SINGAPORE SGX MARKET TO CONSIDER GIVING TRADERS LUNCH BREAK BACK

And Waters Corp honours Singapore's BTI for Glycoscience Research.

Singapore Exchange Ltd., which runs the city’s equity market, is considering reinstating the midday intermission, according to people familiar with the matter. SGX in March 2011 scrapped the break, which lasted from 12:30 p.m. to 2 p.m. every day, in an effort to boost trading. The bourse is expected to have a public consultation on the issue in the coming weeks, the people said, asking not to be identified as the information is private. SGX will also propose a test that would widen the price increment at which shares are quoted to bring day traders back, according to the people. The proposals come after traders and SGX officials had several meetings since Loh Boon Chye became chief executive officer in July 2015, the people said.

Chinese developer Qingjian Realty, through its smart home solutions provider hiLife Interactive, has teamed up with Singtel to launch iNz Residence, the first internet-ready executive condominium in Singapore. With this partnership, home buyers can expect their units to be fitted with 1Gbps Singtel fibre broadband. Singtel will also provide WiFi services within the development’s facilities, such as the gym, clubhouse and pool area.

At a ceremony and symposium today, Waters Corporation (WAT) welcomed into its Centers of Innovation Program the Bioprocessing Technology Institute (BTI), a research institute under Singapore’s Agency for Science, Technology and Research (A*STAR). BTI is the first research institute1 focused on glycobiology to participate in the Waters Centers of Innovation Program.

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STOCK INVESTMENT IN SINGAPORE FINTECH FALLSS 64.6% TO $301.4M

There is also an overall fall in average deal value.

The latest KPMG's Pulse of Fintech report noted that in Singapore, overall investment in fintech companies saw a 64.6% drop from US$605m to US$214m ($301.4m) in 2016. This came as the number of deals only decreased by two to 28 in 2016, indicating an overall fall in average deal value.

Meanwhile, KPMG noted that in Singapore, many of the larger VC fundings were concentrated among online payments, remittances, or foreign exchange trading platforms.

In terms of capital injected through venture investment in fintech companies, the number of deals recorded was the same in 2015 at 25, however, the capital went down from $172m to $79m.

KPMG Singapore Head of Digital Village Jan Reinmueller said the Monetary Authority of Singapore is working very closely with companies to enable innovation in the financial services sector.

"From developing the regulatory sandbox to building fintech bridges with other jurisdictions, there's no doubt in my mind, the MAS is one of the main reasons Singapore is becoming a global hub for fintech companies," he noted.

Zooming on a global scale, 2016 experienced a decline in the market with a 47.2% slide in fintech investment, with total funding down to US$24.7b from US$46.7b and the deal activity dropping from 1,255 to 1,076. On the other hand, VC funding to fintech companies reached a record US$13.6B compared to US$12.7b in 2015, with 840 deals recorded.

In Asia, total investment reached a new high of US$8.6b, despite a drop-off in deal activity. 

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SINGAPORE TRADERS WILL GET BACK THEIR LUNCH BREAK BACK

Singapore stock traders may finally get their lunch break back.

Singapore Exchange Ltd., which runs the city’s equity market, is considering reinstating the midday intermission, according to people familiar with the matter. SGX in 2011 scrapped the break, which lasted from 12:30 p.m. to 2 p.m. every day, in an effort to boost trading.

The bourse is expected to have a public consultation on the issue in the coming weeks, the people said, asking not to be identified as the information is private. SGX will also propose a test that would widen the price increment at which shares are quoted to bring day traders back, according to the people.

When SGX cut the midday break, then-Chief Executive Officer Magnus Bocker said in January 2011 the move would make Singapore “one of the most accessible markets in Asia and in the world.” Having continuous trading from 9 a.m. to 5 p.m. could also boost volume by as much as 10 percent, Bocker said.

Many Asian stock markets have a midday break, including Hong Kong, mainland China and Malaysia.

The daily average value of shares traded on SGX this year has risen 6.4 percent, to $809 million, compared with the average for 2016, according to data compiled by Bloomberg. While up from last year, it’s down from the $1.12 billion-a-day the market saw in 2013, the data show.  

