SG Morning Highlights | Straits Trading seeks to adopt scrip dividend scheme

Advancers / Decliners is 64 to 47, with 160.29 million securities worth S$77.70 million changing hands.

US consumer confidence rose unexpectedly in March, but remains below last year's average, according to survey data released on Tuesday (Mar 28).

The climb adds to pressure on the Federal Reserve as it looks to control rising prices.

The closely watched consumer confidence index increased in March to 104.2 from 103.4 last month, The Conference Board said in a statement. The release was higher than the median expectation of analysts in a Briefing.com survey.

Hong Kong regulators are convening a meeting between crypto firms and bankers in a bid to ease financing for the sector as the city seeks to establish itself as a hub for virtual assets.

The round table will take place on Apr 28 at the Hong Kong Monetary Authority (HKMA) "to facilitate direct dialogue" and "share practical experiences and perspectives in opening and maintaining bank accounts", according to details of the event seen by Bloomberg News. The session will be held jointly by the HKMA and the Securities and Futures Commission (SFC), the two regulators overseeing stablecoins and crypto exchanges.

After years of scepticism toward the sector, Hong Kong last year unveiled a plan to make itself as a centre for digital assets and so-called Web3 firms. But the sector faces difficulties in establishing proper banking relationships for even basic needs such as payroll accounts because of stringent know-your-customer and anti-money laundering rules.

This is in reference to the group's Mar 24 announcement that EJA was being investigated for "alleged irregularities" in its practices.

The CGU has not brought any civil or administrative charges against Sembmarine nor its subsidiaries, said the group. Sembmarine added that it will continue to cooperate and work with Brazilian authorities on this matter.

The tender, awarded by Solitaire Cecil, involves the proposed erection of a 20-storey office building, with restaurants on the first floor and a basement carpark, the company said in a Tuesday (Mar 28) filing. The construction period is 35 months, commencing in May.

The project is not expected to have any material impact on Keong Hong’s earnings per share for the year ending Sep 30.

"The scrip dividend scheme will enable eligible shareholders to reinvest in the company and further their participation in the equity capital," Straits Trading said in a Tuesday (Mar 28) bourse filing, adding that this would not incur brokerage fees, or transaction and other related costs.

Straits Trading's board believes that the scheme will create "long-term sustainable value" for shareholders, while also allowing the company to retain cash to fund growth, strengthen its working capital position and enhance financial flexibility.