SG Morning Highlights | SG Medical Device Market to Generate a CAGR of 7.4% From 2022-2027

Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.21 per cent to 3,239.93 as at 9.06 am.

$CityDev(C09.SG)$ : City Developments Ltd (CDL) on Thursday (Aug 31) announced that it has acquired a hotel in Osaka, Japan for 8.5 billion yen (S$78.5 million). The hotel, Bespoke Hotel Shinsaibashi, is a freehold, 256-room property located in Osaka’s Shinsaibashi district, a major shopping area. It is also a five-minute walk from Midosuji Avenue, which is lined with major international luxury brands and department stores, CDL said. Thursday's announcement marks the property developer's third hotel acquisition of 2023.

$Keppel Reit(K71U.SG)$: Straits Times Index (STI) administrator FTSE Russell on Thursday (Aug 31) said there will be no changes to the constituents of Singapore's blue-chip index, following the September 2023 quarterly review. Keppel Reit will replace food and agri-business giant Olam Group on the STI reserve list at the start of business on Sep 18. The STI reserve list is made up of the five highest ranking non-constituents of the STI by market capitalisation.

$Olam Group(VC2.SG)$: The food ingredients unit of Olam Group, OFI, has secured a multi-tranche sustainability-linked facility worth US$1.8 billion to refinance its existing loans and for general corporate purposes. The facility comprises a two-year and three-year revolving credit facility as well as a three-year term loan. Its interest margin is linked to the achievement of certain sustainability targets and could be reduced if those targets are met, said Olam Group on Thursday (Aug 31).

$Mapletree Log Tr(M44U.SG)$: Mapletree Logistics Trust (MLT) has entered an agreement to divest Moriya Centre in Japan for 10,030 million yen (S$95.5 million) to a third-party buyer. The sale price is 12.2 per cent higher than the property’s latest valuation of 8,940 million yen as at end-March, MLT’s manager said in a Friday (Sep 1) bourse filing. The buyer, whose identity was not disclosed, is not an interested party under regulatory requirements. The property is located in the city of Moriya in Ibaraki Prefecture. It comprises three blocks of four-storey industrial buildings and ancillary offices, with an average age of 17 years and total net lettable area of 41,713 square metres.

$Lion Asiapac(BAZ.SG)$: LION Asiapac has entered a conditional agreement to sell its limestone processing subsidiary, Compact Energy, for RM49 million (S$14.3 million) in cash. The buyer is an investment holding company of Graymont, a Canada-based lime and limestone solutions firm. Incorporated in 2004, Compact Energy specialises in limestone processing and steel consumables trading. Its lime plant is the largest producer of quicklime in Malaysia, with an annual production capacity of 390,000 metric tonnes.