To The Moon

Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.69%; PC Partner, Ultragreen up over 2%; ThaiBev, AEM SGD up about 1%; ST Engineering, OCBC Bank up within 1%.

Stocks in Focus

$Addvalue Technologies(A31.SI)$: The satellite communications company is preparing for its potential spinoff listing on Nasdaq and has engaged professionals such as legal counsels and a US auditor, it said on Tuesday. It will also convene an in-person extraordinary general meeting in due course to seek shareholders’ approval for the proposed spinoff of the group’s unit Addvalue Solutions. Shares of Addvalue Technologies ended 3.9 per cent or S$0.005 higher at S$0.133, before the news.

$Coliwoo(W8W.SI)$: The company on Tuesday said that it will open a new property, Coliwoo Resort Changi, next month. The site is a former state-owned holiday chalet along Jalan Loyang Besar with 380 rooms, and is the group’s third-largest property. It will be Coliwoo’s first resort-style co-living hotel. The counter ended 1.1 per cent or S$0.005 higher at S$0.48 on Tuesday, before the announcement.

$Elite UK Reit(MXNU.SI)$: The manager of the real estate investment trust (Reit) said it received in-principle Singapore Exchange approval on Tuesday for the listing of new units. The units will be used to partially fund the purchase of five government-leased UK properties for £31.9 million (US$42.7 million). About £7.4 million will be raised through the private placement. Units of Elite UK Reit fell 1.6 per cent or £0.005 on Tuesday to close at £0.305, before the news.

$Foundation Healthcare(FHH.SI)$: The newly listed healthcare company’s stabilising manager UBS on Tuesday purchased 850,000 shares of Foundation Healthcare. Each share cost between S$0.705 and S$0.715, it said. This followed UBS buying 4.5 million of its shares on Jul 9, with each of those shares priced between S$0.705 and S$0.735. Shares of Foundation Healthcare rose 1.4 per cent or S$0.01 to close at S$0.705 on Tuesday, before the news.

SG Local News

Singapore on Track to Beat Cautious Official Forecast on AI

Singapore’s economy is on track to outperform the government’s own full-year growth forecast as global demand for artificial intelligence-related electronics continues to offset geopolitical headwinds.

Gross domestic product in the second quarter grew 5.7% from the previous year, based on advance estimates released Tuesday by the Ministry of Trade and Industry. While slower than the 6.3% in the preceding quarter, that beats the 5.5% median forecast in a Bloomberg survey and keeps the city-state well above MTI’s latest full-year growth projection of 2%-4%.

Singapore Court Declines Stay of Byju’s Founder’s Sentence

The High Court of Singapore declined a stay on the six-month jail sentence of Byju Raveendran, meaning the founder of the failed education startup risks going to prison if he returns to the city-state.

The court on July 9 ruled against Raveendran’s application to have the sentence halted, his law firm Lazareff Le Bars said in a statement Tuesday. The court originally pronounced the sentence, for contempt, in May, and then granted a stay on it last month until the next hearing.

The rejection marks the latest setback for Raveendran, a former teacher who founded online tutor Think & Learn Pvt, widely known as Byju’s. The company turned him into a billionaire and made him one of the major success stories among a wave of Indian startups, but it later collapsed following a rapid expansion and alleged corporate governance lapses.