Industry News

A recent study by DPHK Consulting has identified the Printing & Reproduction of Recorded Media sector as the most challenging industry to survive in Singapore. Over the past year, this sector recorded 225 business cessations against 108 formations, equating to 208.3 cessations per 100 formations. This analysis, based on data from the Accounting and Corporate Regulatory Authority (ACRA), highlights significant churn in Singapore’s business environment.

The study ranked industries by the number of cessations per 100 formations, with Postal & Courier Activities and Land Transport & Transport via Pipelines following closely behind, recording 164.4 and 149.5 cessations per 100 formations, respectively. The top 10 hardest industries averaged 146.7 cessations per 100 formations, significantly higher than the national average of 85.1.

A spokesperson from DPHK Consulting noted, “The ranking points to significant churn in some parts of Singapore’s business landscape, particularly in print-related manufacturing, delivery, transport, retail, and selected training services.” The spokesperson added that these industries are likely facing challenges such as changing customer behaviour, cost pressures, digital substitution, and intense competition.

The study’s methodology involved analysing business entity formation and cessation data from June 2025 to May 2026, focusing on detailed industries with at least 100 formations. This approach aimed to reduce month-to-month volatility and provide a clearer picture of industry churn.

As Singapore continues to navigate its evolving business landscape, these findings underscore the need for resilience and adaptability in the face of shifting market dynamics.

Singapore is set to enhance its position as a pivotal node in the global gold market, as announced by Deputy Prime Minister Gan Kim Yong at the 9th Asia-Pacific Precious Metals Conference on 15 June 2026. The city-state aims to bridge the gap in the Asian time zone by providing a trusted platform for gold trading, clearing, and storage.

The Monetary Authority of Singapore (MAS) is spearheading several initiatives to bolster Singapore’s gold market infrastructure. These include the establishment of an over-the-counter gold clearing system by the Singapore Exchange (SGX) by the end of 2026, with interbank trading to commence in 2027. This system will facilitate efficient trade processing and settlement during Asian trading hours, supported by six bullion banks including DBS and Deutsche Bank.

Additionally, MAS will introduce central bank gold vaulting services by October, complementing Singapore’s existing commercial vaulting capacity. This move aims to attract foreign central banks and sovereign entities seeking secure storage and active management of their gold reserves.

Efforts are also underway to develop gold-related capital market products, such as a physical deliverable gold futures contract by SGX. Furthermore, MAS plans to remove the 5% cap on physical investment precious metals under tax incentive schemes, allowing for greater portfolio diversification.

These initiatives are part of Singapore’s broader strategy to align with global standards and strengthen its role as a reliable market hub amidst growing demand for financial services in Asia. The city-state’s robust infrastructure and strategic location position it as a key connector in the global gold ecosystem.

Jardine Matheson Holdings has announced a bold investment strategy aimed at achieving a 9% annual Total Shareholder Return (TSR) by 2030. The strategy includes a US$500m share buyback programme running until 2027, and a commitment to grow dividends by at least 5% annually.

The company plans to recycle US$4b from its portfolio, excluding commitments from Hongkong Land and Astra, and aims to generate an additional US$200m in profit after tax and minority interests through inorganic acquisitions. CEO Lincoln Pan emphasised the company’s focus on building a diverse portfolio of high-quality businesses in the Asia Pacific region. “We are working toward building a diverse, sustainable portfolio of quality assets with a target of delivering greater than 9% p.a. five-year TSR,” he stated.

Jardine Matheson is also refining its investment focus, seeking market-leading businesses that can scale in Asia Pacific and leverage technology like artificial intelligence for growth. The company aims for investments that are cash generative and growth accretive, with a pathway to US$100m in profit within five years.

The firm has already made strides in its transformation, including the privatisation of Mandarin Oriental and a US$2.4b investment in I-MED. These moves are part of Jardine Matheson’s strategy to simplify its corporate structure and enhance earnings quality.

As Jardine Matheson continues to evolve, its leadership remains committed to delivering substantial returns and maintaining accountability to its ambitious targets.

Seatrium, a prominent Singapore-based offshore and marine engineering firm, has secured Approval in Principle (AIP) from the American Bureau of Shipping for its pioneering NEXTGEN Energy Hub. This offshore concept aims to integrate ammonia storage and bunkering, power generation, and marine electric vessel charging into a single platform, supporting the maritime energy transition.

