The local stock market, as represented by the Straits Times Index (SGX: ^STI), inched up 0.8% to 3,319.1 points for the week.
Out of the 30 STI components, 22 were in the green; seven were in the red while one – Global Logistic Properties Ltd (SGX: MC0) – was flat.
The blue-chip stock that rose the most was property developer, City Developments Limited (SGX: C09). It added some 9% to S$12.66.
Earlier this week, the firm said that it might make a possible cash offer for its London-listed subsidiary, Millennium & Copthorne Hotels (M&C), at 552.5 pence per share.
The offer is for the outstanding shares of M&C not owned by CDL and its subsidiaries currently; CDL indirectly owns 65.2% of M&C. The proposed offer price would consist of a cash amount of 545 pence and a special dividend of 7.5 pence per M&C share.
CDL said in its announcement that it “intends to maintain M&C’s current business model, in particular to run the business as an owner and operator of its hotel portfolio. CDL also confirms it has no intention to sell or repurpose any of M&C’s hotels in London or in New York”.
The company must make a firm offer or state that it does not wish to do so before 5 pm on 6 November 2017. It has the right to make an offer at any time at a price below 552.5 pence per M&C share if certain conditions are met.
On top of the news above, the property outfit announced that it would be releasing its financial results for the third quarter ended 30 September 2017 on 9 November 2017.
In the losers’ camp, Jardine Strategic Holdings Limited (SGX: J37) led the group down. The firm shed 1% to US$43.34.
Elsewhere, rig builder, Sembcorp Marine Ltd (SGX: S51), rose 8.4% to S$1.88.
The company’s wholly-owned subsidiary, PPL Shipyard Pte Ltd, will be selling nine Pacific Class 400 jack-up drilling rigs to Borr Drilling Limited and its subsidiaries at around US$1.3 billion (S$1.77 billion), plus a market-based fee.
Although the sale will result in a loss of around S$15 million, it “will significantly improve the liquidity position of the Company and help strengthen its ability to offer quality solutions to customers, ride through the current cycle trough and be well-positioned for the industry’s recovery”, Sembcorp Marine said in a statement.
After two years of redevelopment, Singapore Post Limited (SGX: S08), launched SingPost Centre located at Paya Lebar.
Mervyn Lim, the firm’s Deputy Group Chief Executive Officer (Corporate Services), said in a news release on Monday:
“The launch of SingPost Centre underscores SingPost’s transformation for a future where technology is changing how people shop, dine and play. Tenants of the mall, including our flagship General Post Office, are rolling out state-of-the-art digital innovations, delivering fresh and exciting experiences that will delight consumers.”
The mall, which is managed by CapitaLand Limited (SGX: C31), had a committed occupancy of 80.4%, as of 30 September 2017. Shares of SingPost ended the week at S$1.285, up 3.2%.
The SPDR STI ETF (SGX: ES3), an exchange-traded fund which can be taken as a proxy for the Straits Times Index, is valued at a trailing price-to-earnings ratio of 11.4 and has a dividend yield of 3%.
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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 owns units of SPDR STI ETF.