Singapore shares closed higher on Friday with the blue-chip Straits Times Index up 4.03 points to 2,851.64. Volume was 991.30 million shares worth $1.03 billion.Losers led gainers 212 to 197.

Asian stocks are likely to shuffle higher on Monday, helped by modest gains for Wall Street as fears eased of harsh regulation for the banking sector.

Singapore banks may be in focus following Minister Mentor Lee Kuan Yew’s comments Friday they may need to consolidate in bid to make greater headway abroad. Still, consolidation prospects appear dim in near term as all 3 banks generally still cautious after emerging from last year’s global crisis. OCBC (O39.SG), having just completed acquisition of ING’s Asian operations, may be reluctant to pursue another and may now be too pricey for rivals to stomach. DBS (D05.SG) closed down 0.7% at $13.66, OCBC (O39.SG) +1.4% at $8.66, UOB (U11.SG) +0.9% at $19.56.

Reyphon Agriceutical announced it has entered into two sale and purchase agreements to sell the entire registered capital of its wholly-owned subsidiary, Jiangxi New Reyphon Biochemical Co., for a total consideration of RMB75 million ($15.3 million).

Frasers Centrepoint, a wholly-owned subsidiary of Fraser and Neave, announced its Australasian property arm – Frasers Property Australia - has acquired a 13.7 hectare site (about 1.5 million sq ft) in Sydney from the Royal Rehabilitation Centre Sydney (Royal Rehab) for A$82.5 million ($97.8 million).

Otto Marine’s wholly-owned subsidiary, Surf Subsea taking a 19.2% stake in the US-based Joint Venture company, SURF Subsea Inc.

Sound Global announced that it has decided to postpone the proposed primary dual listing on the stock exchange of Hong Kong until a later date.

China Gaoxian Fibre Fabric Holdings intends to seek a dual primary listing on the Korean Exchange by way of an issuance of new shares or depository receipts and listing of the same on the Kospi Market.

Top Global announce that the company is proposing to undertake a renounceable non-underwritten rights issue of up to 8,398,835,988 new shares, at an issue price of $0.01 for each rights Share, with up to 8,398,835,988 free detachable warrants, every one warrant carrying the right to subscribe for one new share at an exercise price of $0.005 for each new share, on the basis of three 3 rights shares for every one 1 existing share.

Yanzijiang Shipbuilding Holdings announced that at the request of the vendor, and in view of the ongoing litigation, the company has agreed to an extension of the long stop date for completion of the proposed acquisition of 50.1% interest in PPL Holdings from 27 October 2010 to 27 April 2011.