SG Morning Highlights | YZJ Shipbuilding Acquires 34% Stake in Tsuneishi Group Subsidiary for S$158.3 Million
Good morning mooers! Here are things you need to know about today's Singapore markets:
● Singapore shares opened higher on Friday; STI up 0.04%
● Singapore's Tax Revenue Forecast to Grow More Modestly in FY24/25
● Stocks to watch: CapitaLand Investment, Yangzijiang Shipbuilding, Olam
● Latest share buy back transactions
- Moomoo News SG
Market Snapshot
Singapore shares opened higher on Friday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.04 percent to 3558.11 as at 9:01 am.
Advancers / Decliners is 65 to 19, with 16.45 million securities worth S$26.57 million changing hands.
Breaking News
Singapore's Tax Revenue Forecast to Grow More Modestly in FY24/25
Following a 17 percent increase to a record level last fiscal year, tax revenue in Singapore is projected to continue its upward trend this year, albeit at a slower rate, according to tax experts.
Harvey Koenig, a partner specializing in telecommunications, media, technology, and tax at KPMG Singapore, commented, “There is unlikely to be a significant jump in corporate tax collections next year, in view that the Ministry of Trade and Industry recently narrowed its gross domestic product growth forecast for 2024 to 2 to 3 percent.”
He further noted that this projection comes amid potential downside risks, with geopolitical and trade developments potentially weakening business confidence.
Stocks to Watch
$YZJ Shipbldg SGD (BS6.SG)$ announced on Thursday its acquisition of a 34% stake in Tsuneishi Group (Zhoushan) Shipbuilding, a fully owned subsidiary of the Japanese Tsuneishi Group. The transaction, valued at 833.1 million yuan (S$158.3 million), will be paid in cash and financed through Yangzijiang’s internal resources. Prior to the announcement, the company's shares closed up by 1.2%, or S$0.03, at S$2.48.
$CapitaLandInvest (9CI.SG)$ disclosed on Thursday that its Chief Executive Officer for Private Equity Real Estate, Simon Treacy, will resign from his position effective October 31, citing "personal reasons". In his stead, the group's CEO, Lee Chee Koon, will assume dual responsibilities, also serving as the CEO of the Private Equity Real Estate sector. Subsequent to his departure, Treacy will serve as a senior adviser to Lee beginning November 1. Prior to this announcement, shares of CLI experienced a slight increase, closing at S$2.87, up 0.7 percent or S$0.02.
$Food Empire (F03.SG)$ announced plans on Wednesday to invest US$80 million in constructing a new freeze-dried soluble coffee production facility in Vietnam. The project is scheduled to commence in the first quarter of 2025, with completion targeted for early 2028. This expansion will be financed through internal funds and bank loans. The company’s stock dropped slightly by 0.5% or S$0.005, closing at S$0.965 just before the news was released.
$Olam Group (VC2.SG)$ has raised its offer to acquire all shares in Namoi Cotton to A$0.75 in cash per share, an increase from the previous A$0.70 per share. This revised bid represents an 11.9% premium over the A$0.67 per share previously offered by Louis Dreyfus Company Melbourne, as announced by Olam Agri on Friday. Olam's shares concluded trading on Thursday up 1.8%, or S$0.02, closing at S$1.14.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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