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3 Things You Need to Know About the Singapore Stock Market Today

Welcome to mid-week, Fools! Here are three things about the local stock market that you might be interested in today.

1. The Straits Times Index (SGX: ^STI), ended Wednesday at 3,218.07 points, down 7.88 points or 0.24%.

The biggest loser in the index was Jardine Strategic Holdings Limited (SGX: J37) as it declined 2.5% to US$45.20. The shares have been on a volatile ride. Just yesterday, the firm came in as the best performer in the index.

On the other hand, the STI component that gained the most was media giant, Singapore Press Holdings Limited (SGX: T39). The firm’s shares increased 0.8% to S$2.63.

2. Poh Tiong Choon Logistics Ltd (SGX: P01), announced today that Respond Logistics Pte Ltd is looking to privatise the third-party logistics provider at S$1.30 per share.

Respond Logistics comprises of Mr Poh Choon Ann and Tower Capital Logistics L.P., an affiliate of Tower Capital Asia Pte Ltd. Mr Poh is the Director of Respond and Chairman of Poh Tiong Choon.

Mr Poh commented:

“As announced by the Company in its half yearly results on 14 August 2017, the Company operates in a challenging business environment and continues to be affected by costs and the tightening of the labour market and interest rate fluctuations.

We believe the Offer Price presents an attractive offer to the shareholders of the Company who find it difficult to exit the Company as a result of the low trading volume in Shares.”

The boss of the firm also added that once it becomes delisted, it would be “able to save on expenses relating to the maintenance of a listed status and focus its resources on its business operations.”

Mr Danny Koh of Tower Capital, said:

“The Company has a long history since its founding in 1950. The logistics industry is a high conviction investment theme of Tower Capital Asia and we believe in the potential of the Company with private equity backing. We welcome the opportunity to work together with Mr. Poh Choon Ann to invigorate the Company’s business.”

The latest news comes on the back of last year’s strategic review by major shareholders relating to their shares in the firm.

Poh Tiong Choon’s shares, which are currently under trading halt, ended the day at S$1.32.

3. Food and beverage outfit, Japan Foods Holding Ltd (SGX: 5OI), was awarded the Transparency Award – SMEs at the 18th SIAS Investors’ Choice Awards 2017 for its high standards of disclosure and transparency.

Mr Takahashi Kenichi, Executive Chairman and Chief Executive Officer of the firm, said:

“We are extremely honoured to be commended for being transparent in our disclosures to our shareholders. Our board of directors has always put a strong emphasis on good corporate governance and we are encouraged that our efforts have been recognised for the second time by SIAS. The Group is committed to keep raising the bar in order to maintain our track record in this area.”

Shares of Japan Foods ended the day flat at S$0.43.

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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.