SGX said in an e-mailed response to queries that it doesn’t comment on speculation.

Tick-Size Idea

The exchange’s tick-size proposal would reward brokers for making markets in less liquid stocks by widening the spread they earn when buying and selling shares, the people said. That could encourage trading in small-cap companies, they said.

If the plan goes ahead, it would be at least the third time in a decade that SGX has tweaked stock spreads. In 2011, it cut tick sizes to offer what it called “one of Asia’s most cost-competitive trading environments.” It made a similar move in 2007.

The U.S. in October started a two-year test that raised ticks for small-company stocks amid complaints from exchanges that liquidity has dried up. Japan Exchange Group in December 2014 said it was backtracking on tick cuts for some of the biggest companies less than six months after it was implemented because it failed to get the boost it sought.

SGX in 2015 cut the board lot size, or trading unit, investors needed to buy to 100 from 1,000 to help make higher-priced shares easier to invest. Last year, it consulted on having at least 10 percent of shares in the initial public offering of companies on its main venue to boost retail participation.

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STOCK MARKET NEWS: SINGAPORE SHARES OPEN LOWER ON FRIDAY

SINGAPORE shares opened lower on Friday as Wall Street ended its session mixed overnight.

The benchmark Straits Times Index (STI) was down 1.62 points or 0.05 per cent at 3,135.95 at 9.05 am.

Turnover amounted to 196.8 million shares worth S$154.6 million, with gainers outnumbering losers 93 to 72.

Among the actives list were Healthway Medical, Addvalue Tech and Wilmar.

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EQUITY INVESTMENT PICKS: CDL, EZION, SINGTEL

City Developments Limited

THE developer's fourth-quarter and full-year net profits were dented by the absence of substantial profits that were recognised in the year-ago period from the second Profit Participation Securities (PPS) platform, as well as a weak market, even as revenue grew.

Net profit for the three months at end December 2016 fell 40.6 per cent year on year to S$243.8 million, and down 15.5 per cent to S$653.2 million for the full year, amid tough market conditions.

Revenue in Q4 grew 36.5 per cent to S$1.2 billion, while it rose 18.2 per cent to a record S$3.9 billion for FY16, driven by the property development segment.

Separately, the group said that independent non-executive director Tang See Chim has informed the board of his intention to step down from the post.

Ezion Holdings

THE company reported on Thursday that it has sunk deeper into the red for the fourth quarter ended Dec 31, 2016.

The service rigs and offshore logistics support services provider to the oil and gas industry reported a net loss of US$66.6 million for Q4, compared with a net loss of US$63.5 million a year ago.

Singtel

ITS subsidiary Amobee, a global digital marketing technology company serving brands such as Airbnb, Dell EMC and Lexus, on Thursday said that it would acquire Turn, a leading provider of a global technology platform for marketers and agencies, at an enterprise value of US$310 million.

Turn offers advanced data and analytics solutions through a data management platform (DMP), allowing marketers to better understand customer interactions across ad formats and devices.

It further operates a demand-side platform (DSP) which provides programmatic buying capabilities that automate the process of buying digital ads in real time across video, mobile and display for major brands including Kraft Heinz, Toyota and L'Oreal USA.

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SHARE MARKET TIPS FOR OUTSTANDING RETURNS

THE group reported a 37.6 per cent year-on-year drop in net profit for FY16 to S$11.9 million.

In FY15, the group had recognised a one-off gain of S$5.9 million from the disposal of interest in Kingsmen CMTI Public Company Limited and the fair value of the remaining interest in the company. In FY16, this non-recurrence - in addition to lower margins for retail & corporate interiors works and higher operating costs - impacted the group's bottom line.

CNMC Goldmine Holdings

THE Malaysian gold miner fell into the red for the fourth quarter, as revenue tumbled 44 per cent due to lower ore grades.

The group recorded a loss of US$1.9 million for the three months ended Dec 31, against a net profit of US$3.3 million in the same period a year ago.

Mapletree Logistics Trust

THE trustee of Mapletree Logistics Trust, HSBC Institutional Trust Services (Singapore) Limited, has entered into an option to divest the former's property at 20 Old Toh Tuck Road for S$14.25 million.

