Singapore stocks are expected to fall after Greek Prime Minister George Papandreou pledged to put the European Union’s agreement on financing for Greece to a referendum, reviving concerns the country will default on its debt.
The Straits Times Index dropped 1.7% to 2,855.77 at closing, its first decline in six days. Almost four stocks dropped for each that rose in the index of 30 companies. The gauge advanced 6.8% this month, the most since July 2009.
The manager of CapitaMall Trust (CMT), says 139,665,000 new units have been successfully placed through a private placement at an issue price of $1.79 per unit, raising gross proceeds of $250 million.
Neptune Orient Lines, Asia’s No. 3 container line, posted a third straight quarterly loss because of falling freight rates and higher fuel costs. The US$91.1 million ($113.9 million) loss in the three months to Sept. 23 compared with a profit of US$282.3 million a year earlier, the Singapore-based company said in a stock exchange statement today. Sales dropped 9% to US$2.21 billion.
Sound Global has won a contract to build a wastewater treatment facility in Anshan City in China’s Liaoning province.
ARA Trust Management (Suntec), the manager of Suntec Real Estate Investment Trust (Suntec REIT), has announced a $410 million plan to remake Suntec City. The remake, which is scheduled to start in mid-2012, will comprise a $230 million capital expenditure in remaking Suntec City Mall and a further $180 million on Suntec Singapore International Convention and Exhibition Centre, which Suntec REIT holds an interest of 60.8%.
Wilmar International has named Ho Kiam Kong, 52, as chief financial officer.
Property developer Tuan Sing Holdings has posted a 89% y-o-y fall in net profit for the third quarter ending September 30, 2011 to $5.19 million. Revenue fell 75% y-o-y to $47.05 million.
Catalist-traded Hartawan Holdings said it plans to buy an Indonesian gold mining firm in a reverse takeover deal worth $300 million that would see Hartawan getting new controlling shareholders.
Raffles Medical Group, the private healthcare provider in Singapore and the region, says group net profit after tax grew 10.3% to $11.8 million in 3Q2011 from $10.7 million over the corresponding quarter last year.
Falcon Energy Group has placed orders for two jack-up rigs and two multi-functional support vessels (MFSVs) to expand its scope of services for the oil and gas industry.
Singapore Exchange said it had told MF Global’s Singapore unit not to take on any more derivative positions and to reduce existing positions with immediate affect, according to Reuters.
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