The Christmas cheer lingers on in Singapore’s stock market as the Straits Times Index (SGX: ^STI) climbed 0.5% to 3,150 points. This is the sixth consecutive day of gains for the index.
Within its 30 constituents, 20 shares had managed to make some headway while four others made losses.
Let’s look at some of the shares that managed to beat the index today.
Full service carrier Singapore Airlines (SGX: C6L) moved up 0.9% to S$10.32. The company revealed yesterday that its joint venture company with TATA Sons Ltd from India has been set up and is named TATA SIA Airlines Limited.
SIA has received 24.5m shares in TATA SIA, representing a 49% ownership-stake in the joint venture.
The joint venture’s aim is to establish a full-service carrier based in New Delhi, India, with which SIA can potentially be exposed to the fast growing Indian aviation market.
Currently, the joint venture has already been cleared by the Indian Foreign Investment Promotion Board (FIPB), one of the two regulatory bodies which SIA and TATA have to seek approval from. The other regulator, the Directorate General of Civil Aviation, has yet to give the all-clear for the joint venture.
Olam International (SGX: O32) gained 1.3% to S$1.53. The company, which is involved with the processing, transporting, and distribution of agricultural products among other activities, had recently announced (on Monday) that it would be selling part of its stake in its New Zealand subsidiary Open Country Dairy Limited to Talley’s Group Limited.
Olam’s currently the second largest owner in Open Country Dairy with a 24.99% stake while Talley’s the biggest owner, controlling 55.54% of the New Zealand company.
In this transaction, Talley’s looking to buy up to an additional 14.99% stake in Open Country Dairy from Olam for up to NZ$46.5m (approximately S$48m).
After the sale, regardless of the amount that’s eventually sold, Olam would continue to own at least 10% of Open Country Dairy.
Olam’s sale would release cash while still “maintaining product off-take arrangements with [Open Country Dairy], which are strategically important for Olam’s Dairy supply chain business.”
Jubilee Industries Holdings (SGX: 5OS) climbed 1.4% to S$0.15. The precision-plastic-parts maker had issued a profit warning on Monday for the financial year ending 31 Dec 2013.
The company warned that it’s “expected to report a net loss” for the year, due mainly to lower sales and gross profit margins.
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