Quoteworthy: "You’re not running against Joe Biden. You’re running against me." –— US Vice-President Kamala Harristo candidate Donald Trump at their first debate
Grand Venture Technology confirms plans for secondary listing on Bursa Malaysia
Singapore-based Grand Venture Technology JLB (GVT), which produces components for semiconductor makers and other industries, has confirmed that it is in discussions for a potential secondary listing of its shares on the Main Market of Bursa Malaysia.
In a pre-market filing on Sept 12, the company says it is still planning the details and structure of the proposed secondary listing, further clarifying that no application has been made to the relevant authorities.
Bloomberg reported on Sept 11 that GVT is eyeing to list as soon as 2025, citing sources familiar with the matter. It is considering a listing by introduction, which means it would not be raising funds.
The report said GVT is aiming for a higher valuation by listing in Kuala Lumpur, where IPOs have been on the rise this year.
See also: Has China really peaked?
UMS Holdings, another Singapore-listed maker of semiconductor components, said in July it was also considering a second listing in Malaysia to widen its investor base and boost the liquidity of its shares.
Bursa Malaysia has had 34 IPOs year-to-date and a representative told The Edge Singapore that the bourse will reach its 2024 goal of 42 new listings.
Singapore has had only one listing this year, with Singapore Institute of Advanced Medicine Holdings raising US$20 million ($26.04 million), while IPOs in Malaysia have brought in US$1.3 billion, according to data compiled by Bloomberg.
Founded in 2012, GVT’s revenue for the first half of 2024 rose 27% from a year earlier to $68 million, with sales from the semiconductor segment contributing to half of that, the company said in a filing. Net profit was $4.3 million. — Khairani Afifi Noordin
Taylor Swift endorses Harris for US president after debate
Taylor Swift announced her endorsement of Kamala Harris minutes after the Democratic presidential nominee wrapped up her first debate against Republican rival Donald Trump on Sept 11, Singapore time.
The endorsement aligns Harris with a singular force in the world of music, offering to bolster her support among younger and female voters.
Calling herself a “childless cat lady”, a term used by Trump’s running mate, JD Vance, to disparage women without children, Swift announced her support in an Instagram post featuring a photo of her posing with a cat in her arms.
Swift is voting for Harris “because she fights for the rights and causes I believe need a warrior to champion them”, she wrote. “I think she is a steady-handed, gifted leader and I believe we can accomplish so much more in this country if we are led by calm and not chaos.”
The pop superstar’s fans have been closely scrutinising her social media accounts and public appearances for signs of her allegiance in the election. Swift backed President Joe Biden and Harris in 2020, and has, over the course of her career, made a handful of other public statements in favour of Democratic politicians. — Bloomberg
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Hillhouse, GIC said to be in talks to invest in Midea’s Hong Kong IPO
Alternative asset manager Hillhouse Investment and Singapore sovereign wealth fund GIC are considering investing in appliance maker Midea Group’s Hong Kong listing, according to people familiar with the matter.
Hillhouse is in talks to place an order for more than US$1 billion ($1.3 billion) of stock, while GIC is weighing subscribing for about US$500 million in the share sale, the people said, asking not to be identified as the information is not public.
Shenzhen-listed Midea is seeking to raise as much as US$3.5 billion in the Hong Kong share sale, which is set to be the city’s biggest in more than three years.
Order books are multiple times oversubscribed and will close a day earlier than planned, the people said. Talks are ongoing and details such as the size of potential investments have not been finalised, the people said.
The Foshan-based company is offering 492.1 million shares at HK$52 ($8.71) to HK$54.80 apiece, according to its listing document dated Sept 9. The low end of the marketed price range represents a 25% discount to the company’s Shenzhen-traded shares on Sept 6. Midea has guided investors toward the top end of the range, the people said. — Bloomberg
Singapore GDP expected to grow 2.6% y-o-y in 2024, up from 2.4%: MAS survey
The Singapore economy is expected to expand by 2.6% in 2024, according to economists and analysts polled by the Monetary Authority of Singapore (MAS). The current survey released on Sept 11 reflects an increase from the estimate of 2.4% published in the previous survey in June.
The survey was sent to 25 economists and analysts, of which 21 responded.
In September, there were higher forecasts for finance and insurance, construction, and wholesale and retail trade sectors. Market-watchers expect a 5.7% y-o-y change in the finance and insurance sector, an increase from the 5.1% y-o-y previously. In the construction sector, there is a median forecast of 3.9% y-o-y, up from 3.8% previously. The wholesale and retail trade sector is expected to experience a 3.0% y-o-y change compared to 2.5% y-o-y in June.
In 3Q2024, the Singapore economy is expected to grow by 2.6% y-o-y. In 2Q2024, the Singapore economy expanded by 2.9% y-o-y, exceeding the median forecast of 2.7% in the previous survey.
Expectations for non-oil domestic exports (NODX) dipped to 3.0% from 4.0%, while private consumption is expected to experience a 5.5% y-o-y change, an increase from the previous 3.4%.
According to the mean probability distribution, the Singapore economy is most likely to grow by 2.5% to 2.9% this year, with an average probability of 39%. This is followed by the 2.0% to 2.4% forecast range, with a probability of 26%. This marks an increase from the previous survey where market-watchers had assigned the highest probability to growth outturns of between 2.0% and 2.4%.
In the 3Q2024, market-watchers expect CPI-All items (headline inflation) and MAS core inflation to come in at 2.4% and 2.9% respectively. The headline inflation and MAS core inflation came in at 2.8% and 3.0% y-o-y in 2Q2024, aligned with the respondents’ forecasts in the previous survey.
In 2024, the median forecast for headline inflation is 2.6%, down from 2.8% in the June survey. The median forecast for MAS core inflation is 2.9%, down from 3.0% in the previous survey.
The respondents have assigned the highest probability to the 2.5% to 2.9% range for headline inflation, similar to the survey in June. For MAS core inflation, the highest probability was also assigned to the 2.5% to 2.9% forecast range, compared to the 3.0% to 3.4% in the previous survey.
The unemployment rate is expected to be at 2.1% year-end.
Market-watchers estimate that Singapore’s GDP will expand by 2.5% y-o-y. Their forecast of the most probable outcome for growth fell between 2.5% and 2.9%, similar to the previous survey. However, the average probability is 33%, a decrease from the 34% previously.
Singapore’s headline inflation and MAS core inflation are expected to come in at 2.0% in 2025. The respondents have assigned the highest probability to the 2.0% to 2.4% range for both headline and MAS core inflation. — Cherlyn Yeoh
EDBI invests undisclosed amount in digital wealth platform Arta Finance ahead of global expansion
Digital wealth platform Arta Finance has received an undisclosed sum from Singapore’s Economic Development Board Investment (EDBI) ahead of its plans to expand internationally, according to a Sept 11 announcement.
Arta, which is headquartered in both the US and Singapore, claims to provide the financial tools and products of the ultra-wealthy to a wider pool of investors. Founded by former Google executives, Arta creates personalised investment strategies for its users, using artificial intelligence, technology infrastructure and customised support, the release notes.
The digital wealth platform is currently only operational in the US, and will be made available in Singapore later this year.
EDBI, the strategic investment arm of the Singapore Economic Development Board and a division under SG Growth Capital, participated in the investment round together with other global investors, such as Peak XV, Ribbit Capital and Coatue. — Cherlyn Yeoh
