SG Morning Highlights | Olam Denies Media Reports of US$50 Billion Nigerian Forex Fraud, Sets Up Review
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened lower on Tuesday; STI down 0.14%
●Temasek's Advanced MedTech chooses Singapore IPO over US: sources
●Stocks to watch: Olam, Frencken
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ lost 0.14 per cent to 3,213.77 as at 9.10 am.
Advancers / Decliners is 71 to 47, with 44.52 million securities worth S$59.30 million changing hands.
Breaking News
Temasek's Advanced MedTech chooses Singapore IPO over US: sources
Advanced MedTech, a medical device maker backed by Singapore's state-owned investment firm Temasek, has chosen to list in Singapore instead of the US, according to people with knowledge of the matter. The company has picked Goldman Sachs, Morgan Stanley and OCBC to work on its planned initial public offering (IPO), which could raise about US$200 million to US$300 million, the people said. A listing in the city-state may take place as early as the end of this year and could value the firm at about US$1 billion, they said.
Stocks to Watch
$Olam Group(VC2.SG$ : Olam Group said it “categorically denies” allegations made in recent media reports about its Nigerian unit, Olam Nigeria, and its subsidiaries being involved in a multi-billion dollar fraud. On Monday (Sep 11), the food and agri-business giant said it “refutes all baseless and inflammatory statements” made in two articles published online by Daily Nigerian and PrimeBusiness.Africa last week. However, in view of the nature of the allegations made, its board has directed the audit committee to “nevertheless conduct a review of the matter”.
$Frencken(E28.SG$ : RHB Research on Monday (Sep 11) raised its target price on Frencken Group to S$0.97 from S$0.80 in view of the semiconductor industry’s expected recovery for next year. The new target price for the group incorporates rolled-over FY2024 estimates from a blended earnings for FY2023 and FY2024, with a price-to-earnings multiple of 10, said the brokerage's analyst, Alfie Yeo. Despite the higher price target, it remains under the counter's current levels.
Latest Share Buy Back Transactions
Source：Business Times, SG investors
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