The sale proceeds will be used to fund committed investments, reduce existing debt and make distributions to unitholders.

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SGX MARKET STOCK INVESTMENT PICKS OF THE DAY

Mercurius Capital Investment

THE firm is in preliminary discussions with unrelated parties about a potential joint venture and a separate disposal transaction, it said in its reply to the Singapore Exchange (SGX), which issued a trading query on Monday.

The company said that it will make the relevant disclosures at the appropriate time, in compliance with Catalist rules.

Wilmar International

THE group has posted a 69.9 per cent year-on-year increase in net profit for the fourth quarter ended Dec 31, 2016, to US$560.8 million, led by stronger performance across all segments, as well as recognition of deferred tax assets for its Indonesian operations.

This was achieved on the back of a 26.7 per cent rise in revenue to US$11.95 billion, mainly driven by stronger commodity prices for the quarter and partly supported by higher sales volume.

GLP

THE mainboard listed logistics facilities provider has signed 106,000 sq m (1.1 million sq ft) of new leases with third party logistics companies in China over the past two months.

With these leases, it establishes a new customer relationship with Yimidida, while extending partnerships with three existing third party logistics customers, including Best Logistics.

On Monday, GLP also said it has bought a Chinese firm called Shanghai Jingxi Business Consulting Co for 350 million yuan (S$72 million) in cash.

IHC

INTERNATIONAL Healthway Corporation (IHC) has had its convertible loan facilities from Oxley Holdings and its chief executive and deputy chief executive terminated, after the duo sold their stakes to developer OUE.

In a filing on Monday evening, IHC said it had received a letter from all three parties on Feb 19 to terminate the term sheet for the loan with immediate effect in view of the takeover offer from OUE.

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IN SINGAPORE SHARE MARKET, OCBC TAKES A STRIKE FROM HIGHER BAD LOANS

Non-performing loans spiked 12% to $306m.

The distress in the oil & gas sector is still on-going for Singapore banking giants, contributing to the increase in non-performing loans.

This is the case with OCBC whose NPL ratio deteriorated slightly from 1.19% to 1.26%. NPLs increased $306m or 12% QoQ in 4Q16, coming mainly from large corporates within the O&G sector.

"We estimated that NPLs for the O&G sector increased by S$237m or 21% QoQ to S$1,343m. 52% of the O&G NPLs, some of which are restructured, are still being serviced (not overdue)," UOB KayHian said in a report.

The offshore support vessels (OSV) sub-sector accounted for 39% of its O&G portfolio, of which 22% are classified as NPLs.

With this, UOB said total provisions were elevated at S$305m (57bp), an increase of 57% YoY. Specific provisions were hefty at $235m due to exposure to the OSV sub-sector.

"Management believes that oil prices have to stay at above US$60/bbl on a sustained basis before charterers would come back to sign medium to long-term contracts (currently, many vessels are tied up in short-term 1-year contracts)," the research firm said.

It added, "The bank reviews cash flows and value of collaterals (apply conservative haircut to valuations provided by professional valuers) and makes the necessary specific provisions every quarter. It also puts in additional general provisions to create a buffer." 

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STOCKS TO WATCH: UOB, CAPITALAND, CHIP ENG SENG

STOCKS that could see some movements on Friday include banking stocks, which investors have a clearer handle on after the largest Singapore banks have all announced their results, as well as oil and gas (O&G) stocks.

All three banks reported lower earnings for the fourth quarter ended Dec 31, 2016, and higher provisions for loans to the O&G sector, signalling a continued challenging environment for the O&G industry.

UOB Group on Friday reported a net profit of S$739 million, 6.2 per cent below that a year ago, as stable loan growth was offset by a decline in net interest margin and lower gains from the sale of investment securities. It also raised its specific allowance on loans by S$313 million to S$428 million due to non-performing loans in the O&G and shipping industries.

Given banks' cautious outlook on the sector, O&G stocks may continue to see some selling pressures amid ensuing debt woes at Ezra Holdings.

CapitaLand's shopping mall arm CapitaLand Mall Asia will buy four office and retail properties in Japan for S$636.3 million, inclusive of transaction costs.

