SG Morning Highlights | Olam Agri Proposes to Acquire Namoi Cotton for A$122 Million
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI up 0.66%
●TikTok dominates SG market for cross-border shopping
●AI is key driver of Singapore's modernisation efforts: report
●Stocks to watch: Olam, No Signboard
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.66 percent to 3,198.39 as at 9.05 am.
Advancers / Decliners is 126 to 37, with 66.19 million securities worth S$98.21 million changing hands.
Breaking News
TikTok dominates SG market for cross-border shopping
According to data from Airwallex, a quarter of consumers in Singapore prefer TikTok when making cross-border purchases on social media platforms. Instagram emerged as the second most popular social media channel for cross-border purchases (23%), followed by Facebook (22%), and YouTube (16%). The majority of consumers in Singapore buy internationally via social media because of better deals and offers (52%). Additionally, some consumers shop on social media due to personal recommendations (47%), interactive online selling (43%), and the ability to make quicker purchases by avoiding redirection to the merchant’s website (41%).
AI is key driver of Singapore's modernisation efforts: report
A study by Nutanix found that 60% of Singapore-based businesses put the highest priority on implementing AI, making it the top priority for their CIOs. This is higher than the regional average of 48% in Asia Pacific and Japan, and the global average of 45%. Additionally, 89% of businesses in Singapore have plans to increase investments in AI, although many admitted that their existing IT infrastructure still struggles to run AI apps and manage applications and data. The study also revealed that Singapore businesses believe that balancing innovation and security, leveraging hybrid multicloud infrastructure, and upping ransomware security are also key to their IT modernisation efforts. Sustainability was another key priority, with 92% of Singaporean businesses in agreement.
Stocks to Watch
$Olam Group (VC2.SG)$: Olam Agri, an indirect 64.57% owned subsidiary of Olam International's VC2, has launched a non-binding indicative offer to acquire all shares in Australian-listed cotton ginning company Namoi Cotton for A$122 million. The consideration of A$0.59 per Namoi share comprises A$0.58 in cash and a permitted special dividend of A$0.01 per share. Olam Agri intends to finance the acquisition with existing cash reserves as well as external debt funding. Alternatively, the group said it would be "willing to contemplate" making an off-market takeover bid to acquire Namoi for A$118 million, or A$0.57 per share, including a special dividend of A$0.01 per share.
$No Signboard (1G6.SG)$: No Signboard's controlling shareholder GuGong and executive chairman Lim Yong Sim have agreed to sell all their shares in the company to three investors with business interests in China for S$500,000. The purchasers are independent from each other and do not have the right to nominate any directors onto the board. In a separate announcement, No Signboard said that Lim has resigned as executive chairman to pursue other personal interests following the sale of his existing interest in the company. There is no notice period required to be served, and his effective date of cessation is March 20. No Signboard has been embroiled in a series of lawsuits and had earlier outlined its plans for the near term, including consolidating its shares six to one.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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