A bout of shortcovering helped Singapore shares close higher in an otherwise thin trading day ahead of the long SG50 holiday with the local market closed Friday and Monday. The Straits Times Index closed 0.17 per cent or 5.27 points higher at 3,196.66, with 1.45 billion shares worth S$944.4 million traded. Shortcovering is where shortsellers have to buy the stock in question to cover their positions.
Fraser and Neave (F&N) said that Myanma Economic Holdings Ltd (MEHL) has confirmed that the sale of F&N's 55 per cent stake in Myanmar Brewery Limited shall be completed at US$560 million (S$774.7 million), and an originating summons will be withdrawn by MEHL.
Noble Group said on Thursday that it has fully redeemed US$735 million worth of bonds as the Singapore-listed commodities group battles to win back investors. Noble in a statement said that it has fully redeemed the 2015 Securities on their scheduled maturity date. The redeemed US$500 million of 2015 Senior Notes have been cancelled on Aug 5, 2015 and there are no 2015 Securities outstanding, it said.
The buyout offer for Temasek Holdings' semiconductor tester STATS ChipPAC by China's Jiangsu Changjiang Electronics Technology Co (JCET) has crossed a key threshold. The mainboard-listed company said on Thursday that the total shares held by JCET and the total valid acceptances of the offer amount to 90.27 per cent of the total shares in STATS ChipPAC.
The ringgit weakened the most in Asia on concern Malaysia's foreign-exchange reserves dropped to the lowest level since the 2008 global credit crunch, reducing ammunition to defend the region's worst-performing currency. Figures for the two weeks to July 31 are due on Friday.
China's government has spent as much as 900 billion yuan (S$200.6 billion) in the past two months to prop up the nation's stock prices, almost half the funds allocated for a market rescue, according to US investment bank Goldman Sachs.