SG Morning Highlights | SIA Reaches 88% Pre-Pandemic Passenger Load as Chinese Visitors Increase

Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index (.STI.SG)$ dropped 0.22 percent to 3,213.18 as at 9.05 am.

$SIA (C6L.SG)$: Singapore Airlines (SIA SP) has achieved a passenger load of 88% of pre-pandemic levels, surpassing projections by 4.3% on 24 February, driven by a robust passenger load factor of 86.3%. This was boosted by a visa-free arrangement for Chinese travelers effective 9 February. Cargo load factors also reached 56.7%, exceeding projections by 6.8%, attributed to strong e-commerce demand. Cargo capacity and load stood at 95.3% and 97.9% of pre-pandemic levels, respectively, despite the traditionally slow February season.

$Cordlife (P8A.SG)$: Cordlife Group Limited has received a requisition notice from Phillip Securities Pte Ltd and TransGlobal Real Estate Group to hold an extraordinary general meeting (EGM). Phillip Securities submitted a requisition notice on March 14, requesting to consider eight resolutions, while TransGlobal sent a notice on March 18 to consider four resolutions. Cordlife is currently considering both requisition notices and seeking legal advice. The company will make further announcements on SGXNET in due time.

$Union Gas (1F2.SG)$: Union Gas Holdings has signed a Memorandum of Understanding (MOU) with Deltrix, a Hong Kong-based provider of charging solutions, to expand its product offerings to include Electric Vehicle (EV) charging solutions. Currently, Union Gas operates four EV charging nozzles at its headquarters, with plans to increase this number to 16 over the next two years. The company also aims to install charging stations at its Cnergy fuel station and explore potential locations across Singapore. The MOU with Deltrix extends beyond Singapore to encompass Japan and the Southeast Asia region, highlighting the company's regional ambitions in the EV market.