Company briefs: Genting Singapore

Walmart is selling a majority stake in supermarket chain Seiyu.
Walmart is selling a majority stake in supermarket chain Seiyu. PHOTO: REUTERS

Genting Singapore

Shares of integrated resort operator Genting Singapore, its Malaysian counterpart and their parent company all surged yesterday, boosted by a sharp quarter-on-quarter turnaround in the Singapore firm's bottom line.

Genting Singapore shares climbed 8.05 per cent yesterday to close at 80.5 cents.

Its Malaysia-listed parent, leisure and hospitality giant Genting Berhad, rallied 9.23 per cent.

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Medtecs

Medtecs International is planning to transfer the company's listing from the Catalist to the mainboard of the Singapore Exchange.

It also said yesterday that the group will be included in the MSCI Singapore Small Cap Index from Nov 30, after market close on that day.

Shares of the personal protective equipment and hospital service provider jumped 11.86 per cent to close at 99 cents yesterday.

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Seiyu

Walmart is selling a majority stake in Japanese supermarket chain Seiyu to investment firm KKR and e-commerce company Rakuten for over US$1 billion (S$1.35 billion).

The deal, which values Seiyu at 172.5 billion yen (S$2.2 billion) including debt, comes after on-off speculation about the world's biggest retailer looking to exit Japan. It is below the 300 to 500 billion yen it reportedly sought a few years ago.

KKR will buy 65 per cent of Seiyu and Rakuten will acquire a 20 per cent stake, while Walmart will retain 15 per cent.

REUTERS

A version of this article appeared in the print edition of The Straits Times on November 17, 2020, with the headline 'Company briefs'. Print Edition | Subscribe