The acquisition, which will strengthen CapitaLand's foothold in Greater Tokyo, is expected to increase the group's total asset size in Japan to about S$2.5 billion. It is also expected to be immediately accretive, contributing a net operating income of about S$25 million per year, providing CapitaLand with a stable source of income.

Chip Eng Seng reported on Thursday a net profit of S$14.9 million for its fourth quarter ended Dec 31, 2016, 52.5 per cent higher than S$9.8 million a year ago.

The construction and property development group's higher profits were driven by a net fair value gain on investment properties and lower administrative expenses due to a lower impairment loss on a development property and the absence of a fair value loss on investment properties.

Meanwhile, Singapore Medical Group has, through a S$15 million share placement, ushered the entry of South Korea's CHA Healthcare Co as a major strategic shareholder.

The group will issue 30 million new ordinary shares to CHC at 50 Singapore cents per share via a private placement. This investment will see CHC emerge as the group's fourth largest shareholder with a 8.8 per cent stake of the enlarged shareholding base and its largest strategic equity partner.

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SINGAPORE SHARES OPEN LOWER ON THURSDAY

SINGAPORE shares opened marginally lower on Thursday following weak retail sales data released a day ago. This came even as the Wall Street saw a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes.

At 9.03am, the Straits Times Index was 2.6 points lower at 3,085.88.

On the broader market, gainers outpaced losers 76 to 60. Some 137.3 million shares changed hands for S$99.4 million.

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STOCKS TO WATCH: CAPITALAND, THAI BEVERAGE, EZRA HOLDINGS

INVESTORS here looking to ride the rising tide of sentiment following the US stocks rally overnight may be looking out for some good news among Singapore listings.

Corporates that churned out some positive earnings reports include property developer CapitaLand and Thai Beverage.

CapitaLand ended 2016 on a strong note with a 73.8 per cent surge in net profit for the fourth quarter ended Dec 31 to S$430.5 million. This was fuelled by better operating performance, higher fair value gains on revaluation of investment properties and lower impairments.

Thai Beverage posted a profit of 7.7 billion baht (S$312 million) for the three-month period ended Dec 31, 2016, up 28 per cent from six billion baht in the previous year. This was due to an increase in net profit of beer, F&N/FCL operating results, and a decrease in net loss of non-alcoholic beverages business.

Revenue went down 8 per cent to 46.8 billion baht due to a decline in sales of the spirits business, beer segment, non-alcoholic beverages business and food business during the period of mourning for the death of the Thai king.

The woes of the oil and gas industry, however, are set to plague sentiment on the sector for now.

Ezra Holdings said on Tuesday night that a Singapore-incorporated company, Necotrans Singapore Pte Ltd, has filed a winding up application against EMAS-AMC Pte Ltd, a wholly owned company of the group's associate Emas Chiyoda Subsea.

Meanwhile, International Healthway Corporation (IHC) requested for a trading halt on Wednesday morning pending an announcement. OUE shored up its stake in IHC to 21.83 per cent this month, while the Riady family made a cash offer to raise the stake in its former parent firm, Healthway Medical Corporation).

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•     SUNMOONFOOD
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•   AUSGROUP

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STOCKS TO WATCH: NOBLE, OCBC, CRT, MANULIFE US REIT

INVESTORS looking to ride the feel-good factor from a continued rally on Wall Street overnight are greeted with a mixed bag of earnings results from Singapore Inc.

Noble Group could, however, see some trading interest again on market rumours that China's Sinochem is in early talks with the group to buy an equity stake in the embattled trader to gain access to the commodity trader's global supply chain.

The discussions are taking place as Noble looks to rejig its business units, cut debt and boost liquidity to fight a long-term downtrend in commodity prices.

Among mixed report cards, OCBC Group on Tuesday reported an 18 per cent drop in net profit to S$789 million for the fourth quarter ended Dec 31, 2016, dragged down by both net interest income and non-interest income, as well as higher allowances for loans and impairment.

