Singapore shares fell by midday but conglomerate Fraser and Neave and Asia Pacific Breweries surged on Heineken NV’s bid for the maker of Tiger Beer, while JB Foods made a strong trading debut.
The Straits Times Index was down 0.9% at 2,988.79 points, faring better than MSCI’s broadest index of Asia-Pacific shares outside Japan which tumbled more than 2%.
APB shares jumped to a record of $49.50, but below Heineken’s offer price of $50.00.
Shares of F&N, a Singapore conglomerate whose joint venture with Heineken has a 65% controlling stake in APB, were more than 4% higher. F&N was the second-highest traded stock by value on the Singapore bourse.
Shares of JB Foods, a Malaysian cocoa ingredient producer, surged 40% above the initial public offering price of $0.30 on their trading debut in Singapore.
JB Foods shares leapt as high as $0.42 on volume of more than 138 million shares. The stock was the top traded by both value and volume in the overall Singapore market.
Shares of AsiaMedic jumped over 8% after the healthcare services provider signed a memorandum of understanding with Myanmar’s Ni Ni Diagnostics and Healthcare to potentially set up a joint venture in Myanmar.
The Ni Ni Group operates medical centres providing diagnostic imaging and laboratory services in Yangon.
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