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SG Morning Highlights | Cordlife to Raise $8.2 Million from Private Placement

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Moomoo News SG wrote a column · Apr 17 20:11
SG Morning Highlights | Cordlife to Raise $8.2 Million from Private Placement
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Thursday; STI up 0.29%
●Singapore and Australia Partner for $27 Million Initiative to Reduce Maritime Sector Emissions
●MAS Allocates $35 Million to Upskill Singapore's Financial Services Sector in Sustainable Finance
●Singapore Property Demand to Improve in 2024 Despite Rising Supply, Says Cushman & Wakefield
●Stocks to watch: Cordlife, First Resources
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.29 percent to 3,163.95 as at 9.09 am.
Advancers / Decliners is 80 to 53, with 105.95 million securities worth S$103.77 million changing hands.
Breaking News
Singapore and Australia Partner for $27 Million Initiative to Reduce Maritime Sector Emissions
Singapore and Australia have launched a $27.29 million initiative, the Australia-Singapore Initiative on Low Emissions Technologies (ASLET), aimed at accelerating the decarbonisation of the two countries' maritime sectors. The programme, implemented by Australia's national science agency, CSIRO, and the Maritime and Port Authority of Singapore (MPA), aims to develop and promote the uptake of zero or near-zero greenhouse gas emission technologies for use in maritime shipping and port operations. The initiative will also explore possible cooperation between the two countries in green shipping and port infrastructure initiatives. Both nations will equally provide the investment for the project, which is expected to attract industry co-funding.
MAS Allocates $35 Million to Upskill Singapore's Financial Services Sector in Sustainable Finance
The Monetary Authority of Singapore (MAS) has allocated $35 million to upskill Singapore's financial services sector in sustainable finance. The initiatives to support upskilling include the expansion of sustainable finance courses and the introduction of an Institute of Banking and Finance (IBF) Skills Badge. In partnership with IBF and with support from Workforce Singapore (WSG), MAS has also unveiled the Sustainable Finance Jobs Transformation Map (JTM), which outlines the impact of sustainability trends on financial jobs in Singapore and identifies the skills required to meet the growing demand for sustainable financing in the region. Over 50,000 professionals will see new sustainable finance-related tasks added to their roles, particularly in risk, compliance, legal, product solutioning, and sales. A total of 20 job roles have been identified as high-priority for upskilling, including relationship managers in corporate banking and portfolio managers.
Singapore Property Demand to Improve in 2024 Despite Rising Supply, Says Cushman & Wakefield
Cushman & Wakefield has predicted that overall property demand in Singapore will improve in 2024, although higher supply in markets such as residential and office may limit rental prospects. The pipeline supply for the office market is 4.7 million square feet, while the residential market will see the addition of 12,520 units. In the office market, rents for CBD Grade A offices are expected to continue rising, although deals remain challenging to transact due to negative cash on cash returns. Meanwhile, in the residential space, C&W sees long-term capital gains as the price gap between suburban and luxury condos has been shrinking in recent years.
Stocks to Watch
$Cordlife(P8A.SG)$: Cordlife Group has announced plans to raise $8.2 million by issuing a total of 51.2 million new ordinary shares at 16 cents apiece. The private cord-blood bank will issue the shares through two separate subscription agreements with Charming Global Enterprises and a high-net-worth individual based in Singapore. Both investors will collectively hold about 16.6% of Cordlife's enlarged capital post the new share placement. Cordlife intends to use 49.7% of the net cash proceeds for working capital and to rebuild its Singapore brand, while reserving the remaining 50.3% for contingency purposes. The company will place the new shares under its general mandate to issue new shares.
$First Resources(EB5.SG)$: Palm oil producer First Resources has denied allegations by The Gecko Project accusing the company of operating so-called "shadow companies" that have allegedly cleared tens of thousands of hectares of Indonesian rainforests since 2008. First Resources clarified that it does not have any ownership stake or hold any management roles in Ciliandry Anky Abadi or New Borneo Agri. It added that FAP Agri, which is a supplier to First Resources on an ad hoc basis, is not a subsidiary or an associated company. The company has appointed a sustainability consulting firm to investigate the allegations and develop an action plan.
Share Buy Back Transactions
SG Morning Highlights | Cordlife to Raise $8.2 Million from Private Placement
Source: Business Times, SGinvestors.io
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