Genting Singapore PLC Leads the Market Higher This Week

The Straits Times Index (SGX: ^STI) ended the week at 3,010 points, inching up just 0.4% since last week’s close of 2,998 points.

Of the 30 index components, 18 were in the green while the rest were in the doghouse, with Golden Agri-Resources Ltd (SGX: E5H) losing the most ground. It fell around 4% to S$0.375.

At the other end, the biggest winner was Genting Singapore PLC (SGX: G13) – I added 5.5% to S$0.86.

The casino operator announced this week that its indirect wholly-owned subsidiary incorporated in Mongolia, North Spring Enterprises LLC, had applied to be de-registered. The move, however, is “not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Company for the financial year ending 31 December 2015”.

Genting Singapore will be releasing its financial results for the third quarter ended 30 September 2015 on 12 November after market closes.

Elsewhere, news has emerged that Singapore Airlines Ltd (SGX: C6L), is going to take Tiger Airways Holdings Limited (SGX: J7X) private.

SIA will be offering S$0.41 per share to buy the outstanding shares of Tigerair that it currently doesn’t already own, which is around 44% of the company. Disappointingly, the offer price is a far cry from the initial public offering price of S$1.50 back in 2010.

SIA also announced its second-quarter earnings during the week, where sales fell 1.6% year-on-year to S$3.84 billion but net profit ballooned 135% to S$213.6 million.

Shares of SIA jumped 3.2% to S$11.14, while shares of Tigerair zoomed up 41.4%.

Meanwhile, Biosensors International Group Ltd (SGX: B20) is going to be taken private. CITIC Private Equity Funds Management, part of a Chinese state-owned conglomerate, has put an offer to pay S$0.84 per share for the shares it doesn’t already own. CITIC, which currently controls around 20% of the stent maker, will be paying approximately S$1.1 billion. Shares of Biosensors increased 19.1% to S$0.81.

The SPDR STI ETF (SGX:ES3), which is a proxy for the Straits Times Index, is now trading at 12.3 times its trailing earnings and yields 3.2%.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.