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Singapore Shares End in Red; Sembcorp Marine Slips 2% on Temasek's Mandatory Takeover Offer

MT Newswires ·  {{timeTz}}

05:35 AM EDT, 09/22/2021 (MT Newswires) -- Singapore's Straits Times Index opened in the negative territory on Wednesday where it remained throughout the session, as Wall Street failed to recover from its losses ahead of the US Federal Reserve's meeting later in the day.

During the day, the benchmark index ranged between 3,037.79 and 3,058.68 and ended 0.4%, or 13.30 points, lower at 3,049.90.

In corporate news, shares of Sembcorp Marine (SGX:S51) slipped more than 3% at market close, as the shipbuilding company received a mandatory conditional general cash offer from the Singapore government-owned Temasek on Wednesday for all the shares it does not already own.

China Star Food (SGX:42W) agreed to allot and issue 500 million new ordinary shares at SG$0.024 apiece to raise SG$12 million ($8.9 million), sending the potato farming company's shares up 17% at Wednesday's close.

CFM Holdings' (SGX:5EB) shares closed 2% higher on Wednesday, as the metal stamping company extended the long-stop date for the SG$6.1 million ($4.5 million) acquisition of a 51% stake in SING-SWE MM Biotechnology.

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