Singapore’s benchmark Straits Times Index dropped 0.91% to close at 2,889.18 points yesterday. US stocks rose last night, building on last week’s strength, as the passage of a bill overhauling the healthcare system ended much of the uncertainty about the issue for investors. Stocks and factors to watch:

India’s No. 2 lender ICICI Bank (ICBK.BO) said its Singapore branch had received approval from the regulator to launch full banking services in the city state. The Monetary Authority of Singapore had granted ICICI a licence to transact banking business there with effect from August 2003, and the bank has been offering services such as international loan syndication and corporate banking.

Bharti Airtel, 32% owned by Singtel, said the entire financing requirement of US$8.3 billion ($11.6 billion) for the proposed acquisition of Zain’s African unit (Zain Africa BV) has been successfully tied-up.

Super Coffeemix is planning to offer and list Taiwan Depository Receipts representing an aggregate of up to 30 million new shares. The TDR Shares will constitute 5.58% of the existing issued share capital, and 5.28% of the enlarged share capital of the company.

Huan Hsin Holdings said its auditors, Deloitte and Touche LLP, have drawn attention to the company’s financial statement for the year ended December 31, 2009. The auditors noted the group made a net loss of $54.83 million and has breached certain financial covenants on bank loans during the financial year. It also noted the current liabilities exceeded the current assets. Deloitte said these conditions may cast “significant doubt” about the group’s ability to continue as a going concern.

Rickmers Maritime said its auditors, PricewaterhouseCoopers LLP, has drawn attention to the company’s financial statement for the year ended December 31, 2009. The auditor said the ability of the group and the trust to continue as going concerns depended on the outcome of the refinancing of the trust’s US$130 million ($182 million) facility of which the entire outstanding amount of US$128.70 million falls due on 30 April 2010. PwC also warned the group may breach its minimum asset value to loan covenant because of the continuing economic downturn which has resulted in a perceived drop in the value of container vessels.

Singapore Post, the city-state’s main postal services operator, said its board of directors is proposing the issue of $200 million worth of 10-year fixed-rate notes. Singapore Post said DBS Bank and UBS have been appointed the joint lead managers for the proposed notes issue.

Data storage maker Memory Devices said it has been asked by the Singapore Exchange to make arrangements to delist from the bourse by March 16. The troubled storage maker said in a statement it was was not in a position to propose a cash exit offer to its shareholders.

FJ Benjamin has secured the exclusive rights to distribute DeWitt luxury watches of Switzerland for South-east and North Asia.

Technics Oil and Gas, the full-service integrator of compression systems and process modules for the global offshore oil and gas sector, said wholly-owned subsidiary, Technics Offshore Engineering, has been awarded with a purchase order and supply agreement worth $6.15 million in Indonesia for a gas compressor package.

C&G Industrial Holdings said wholly-owned subsidiary — C&G Environmental Protection International — has successfully secured BOT (Built, Operate and Transfer) projects for two new waste-to energy (WTE) plants in Nanping city and Jianyang city, located in Fujian province, China, for a concessionary period of 30 years. The two new WTE plants are slated for completion in 2012 and will each have a designed treatment capacity of 600 tonnes per day. The estimated total cost of investment for the two projects is RMB600 million ($123 million) and will be fully funded from internal resources and borrowings at the project companies’ level.

Otto Marine, the offshore marine company which specialises in building complex offshore support vessels, ship chartering and offshore services, said subsidiary, Singapore-based Reflect Geophysical, has secured its fourth seismic contract since the group purchased a 74% stake in Reflect on Nov 13. Todd Exploration has contracted Reflect to conduct a 3D seismic survey in the Matariki area of New Zealand for US$2.715 million ($3.8 million). Reflect would be using the seismic vessel Reflect Resolution for this survey. This vessel will deploy four solid streamers and start acquisition during April 2010.

China Gaoxian Fibre Fabric Holdings, the supplier of premium differentiated fine polyester yarn and Warp Knit Fabric, has utilised RMB87.2 million ($18 million) of its IPO net proceeds of $78.3 million for the acquisition of 50 knitting machines for the production of Warp Knit Fabric (WKF). The new machines are expected to be fully installed by the end of second quarter of FY2010 (2Q10) and will boost the group’s maximum production capacity for WKF by 88% to 32,000 tonnes from 17,000 metric tonnes as at end 2009. The capacity expansion is expected to contribute positively to the group’s top-line growth starting from 3Q10.

T T J Holdings, one of the largest Singapore-based independent structural steel fabricators, is offering 110 million new shares at 20 cents each in an initial public offer (IPO). The shares, to be listed on the mainboard, represent 31.4% of T T J’s enlarged share capital of 350 million shares. Of the total 110 million shares, 15 million shares are available for public subscription while 95 million shares will be placed. The company has a combined annual maximum production capacity of 42,000 tonnes from its three fabrication facilities located in Singapore (one facility) and Johor, Malaysia (two facilities).