide again; 2024 demand-supply gap could widen
The condominium rental market booked its third consecutive month of declines in October, while prices for Housing and Development Board (HDB) rents fell for the first time since October 2021. Based on flash estimates from SRX and 99.co, rents in the condo rental market were down by 0.2 per cent in October 2023 from a month prior. This was led by a 0.9 per cent fall in the Outside Central Region (OCR) and a 0.3 per cent decline in the Core Central Region (CCR).
Stocks to Watch
$Keppel (BN4.SG)$: Keppel Corporation has agreed to acquire an initial 50 per cent stake in Aermont Capital, for a consideration of up to 356.9 million euros (S$521.8 million), the asset manager and operator announced on Wednesday (Nov 29). This includes a deposit upon entering the agreement, a closing amount, and post-closing adjustments. It plans to subsequently acquire the remaining shares in the European real estate manager, for a maximum of 575 million euros. That brings the maximum consideration for the acquisition to 931.9 million euros.
$ManulifeReit USD (BTOU.SG)$: Manulife US Reit plans to raise funds through a mix of asset dispositions and a sponsor-lender loan to remedy its financial covenant breach, its manager said on Wednesday (Nov 29). The recapitalisation plan – which requires shareholders to vote on three inter-conditional resolutions at an upcoming extraordinary general meeting (EGM) – seeks to “revitalise” the Reit, and provide more time for the manager to sell assets and realise value.
$Best World (CGN.SG)$: Best World on Wednesday (Nov 29) responded to questions from Singapore Exchange Securities Trading (SGX-ST) on certain aspects of its latest financial statements for the third fiscal quarter ended September. SGX had pressed Best World for details on its current other assets, which, according to the group's Q3 financial statements posted on the bourse on Nov 13, amounted to S$22.8 million.
Share Buy Back Transactions
Source: Business Times, SG investors
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