Among Reits and business trusts, Croesus Retail Trust (CRT) posted a 5.2 per cent rise in distribution per unit (DPU) for the second quarter ended Dec 31, 2016, to 1.81 Singapore cents, from a restated DPU of 1.72 cents in the year-ago period. This came on the back of an enlarged portfolio due to acquisitions. The restated DPU reflects an enlarged unit base arising from a preferential offering in August.

Offering an exposure to pure US office play, Manulife US Reit beat its own forecast by 3.6 per cent by posting a fourth-quarter distribution per unit (DPU) of 1.54 US cents on Monday. Its DPU of 3.55 US cents for the period from the date of listing on May 20 to Dec 31, 2016, also exceeded its forecast by 4.8 per cent. This came on the back of higher-than-expected net property income. This has prompted brokerages, including RHB Research Institute, to maintain a "buy" call.

Two companies - Ezra Holdings and The Stratech Group - requested for trading halt on Tuesday morning before market's opening, citing the pending release of announcements.

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STOCKS TO WATCH: GREAT EASTERN, MANULIFE US REIT, LEY CHOON, VALLIANZ

THE quarterly results season continues to toss up trading cues for investors, whose eyes this week are also on how Singapore's biggest banks will fare amid an expected surge in combined provisions due to oil and gas woes.

On Monday, companies that reported results include Great Eastern, Manulife US Reit, Ley Choon and Vallianz.

Great Eastern Holdings reported an 11 per cent drop in net profit to S$195.2 million for the fourth quarter ended Dec 31, 2016, on the back of lower profit from insurance business.

For the full year, its net profit fell 25 per cent to S$589.3 million. This was due to lower non-operating profit, lower profit from shareholders' fund's investments and a loss on disposal of the group's Vietnam business of S$18.7 million, said the unit of OCBC Bank.

Manulife US Reit beat its own forecast by 3.6 per cent by posting a fourth-quarter distribution per unit (DPU) of 1.54 US cents. Its DPU of 3.55 US cents for the period from the date of listing on May 20 to Dec 31, 2016, also exceeded its forecast by 4.8 per cent. This came on the back of higher-than-expected net property income.

Ley Choon Group Holdings has cemented a turnaround from a year ago with a net profit of S$8.76 million for the third quarter ended Dec 31, 2016, and S$14 million for the first nine months. The construction company had incurred net losses of S$2.85 million and S$46.54 million in the year-ago periods respectively. These came on the back of a surge in other income mainly from a gain on disposal of assets.

Vallianz Holdings reported that its net profit for the fourth quarter of 2016 fell 35.4 per cent to US$3.1 million, compared to US$4.7 million a year ago. Revenue from troubled Swiber entities has declined substantially to US$43.4 million, and accounted for 20.8 per cent of Vallianz's total revenue in 2016, as compared to 34.6 per cent in 2015.

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STOCKS TO WATCH: YOMA STRATEGIC, SINGTEL

THE following stocks had developments or news that may influence trading on Friday:

Yoma Strategic Holdings, the mainboard-listed Myanmar play, on Friday posted a 98.7 per cent fall in net profit for the third quarter to S$0.3 million, from S$25.2 million a year ago.

This was attributable to currency translation losses and a significantly lower fair value gain recognized in the quarter.

Revenue for the three months ended Dec 31, 2016, grew 16.6 per cent to S$27.7 million, from S$23.8 million last year, boosted by a 22.4 per cent growth in the group's non-real estate businesses to S$16.9 million. Revenue from Yoma's real estate business grew 8.7 per cent.

Singtel on Thursday said it is preparing to divest more than 75 per cent of its 100 per cent shareholding in NetLink Trust (NLT), for which it is making ready an initial public offering (IPO).

Singtel has been mandated by Infocomm Media Development Authority to divest its shareholding in NLT to less than 25 per cent by April 2108. It has appointed three investment bankers - reportedly Morgan Stanley, UBS Group and DBS Bank - to advise it on NLT's IPO.

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STOCKS TO WATCH: SINGTEL, GLP, NATURAL COOL, NEO GROUP, AA REIT

THE following stocks had developments or news that may influence trading on Thursday:

Singapore Telecommunications (Singtel) on Thursday posted a 2 per cent increase in net profit to S$972.8 million for the third quarter ended Dec 31, 2016 - boosted by higher dividends from its cables unit Southern Cross and currency revaluation gains.

