SINGAPORE (Reuters) – Singapore property shares slumped the most in more than six months after the government launched sweeping measures to cool the housing market, where prices have soared to record highs due to low interest rates and huge demand from real estate speculators.
Shares in major developers CapitaLand Ltd (CATL.SI: Quote, Profile, Research, Stock Buzz) lost more than 4 percent, while Keppel Land Ltd (KLAN.SI: Quote, Profile, Research, Stock Buzz) and City Developments Ltd (CTDM.SI: Quote, Profile, Research, Stock Buzz) both shed over 6 percent, dragging the main index .FTSTI 0.4 percent lower.
SINGAPORE, Dec 20 (Reuters) – Singapore property magnate
Simon Cheong, best known for selling luxury units at record
prices, may have to fork out more money to appease his company’s
key shareholder and take SC Global Developments Ltd
private in a planned S$745 million ($612 million) deal.
Cheong, who controls 60 percent of the company and is chief
executive and chairman, faces resistance from Wheelock
Properties (Singapore) Ltd, which owns 16 percent of
the firm and recently bought shares just above the tycoon’s
SINGAPORE, Dec 14 (Reuters) – Cash-rich Singapore Airlines
Ltd will likely need acquisitions or more partnerships as it
reshapes its strategy to tap into the fast growing Asian markets
and to counter stiff competition from Middle Eastern carriers.
SIA’s cash pile stands at S$4.7 billion ($3.85 billion), and
that is set to increase after it agreed to sell a 49 percent
stake in Virgin Atlantic to Delta Air Lines for $360
million. SIA had written off the investment after purchasing the
stake in 2000.
SINGAPORE/HONG KONG, Dec 6 (Reuters) – Thai corporates armed
with cheap debt and record stock prices have spent a record $27
billion shopping for overseas assets this year, putting the
Southeast Asian nation firmly on the region’s M&A map for the
The land of exotic beaches has emerged as an unexpected fee
pool for deal-starved bankers in the region, with the nation
ranking No. 3 in Asian outbound deal volumes this year, behind
Japan and Greater China.
SINGAPORE, Dec 3 (Reuters) – Singaporean commodities trader
Olam International, under attack from short-seller
Muddy Waters, has raised $712.5 million through an issue of
bonds with warrants to buy shares, days after saying it had
The deal, to be offered pro rata to Olam shareholders, is
backed by Singapore state investor Temasek Holdings
which has a 16 percent stake and said on Monday it would buy
rights not taken up by other investors.
SINGAPORE, Nov 29 (Reuters) – Singapore commodity trader
Olam International Ltd, under attack by short-seller
Muddy Waters for its aggressive spending and debt levels, has
sufficient cash and does not expect to tap the debt markets for
at least five to six months, its chief executive said.
“We are very comfortable with our balance sheet position, in
terms of our equity position as well as our debt position,”
Sunny Verghese told Reuters in an interview on Thursday.
SINGAPORE, Nov 28 (Reuters) – Singapore commodity trader
Olam defended its record on accounting and
acquisitions and said it had the backing of a key state investor
as it seeks to counter criticism from a short-seller which has
hammered its shares.
Olam International Ltd, 16 percent owned by Singapore state
investor Temasek Holdings Pte Ltd, said in a 45-page
report on Wednesday it was not at risk of insolvency and had
enough liquidity to pursue its business and future investments.
SINGAPORE, Nov 20 (Reuters) – Singapore commodities trader
Olam International Ltd defended its accounting
practices after attacks by short-seller Muddy Waters which media
reports said questioned the way it keeps its books, sending its
U.S.-listed shares tumbling.
Singapore-listed shares in Olam, which is nearly 16
percent-owned by state investor Temasek Holdings, were
halted on Tuesday as the company accused Muddy Waters founder
Carson Block of making “baseless and unsubstantiated assertions”
SINGAPORE, Nov 14 (Reuters) – Singapore’s Global Logistic
Properties Ltd, one of the world’s largest warehouse
operators, is making its first foray into Brazil by teaming up
with large institutional investors to buy assets in the South
American country, as it looks to sustain its strong pace of
Developers such as GLP are looking to tap strong demand for
high-quality warehouses in Brazil. Last week, Australian
competitor Goodman Group also announced plans to
develop logistic assets in Brazil through a joint venture.
SINGAPORE (Reuters) – Southeast Asia is becoming one bright spot in a world of gloomy corporate earnings, with strong profit growth powered by a population of 600 million people increasingly willing, and able, to spend in their fast growing economies.
Southeast Asian companies are expected to report on average a 16.2 percent increase in quarterly profit from a year ago, Morgan Stanley said in a report this month.