Market highlights

  1. Singapore-listed Vard Holdings said a design developed by its Vard Marine unit has been selected for the United States Coast Guard's new Offshore Patrol Cutter programme.
  2. Cedar Strategic Holdings said its one-for-two rights issue was 107.18 per cent subscribed. That is mainly due to an overwhelming subscription in excess applications. Valid acceptances amounted to a mere 15.9 per cent of shares.
  3. Rolls-Royce Holdings is axing more than 200 management jobs as part of a restructuring exercise. Rolls-Royce has suffered from lower demand for marine engines and servicing revenue from its business jet turbines.
  4. Members of Opec are close to reaching an agreement on how to stabilise the oil market and a "definitive answer" for market stability could come this month, Venezuelan President Nicolas Maduro has said.
  5. Lotte Group chairman Shin Dong Bin will be summoned today by prosecutors as part of a probe into alleged corruption at the South Korean retail giant.
A version of this article appeared in the print edition of The Straits Times on September 20, 2016, with the headline 'Market highlights'. Print Edition | Subscribe