SINGAPORE – Shares of marine sector firm Mooreast Holdings continued to trade near 52-week highs in the wake of Budget pledges of assistance for companies like it.
Singapore-listed Mooreast closed at 17.9 cents on Thursday, virtually unchanged after a stellar day on Wednesday when its shares were up 32 per cent at one point before closing at 18 cents, a rise of 28 per cent.
Tuesday’s Budget set aside an additional $1 billion to boost the Singapore Global Enterprises (SGE) initiative, which was introduced in the 2022 Budget.
This will enable firms like Mooreast, which offers mooring and anchoring solutions, to undertake specialised programmes to build capabilities in new and existing areas.
Mooreast, which is now among the top service providers of its kind globally, wants to diversify its offshore and marine business to include renewable energy.
The company has announced plans to provide mooring solutions as well as other potential services for offshore floating wind projects in Scotland, a new market.
Deputy Prime Minister and Finance Minister Lawrence Wong said in his Budget speech: “We will do more to help promising companies like Mooreast grow into globally leading companies.
“This could involve working with experts to strengthen the core leadership team, accelerate their internationalisation plans, and build a strong talent pipeline.”
Mooreast chief executive Sim Koon Lan said: “We look forward to both moral support as well as grants and incentives to offset some costs for local companies to establish footholds in new markets.
“With SGE backing, we are confident we can carve a niche in this sector.”
Second Minister for Trade and Industry Tan See Leng told Parliament in 2022 that the SGE aims to identify, nurture and grow local enterprises into globally competitive firms.
No information has been made public on the number of firms that have benefited from the SGE or the type and amount of support received so far. The Straits Times understands that further details will be provided during the debate on the Ministry of Trade and Industry’s budget, which begins on Feb 28.
