SG Morning Highlights | Singtel Sells 0.8% Stake in Indian Associate Bharti Airtel, Expects S$700m Gain
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Friday; STI up 0.44%
●Singtel joins Asian telcos for a first-of-its-kind cross-border rewards programme
●Foreign demand for non-landed luxury homes wanes
●Stocks to watch: Singtel, OCBC
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Friday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.44 percent to 3,147.45 as at 9.06 am.
Advancers / Decliners is 77 to 38, with 43.44 million securities worth S$47.23 million changing hands.
Breaking News
Singtel joins Asian telcos for a first-of-its-kind cross-border rewards programme
Singtel has allied with HKT, AIS, Globe, Optus, Taiwan Mobile, and Telkomsel to launch a first-of-its-kind cross-border rewards programme. The programme set for roll out in 2H24 will allow eligible travellers to enjoy special offers and redeem vouchers for transport, dining, merchandise, services and other incentives from the partner telcos' apps conveniently when they visit Hong Kong, Thailand, the Philippines, Australia, Singapore, Taiwan or Indonesia. The programme will also allow travellers to access customer support from their telco via calls or online whilst overseas for free.
Foreign demand for non-landed luxury homes wanes
The non-landed luxury property market in Singapore has seen a 50% drop in transactions by foreign buyers, including permanent residents, in 2H 2023, following the ABSD hike in April of that year, according to data from EDMUND TIE.
The total quantum from foreign demand also fell 55.7% on H1 2023 to SGD196.9m ($144.4m). Chinese nationals were the biggest buyers, purchasing six out of seven units in 2H 2023, with a rise in purchases by permanent residents. There were just ten transactions by Chinese nationals in H1 2023, with only one involving a permanent resident.
Stocks to Watch
$Singtel(Z74.SG$: Singapore Telecommunications (Singtel) has sold a 0.8% stake in Indian associate Bharti Airtel, amounting to 49 million shares, for 1,193.70 rupees ($16.35) per share to GQG Partners. The sale is estimated to result in gross proceeds of around SGD950m ($695m), with a net gain of SGD700m expected. Following the completion of the sale, Singtel's effective stake in Airtel will decrease to 29% from 29.8%. Singtel, which has been invested in Airtel since 2000, intends to remain invested in its India associate over the long term while working with Bharti Enterprises to equalise its effective stake in Airtel over time.
$OCBC Bank(O39.SG$: OCBC has announced the launch of a new SME programme dedicated to accelerating the growth of women-owned businesses and increasing their representation in Singapore's economy. The OCBC Women Entrepreneurs Programme, which will launch in April, is the first programme of its kind dedicated to women entrepreneurs by a Singapore bank, according to OCBC. Women-founded start-ups can secure financing of up to SGD100,000 within the first two years of incorporation, with the processing fee for such loans waived. OCBC also hopes the programme will help grow the number of female founders in traditionally male-dominated industries such as manufacturing, resources, building and construction, as well as transport and logistics.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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CareRareFair : waiting for breaking 52w high