This came on the back of a 2 per cent year-on-year fall in revenue from S$4.47 billion to S$4.41 billion, due mainly to mandated cuts to mobile termination rates in Australia. Singtel said that excluding this rate impact, revenue for the quarter would have grown 3 per cent.

Global Logistic Properties (GLP) on Thursday posted a 7.3 per cent fall in net profit to S$170.7 million for its third quarter ended Dec 31, 2016 - attributable to a one-time US syndication gain a year ago and higher forex losses in this quarter.

Revenue rose by 16.9 per cent to S$232.5 million, due mainly to the completion and stabilisation of development projects in China with increasing rents; revenue from financial services in China; and an increase in management fee income from its fund management platform.

Natural Cool Holding's entire board, save for its chief executive officer Tsng Joo Peng, has been ousted at the second extraordinary general meeting (EGM) held on Wednesday, the company announced on Thursday.

At the EGM, disgruntled shareholders voted for the immediate removal of executive chairman Joseph Ang, 52, along with his brother and fellow director Eric Ang, 53. It also saw the removal of other directors, namely chairman of the audit committee, Lim Siang Kai, 60; Wu Chiaw Ching, 61, and William da Silva.

Lau Lee Hua, Tan Siew Bin Ronnie, Goh Teck Sia and Wong Leon Keat were appointed as new directors.

Catering company Neo Group on Thursday posted a 97.4 per cent fall in net profit from S$4.8 million a year ago to S$0.125 million for its third quarter ended Dec 31, 2016 (Q3 2017) - attributable to the absence of a S$4.3 million one-time gain recognised in Q3 2016 from the bargain purchase on the acquisition of subsidiaries.

Revenue grew by 23.4 per cent to S$46.7 million, mostly lifted by a S$7.6 million rise in revenue from the group's food and catering supplies business, which commenced supplying and trading frozen meat to a local third-party customer that contributed to the S$7.7 million segment revenue reported in this quarter compared to S$0.1 million in Q3 2016.

AIMS AMP Capital Industrial Reit (AA Reit) on Thursday announced a 2.8 per cent decrease in distribution per unit (DPU) to 2.77 Singapore cents for its third quarter ended Dec 31, 2016, down from 2.85 Singapore cents a year ago.

This came on the back of a 6.7 per cent fall in gross revenue from S$32.5 million last year to S$30.4 million this year, due mainly to lower rental contributions for the properties at 27 Penjuru Lane, 8 &10 Pandan Crescent as well as the loss in revenue due to the redevelopment of 8 & 10 Tuas Avenue 20.

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STOCKS TO WATCH: IHC, HMC, PERENNIAL REAL ESTATE, OLAM

THE following stocks had developments or news that may influence trading on Wednesday:

International Healthway Corporation (IHC) said on Wednesday it has entered into a non-binding term sheet with lenders Oxley Holdings, Ching Chiat Kwong and Low See Ching - pursuant to which the lenders propose to grant to IHC convertible loans at an interest rate of 6 per cent per annum. Under the term sheet, Oxley proposes to make available to IHC a loan facility of up to S$50 million.

Mr Ching and Mr Low, who are directors and controlling shareholders of Oxley, propose to make available to IHC a loan facility of up to S$5 million.

The loan is subject to shareholders' approval at an extraordinary general meeting to be convened.

Healthway Medical Corporation (HMC) has called for a trading halt of its shares before Wednesday's market open, citing "pending release of announcement". On Tuesday, HMC announced that it has received a takeover offer from Gentle Care, a Lippo-linked entity, that values the company at S$103 million.

Perennial Real Estate Holdings on Wednesday posted a nearly 38 per cent fall in net profit for its fourth quarter ended Dec 31, 2016, to S$25.56 million, down from S$41.1 million a year ago.

Revenue also fell some 24 per cent to S$21.5 million, compared with the S$28.4 million registered in the same period last year.

Perennial said that the decrease was due mainly to lower rental revenue from TripleOne Somerset, as expiring leases were not renewed due to asset enhancement works which have commenced since Q2.

