SG Morning Highlights | MAS to Boost Sustainable Finance in Singapore with AI and Tokenization
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Monday; STI up 0.08%
●MAS to Boost Sustainable Finance in Singapore with AI and Tokenization
●Nearly 1 in 2 Hirers Expect Active Job Market in H1 2024
●Stocks to watch: Shangri-La Asia, Sabana Reit, Best World
●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 0.08 percent to 3,220.54 as at 9.03 am.
Advancers / Decliners is 85 to 74, with 95.96 million securities worth S$59.82 million changing hands.
Breaking News
MAS to Boost Sustainable Finance in Singapore with AI and Tokenization
The Monetary Authority of Singapore (MAS) plans to boost sustainable finance in Singapore through initiatives including the use of artificial intelligence (AI) and tokenization. MAS launched the Singapore-Asia Taxonomy for Sustainable Finance as a practical guide for asset managers, asset owners, and other stakeholders to identify and allocate capital to green and transition activities and projects. It also introduced the Singapore Sustainable Finance Association (SSFA), an industry-led platform to promote Singapore as a sustainable finance centre. To promote digitalisation in the finance sector, MAS will pilot asset tokenisation initiatives using Singapore fund structures through Project Guardian, in collaboration with the asset management industry. MAS will also study Gen AI use cases in collaboration with the Institute of Banking and Finance Singapore to scale its potential use in financial services and in upskilling and reskilling the financial sector workforce.
Nearly 1 in 2 Hirers Expect Active Job Market in H1 2024
Around 45% of hirers in Singapore are confident that the job market in the country will be more active in the first half of 2024, according to a report by JobStreet. However, the optimism declined for the second half of the year to 32%, attributed to a higher degree of uncertainty. The number of vacancies rose with job openings peaking at 126,000 as of March 2022, but declined gradually to 78,400, according to JobStreet, citing data from the Ministry of Manpower.
Stocks to Watch
$Shangri-La HKD (S07.SG)$: Shangri-La Asia recorded a net profit of US$184.1 million for the full year ended Dec 31, 2023, reversing from a US$158.5 million loss a year ago. Revenue for FY2023 rose 46.5% to US$2.1 billion, from US$1.5 billion the year before, driven by the strong recovery of its hotel business, led mainly by mainland China and Hong Kong. The group's hotels in the rest of the world continued to experience strong demand from travel. A final dividend of 15 Hong Kong cents per share was proposed for the full year, for shareholders' approval at the group's upcoming annual general meeting. As at Dec 31, 2023, the group had equity interest in 80 operating hotels and three hotels under operating lease, representing a room inventory of 35,135 across the Asia-Pacific, Europe, and Africa.
$Sabana Reit (M1GU.SG)$: The trustee of Sabana Industrial Real Estate Investment Trust, HSBC Institutional Trust Services (Singapore), has established an internalisation committee including several employees from activist investor Quarz Capital. The move was among several made by the trustee to prod along the internalisation of the Reit manager, following the passage of eight out of 10 resolutions proposed by Quarz Capital at an extraordinary general meeting held on Mar 8. The successful resolutions included directing the trustee to form an internalisation committee which includes several Quarz employees, and setting a maximum price of S$10 million to acquire the existing external manager within a month of the EGM. The trustee has also written to ESR Group, owner of the Reit manager, to seek its views on whether it would be willing to consider the acquisition of the manager for a maximum all-in purchase price of not more than S$10 million, but has not yet received a response.
$Best World (CGN.SG)$: Best World International is looking to delist from the Singapore Exchange by way of a selective capital reduction, citing poor consumer sentiment and growth headwinds in its China market. The selective capital reduction refers to the cancellation of all issued ordinary shares in the company, except those held by non-participating shareholders. In a separate development, shareholders who hold at least 10% of shares in Best World have issued a letter requisitioning an extraordinary general meeting, or as a notice for the resolutions to be considered at the next annual general meeting, to vote on six resolutions including the company's cash reserves and dividend policy, executive directors' pay, and the removal of three independent directors. Best World's board is considering the letter's contents and seeking legal advice.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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