SG Morning Highlights | SP Group and Frasers Property Team up for Green Project in Vietnam Industrial Park
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Friday; STI down 0.31%
●Singapore prices S$2.8 billion of 50-year sovereign green bonds at 3.04%
●Singapore, Qatar boost cooperation in digitalisation, education, water-related research and more
●Tighter hedging rules from Q1 next year to limit risks for Singapore's electricity retailers
●Stocks to watch: Frasers Property, Geo Energy, Taka Jewellery
●Latest share buy back transactions
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Market Trend
Singapore shares opened lower on Friday. The $FTSE Singapore Straits Time Index (.STI.SG)$ lost 0.31 per cent to 3,170.77 as at 9.05 am.
Advancers / Decliners is 37 to 96, with 78.53 million securities worth S$73.34 million changing hands.
Breaking News
Singapore prices S$2.8 billion of 50-year sovereign green bonds at 3.04%
Singapore's second offer of its sovereign green bonds was well received by investors, once again surpassing pricing indications. The 50-year bonds, officially called Green Singapore Government Securities (Infrastructure), were priced to yield 3.04 per cent on Thursday (Aug 24). This is about 11 basis points lower than the initial price guidance of 3.15 per cent, which was considered “a significant tightening” by the Monetary Authority of Singapore (MAS). The offering will comprise S$2.8 billion of bonds, on the back of a S$3.9 billion order book. The offer amount includes S$50 million of bonds that will be set aside for retail investors, who can begin to apply for them between 9 am on Aug 25 and 12 pm on Aug 29.
Singapore, Qatar boost cooperation in digitalisation, education, water-related research and more
Singapore and Qatar technology start-ups will soon find it easier to access each other’s markets, while companies from both sides can look forward to commercial partnerships in areas such as transport and logistics, energy, manufacturing and digitalisation. The two countries inked five new memorandums of understanding (MOUs) on Thursday (Aug 24) to strengthen bilateral cooperation in the areas of social development and family; education; water-related research; enterprise digitalisation and innovation; and commercial partnerships. The agreements were signed during the official visit to Singapore by Qatar Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. Sheikh Mohammed and Prime Minister Lee Hsien Loong witnessed the signing of the five agreements.
Tighter hedging rules from Q1 next year to limit risks for Singapore's electricity retailers
Singapore's new rules for electricity retailers to step up their hedging game to withstand market swings are set to go live from the first quarter of next year. This comes in the wake of an unprecedented energy crisis that saw a handful of exits two years ago. According to a spokesperson with the Energy Market Authority (EMA), the hedging rules for retailers will be implemented next year following discussions between the regulator and retailers that are expected to go on till year-end.
Stocks to Watch
$FRASERS PROPERTY LIMITED (TQ5.SG)$ : SP Group and Frasers Property will jointly develop and implement smart energy solutions at Binh Duong Industrial Park (BDIP) in Vietnam. Both parties have inked a memorandum of understanding (MOU), they said in a joint statement on Thursday (Aug 24). The partnership will help the Frasers Property-owned industrial park to accelerate the adoption of green energy solutions, enhance energy savings and reduce carbon emissions for all tenants.
$Geo Energy Res (RE4.SG)$: An independent valuation report has given Indonesian coal producer Geo Energy Resources certainty that its recent US$154.1 million acquisition of 58.7 per cent of the issued shares of Indonesia-listed coal miner Golden Eagle Energy is value accretive. The group on Thursday (Aug 24) said the report, released on Thursday as well, relates to the core asset of Golden Eagle Energy, a coal mining concession under Triaryani. Independent qualified person RungePincockMinarco has given it an estimated mining valuation of around US$1 billion, the group said in a bourse filing. This comes as the mining concession, located in the South Sumatra province of Indonesia, was determined to have a coal resource of 388 million tonnes, and coal reserves of 275 million tonnes, as at May 31.
$Taka Jewellery (42L.SG)$: Taka Jewellery Holdings on Thursday (Aug 24) posted a 32 per cent drop in net profit for the fiscal second half from the year before. Net profit for the six months ended Jun 30 stood at S$2.7 million, compared with a net profit of S$4 million in the same period a year ago. The results translate to earnings per share of 0.7 Singapore cent, against earnings per share of 0.72 Singapore cent in the year-ago period. H2 revenue was up 26 per cent at S$74.2 million.
Latest Share Buy Back Transactions
Source：Business Times, SG investors
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