Home THE DAILY EDGE Business Jan 7: Singapore Stocks-May open lower on US stocks; Kim Eng in focus
Jan 7: Singapore Stocks-May open lower on US stocks; Kim Eng in focus

Tags: Kim Eng Holdings | Kim Eng Securities | Marco Polo Marine | Sino Construction | Stratech Systems | Tee International

Written by Reuters   
Friday, 07 January 2011 08:41
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Singapore shares may open lower on Friday, following Tokyo, after US stocks weakened overnight as soft retail sales and a sharp rise in the dollar left investors edgy before December’s US employment report.

Singapore’s benchmark Straits Times Index <.FTSTI> rose 0.78% on Thursday to 3,279.70 points.

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Singapore broker Kim Eng (KEHS.SI) may be in focus as Maybank (MBBM.KL), Malaysia's largest lender by assets, has offered to buy the firm for US$1.4 billion ($1.8 billion). Kim Eng shares were suspended from trading on Thursday.

Ship chartering firm Marco Polo Marine (MAPM.SI) said on Thursday it had acquired a utility vessel for US$4.87 million ($6.3 million) to expand its offshore business to Thailand in view of the strong global demand for oil and gas.

Technology firm Stratech Systems (SSYM.SI) said on Thursday it plans to buy an 80% stake in Global Telecom, a company incorporated in South Korea that provides images and network solutions to telecom service providers and government agencies, for US$7.6 million ($9.8 million).

Sino Construction (SICL.SI), a Singapore-listed Chinese firm, said on Thursday it will repay the 229.5 million yuan ($44.8 million) debt owed by Daqing Sunshine Reli Thermal, which it is acquiring, to Yinyi Real Estate.

Tee International (TEEI.SI), an engineering and real estate company, said on Thursday its net profit for the half year ended November 30 rose 54% to $6.9 million from a year ago mainly due to improved operational efficiency and contributions from its property businesses in Singapore and Thailand.


 

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Last Updated on Friday, 07 January 2011 09:38