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Wed, September 16, 2020 – 9:00 AM
THE following companies saw new developments that may affect their securities trading on Wednesday:
UOB, DBS, OCBC: Singapore banks are sticking to staffing plans made at the beginning of the year, including their commitments to retain jobs through the end of 2020. But they are actively managing staffing costs as Singapore continues to experience its worst recession. It occurs when the UOB has instituted a salary freeze at this time.
Separately, The Business Times wrote Wednesday that analysts are keeping faith in UOB’s organic wealth management game. UOB closed at S $ 19.42 on Tuesday, up S $ 0.05 or 0.3%, DBS ended at S $ 20.35, down S $ 0.11 or 0.5%, while OCBC closed flat at S $ 8.56.
Singapore Airlines (SIA): The national airline is laying off its cadet pilots and cabin crew trainees as part of the 2,400 staff it is letting go in Singapore and abroad, under its downsizing exercise. Shares of SIA closed at S $ 3.52 on Tuesday, up S $ 0.01 or 0.3%.
ESR-Reit, Sabana Shari’ah Law Compliant Real Estate Investment Trust (Sabana Reit): Investment management firm Quarz Capital has slightly increased its stake in Sabana Reit from 5% at the end of July to 6% on Monday. In a statement, Quarz chief investment officer Jan Moermann reiterated Quarz and Black Crane Capital’s intention to reject the proposed merger between Sabana Reit and ESR-Reit under the terms of the current transaction. Sabana Reit units closed unchanged at 37.5 Singapore cents on Monday, while ESR-Reit units closed at 40 Singapore cents, an increase of 0.5 or 1.3 percent.
Q&M dental group: Acumen Diagnostics, a Q&M subsidiary listed on the motherboard, received a license to operate a clinical laboratory to test for the virus that causes Covid-19. Q&M shares closed at 47.5 Singapore cents on Tuesday, an increase of 2.5 cents or 5.6 percent, prior to this announcement.
Keppel Corporation: The conglomerate, through its Kepventure unit, has entered into a joint venture with Liquid Group, a Singapore-based QR payment service provider, to develop and implement a customer rewards program for Keppel Group entities. Shares of Keppel Corp closed at S $ 4.14 on Tuesday, down S $ 0.02 or 0.5 percent, prior to this announcement.
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