Olam International said on Wednesday it plans to repurchase up to S$235.8 million in securities for cash in the open market. The repurchase price is 100 per cent of its principal amount, together with distributions accrued to (but excluding) March 10.

Separately, Olam added it plans to exercise its option to redeem all of the outstanding securities (which have not been previously purchased and cancelled) on Sept 1, at 100 per cent of their principal amount, together with distributions accrued to (but excluding) the date fixed for redemption.

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STOCKS TO WATCH: AURIC PACIFIC GROUP, EZRA, FIRST SPONSOR GROUP

THE following stocks had developments or news that may influence trading on Tuesday:

A voluntary conditional cash offer of S$1.65 per offer share has been made to delist and privatise Auric Pacific Group, the mainboard-listed food manufacturing and retail company whose brands include Sunshine Bread and Buttercup.

The offer is made by Silver Creek Capital, an investment holding entity jointly owned by Stephen Riady and Andy Adhiwana. According to a filing made to the Singapore Exchange on Tuesday, the offer price is final.

Ezra Holdings said on early Tuesday that it had, on Monday, received a statutory demand from the solicitors of Forland Subsea in relation to a claim made by Forland against the company for the payment of about 25.5 million Norwegian krone (S$4.4 million).

The Singapore-listed offshore and marine group added that the statutory demand stated that if payment for the sum demanded is not secured or compounded to the reasonable satisfaction of Forland within three weeks, the solicitors of Forland will apply for the company to be wound up by the High Court of Singapore.

Mainboard-listed property developer First Sponsor Group on Tuesday posted more than double growth in net profit to S$72.9 million for its fourth quarter ended Dec 31, 2016, up from S$31.9 million a year ago.

This is despite a significant fall in revenue from S$100.3 million in the previous year to S$21.6 million this year, due mainly to lower revenue from the sale of properties and property financing of S$74.1 million and S$4.8 million respectively.

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SINGAPORE TO ENTER AN ECONOMIC DOWNTURN IN 2017

In recent years, Singapore has shown phenomenal economic development, and steady growth has been expected to continue in the future. However, it seems that domestic concern about economic slowdown is steadily increasing.

In a survey by the Monetary Authority of Singapore (MAS), economists revised down their projected growth in GDP per capita in 2017 to 1.5%, from 1.7%.

In Singapore Business Federation’s National Business Survey too, 50% of businesses reported a pessimistic outlook, with demands for the government to act in some way.

WILL THE SINGAPORE DOLLAR BE GUIDED DOWN?

IMF data for GDP per capita, as of October 2016, is $52,888 (around 6.18 million yen). It was in 2015 that a cloud first appeared over the economy of Singapore, which has the 8th highest GDP in the world (and, in Asia, is second only to Macau).

Signs of slowdown included a 4% y-o-y decline in GDP in 2Q 2015, and a 1.5-point downward revision to 2.5% by the Ministry of Trade and Industry of the upper edge of the range of its 15-year forecast for growth.

Factors such as growth of 3.7% in Q4 2016 have allowed hope of recovery, but some analysts suggest that the market is awash with negative factors for the Singaporean economy, such as slowdown in the Chinese economy, Brexit, and the outcome of elections in other parts of Europe.

The pessimistic atmosphere is also reflected in the quarterly surveys by MAS. In the December survey, the median growth forecast by 22 economists for 2016 was reduced to 1.4% (0.8 points down on the forecast in the September survey) and for 2017 to 1.5% (0.2).

Meanwhile, in the SBF survey compiled in October and November last year, 48% of the 1,100 participating companies reported a pessimistic outlook for the economy in 2017.

If economic slowdown does occur in Singapore, with its high number of foreign workers, it is likely that public dissatisfaction will develop into an immigration problem. Economic slowdown pushes up the unemployment rate, and voices calling for further strengthening of controls on foreign workers are likely to strengthen among those seeking jobs. However, strict controls may deliver the final push toward economic slowdown.

Foreign exchange policy is key for Singapore, and it has been reported in the local media that some commentators are forecasting a policy switch towards a weakening Singapore dollar.

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