SG Morning Highlights | GlobalFoundries Opens US$4 Billion Expanded Fabrication Plant in Singapore

Singapore shares opened slightly higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.01 per cent to 3,214.85 as at 9.06 am.

$Thomson Medical(A50.SG)$ : Thomson Medical's public float has dipped to 9.98 per cent, and the company intends to apply to the Singapore Exchange (SGX) for a period of three months for it to restore the public float to 10 per cent. In its regulatory filing on Tuesday (Sep 12), the company said that an internal verification carried out during the day found the percentage of shares held by public shareholders – amounting to more than 8,000 – to have gone below 10 per cent. The SGX may grant an issuer a period of three months to raise the percentage of securities in public hands to 10 per cent, after which the issuer may be directed to delist and provide an exit offer deemed fair and reasonable by an independent financial adviser.

$ValueMax(T6I.SG)$ : Valuemax Group has launched the eighth series of its three-month commercial paper (CP) in digital securities on the ADDX, through the private market exchange's CP programme. The mainboard-listed pawnbroking chain on Tuesday (Sep 12) said it expects to raise between S$20 million and S$50 million from both accredited and institutional investors. The digital securities are priced at 5.1 per cent per annum and are due to mature three months from the issuance date.

$Hatten Land(PH0.SG)$ : Hatten Land's proposed scheme of arrangement for Gold Mart has obtained majority approval from the Malaysian subsidiary’s unsecured creditors to waive 60 per cent or RM65.3 million (S$19.1 million) of liquidated ascertained damages. The remaining 40 per cent or RM43.5 million will be settled through proceeds received from the sale of certain unsold units of the group’s Harbour City project – thereby preserving Hatten’s cash reserves. On Wednesday (Sep 13), Hatten said some 80 per cent of creditors voted for the scheme at the Sep 8 meeting.

$CityDev(C09.SG)$ and $GuocoLand(F17.SG)$ : Property heavyweights GuocoLand and City Developments Ltd submitted the highest bids for two separate northern Singapore projects as the Urban Redevelopment Authority closed the tender for the sites on Tuesday. For the 1.47 hectare (3.63 acre) site at Lentor Central, a consortium of SGX-listed GuocoLand, Hong Leong Holdings and China’s state-backed CSC Land Group entered a bid of S$435.16 million ($332.6 million), the URA said. GuocoLand is controlled by Quek Leng Chan, the co-founder and executive chairman of Hong Leong Group Malaysia, while Quek’s cousin Kwek Leng Beng controls Singapore-based Hong Leong Holdings.