Singapore shares are expected to fall on Friday after a near 4% drop on Wall Street due to growing fears that the euro zone's efforts to tackle its sovereign debt crisis will fall short.

Singapore shares closed weaker on Thursday with the blue-chip Straits Times Index down 21.03 points to 2,753.51. Volume was 1.75 billion shares worth $1.81 billion. Losers led gainers 403 to 101.

Wilmar International, the world's biggest listed palm oil firm, will buy four bulk carriers for $127.6 million ($179.7 million) that will be delivered by end-2011. Wilmar also has options to acquire another eight bulk carriers.

Budget carrier Tiger Airways has been awarded $4.7 million in damages resulting from its breach of contract claim against Swissport Singapore. Swissport, in January 2009, unilaterally terminated a ground handling service agreement with Tiger two years ahead of schedule.

SembCorp Industries is now free to move forward with its voluntary tender offer for Cascal's common stock, after the United States District Court denied the latter’s request for a preliminary injunction against the offer. The judge hearing the matter concluded, among other things, that based on the record before the court there was no likelihood of Cascal succeeding on its legal claims.

Gems TV Holdings says it has agreed to sell to Miyuki Co, Ltd all of GemsLondon Ltd for 26 million yen ($0.4 million) in cash. Myuki is in the retail sale and wholesale of gemstones and jewellery in Japan. On the rationale for the sale, Gems said it no longer enjoys the economies of scale to support its Japan operations, which has not been profitable to date.

Recently listed China Minzhong Food Corp posted a 15% rise in net profit to 135 million yuan ($27.8 million) for the quarter ended March, mainly due to a rise in the processed vegetable sales.

Darco Water Technologies says the Singapore Exchange has ordered the company to start a special audit into the past three years of accounting record of its wholly-owned subsidiary, Darco Engineering Taiwan Inc. Darco said it intends to appoint KPMG Forensic, a division of KPMG Advisory Services Pte Ltd, to provide investigative review services to the company and its subsidiaries.

Cortina Holdings posted a near doubling in full-year net profit on firmer sales. Net profit for the year ended March stood at $12.3 million, up from $6.33 million a year ago. Sales for the watch retailer rose 22.1% to $278 million.

Wee Hur Holdings says it plans to invest RMB66.8 million ($13.8 million) for a 30% stake in a JV to engage in property development and related businesses in China. Wee Hur has entered into a non-binding MOU with Hui Feng Real Estate Co, to set up this JV. The JV will acquire the entire interest in Hui Feng Real Estate Enterprise Co, Ltd along with its land use rights to four plots of land in Huai'an City, Jiangsu Province — targeted for a mix of commercial and residential projects.

CSC Holdings reported net profit for the fourth quarter ended March 31, 2010 fell 14.6% to $5.71 million. As a result,full-year profit fell 40% to $24.07 million. Revenue for the quarter was down 45% at $61.07 million, while revenue for the full year fell 50% to $285.06 million. The group has recommended a one-tier final ordinary dividend of 0.40 cents per share, up from 0.37 cents a year ago.