08 April 2013

Singapore Stock Market Daily Update 8 April 2013

Stocks in Focus: Ascendas Hospitality Trust, Olam, SGX, Interra, ISDN, Alebdo

Ascendas Hospitality Trust: Acquired Park 300-room Hotel Clarke Quay from Park Hotel Group for $300m or $893,000/room, with a 10-year leaseback agreement with option for another 5-year term.

Olam: Withdraws its libel suit against Muddy Waters and Carson Block

SGX: SGX AsiaClear to introduce iron ore futures this week

Interra: Completed 2nd producing well in Myanmar oil field and will begin to drill a 3rd well, which will take about 6 weeks.

ISDN: Signed MoU with China Huadian Engineering Co, a Chinese state-owned power and industrial play, for collaboration on energy-related projects in south-east Asia.

Albedo: Auditors are unable to express an opinion on the company's financial statements due to uncertainty over its ability to recover $12m owed by 70% owned Thai Tech Steel Co, which is under official receivership and facing lawsuits from its minority shareholders

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