Daily Morning Note – 26 March 2018
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Media reports are that Uber Technologies has reached an agreement to sell its Southeast Asian ride-hailing business to rival Grab and could announce the deal as early as Monday (Mar 26) morning in Singapore. The agreement could include all of Uber’s operations in Southeast Asia as well as Uber Eats in the region.
The U.S. and South Korea reached an agreement on revising the allies’ six-year-old bilateral trade deal and President Donald Trump’s plan to impose tariffs on imported steel.
On last Friday, the S&P 500 Index dropped 2.1 percent to 2,588.24 as of 4:02 p.m. New York time, while the Dow Jones Industrial Average slumped 1.8 percent to 23,532.30 and the Nasdaq Composite Index dropped 2.4 percent to 6,992.67.
PT Atlas Resources Tbk, a coal producer listed on the Indonesia Stock Exchange, has filed a lawsuit in Indonesia against Noble Group seeking compensation in excess of US$260 million.
A total of 315 units, or 70%, of the 450 units released of The Tapestry by City Development Limited have been snapped up this weekend. The average price per square foot is S$1,310.
Public tranche in Ayondo IPO nets subscription of 4½ times. The IPO is priced at S$0.26 a share and will trade on March 26.
Rowsley Ltd has entered into a facility agreement for S$130 million of new credit facilities. These comprise a S$100 million 18-month term loan facility and a S$30 million revolving loan facility with Malayan Banking Berhad, Singapore Branch.
Far East Group Limited announced that the Company has issued a conditional option to purchase agreement to Chang Hua Construction Pte Ltd, an independent and unrelated third party, to grant an option to it for the sale of the property situated at 112 Lavender Street Singapore 338728. The Property is a freehold estate and it serves as the regional headquarters of the Group’s operations. The Property has a net book value of S$4.2 million as at 31 December 2017.
Source: SGX Masnet, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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