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Singapore Shares Close Lower; ESR-REIT Drops Over 3% on Raising Offer for ARA Logos

MT Newswires ·  {{timeTz}}

04 :40 AM EST, 01/24/2022 (MT Newswires) -- Singapore's Straits Times Index opened the week in the negative territory following another painful sell-off on Wall Street, amid investors' concerns about the US Federal Reserve's plans to hike interest rates to fight inflation.

During the day, the benchmark index ranged between 3,266.15 and 3,294.22 and ended 0.35%, or 11.51 points, lower at 3,283.35.

The US Central Bank will hold its next policy meeting this week, where officials are expected to unveil their plans to battle soaring inflation.

In corporate news, shares of ESR-REIT (SGX:J91U) declined over 3% at market close, as the trust increased the scheme consideration for the proposed merger with ARA Logos Logistics Trust (SGX:K2LU) to S$0.970 ($0.72) per ARA Logos unit -- comprising SG$0.097 in cash and 1.7729 in ESR-REIT units, to be issued at SG$0.4924 each.

Sunright (SGX:S71) closed 6% lower on Monday even as KESM Industries (Tianjin), a unit of its associate, KESM Industries, resumed production on Friday. The company had stopped production earlier this month following the implementation of a partial lockdown in Tianjin, China , amid the surge in COVID-19 cases.

Grand Banks Yachts (SGX:G50) said it expects to post a net loss for the six months ended Dec. 31, 2021, amid the prolonged closure of its manufacturing facility in Pasir Gudang, Johor, Malaysia from July to September last year, sending the company's shares down 2% at Monday's close.

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