The NEXTGEN Energy Hub is designed to facilitate the adoption of cleaner marine fuels, generate power for export, and provide essential charging infrastructure for electric vessels. Central to this concept is Seatrium’s proprietary GraviBED™ platform, which ensures scalable and efficient offshore ammonia solutions whilst maintaining performance in dynamic conditions.

This development follows Seatrium’s strategic Memorandum of Understanding with the American Bureau of Shipping, underscoring the company’s commitment to creating practical, future-ready energy solutions for the offshore, marine, and energy sectors. The approval marks a significant step in Seatrium’s efforts to contribute to the global energy transition.

Seatrium, with over 60 years of expertise, operates across 15 countries and employs more than 24,000 people. Its diversified business includes oil and gas newbuilds, offshore wind, and repairs, positioning it as a key player in the energy transition. The company is also advancing technologies like carbon capture and storage, aiming to engineer a sustainable energy future.

Jacobs, a global engineering firm, has been appointed by Singapore’s national water agency, PUB, to conduct a feasibility study for a potential new desalination plant. The study aims to bolster Singapore’s long-term water security by assessing land-optimised and dual-mode desalination designs, which can treat both seawater and freshwater.

The study will focus on innovative solutions to maximise land efficiency in Singapore’s densely populated urban environment. This includes exploring the integration of multi-storey buildings or deeper basements to house treatment facilities. Jacobs will provide a comprehensive range of services, including conceptual design development, treatment technology assessment, construction methodology analysis, lifecycle cost evaluation, and risk assessment.

Patrick Hill, Jacobs’ President of Global Operations, highlighted Singapore’s reputation for integrated water management and resilient infrastructure planning. He stated, “By combining our global desalination and water reuse capabilities with strong local delivery capability, we’re able to explore innovative solutions that optimise scarce land resources whilst supporting the nation’s future water security needs.”

Jacobs has a longstanding relationship with PUB, having contributed to several critical water infrastructure projects in Singapore, such as the Deep Tunnel Sewerage System and the Tuas Water Reclamation Plant. The firm’s expertise in desalination plant design and maintenance has been demonstrated in significant projects across the region, including the Sydney and Gold Coast Desalination Plants in Australia.

The feasibility study represents a crucial step in ensuring Singapore’s water resilience amidst challenges posed by climate change and population growth. Patrick Hill is set to share further insights on sustainable water infrastructure at the Singapore International Water Week on 16 June.

Singapore-based venture creation group 65LAB has granted US$1.66m (approximately S$2.1m) to a team from the National University of Singapore (NUS) to advance a novel biologic therapy targeting Chronic Obstructive Pulmonary Disease (COPD) and other lung diseases. Led by Associate Professor Ruowen Ge and Professor Fred Wong, the project aims to develop a first-in-class airway-delivered biologic that addresses both T2 and non-T2 COPD, potentially benefiting the entire patient population.

The NUS researchers have identified an anti-inflammatory protein that reduces lung inflammation and restores lung function in preclinical models. COPD, a leading cause of death globally, affects hundreds of millions and presents a significant unmet medical need due to the lack of curative therapies. The funding from 65LAB will support the progression of this biologic candidate through preclinical development and potentially lead to the creation of a new therapeutic company in Singapore.

65LAB, backed by global investors including ClavystBio, Leaps by Bayer, Lightstone Ventures, and Polaris Partners, aims to drive scientific advancement and biotech venture creation from Singapore. The award highlights the importance of collaboration between academic institutions and industry leaders in bringing promising innovations to market.

Dr Ho Wen Qi, Therapeutics Lead at ClavystBio, emphasised the project’s potential: “COPD represents a significant unmet need… With 65LAB’s support, we are accelerating the progression of this innovative therapy to patients.” This initiative underscores 65LAB’s commitment to transforming scientific discoveries into lifesaving medicines.

Singapore Airlines (SIA) Group reported a 4.9% increase in passenger traffic for May 2026 compared to the previous year, alongside a 5.3% rise in passenger capacity. The Group’s passenger load factor (PLF) slightly decreased by 0.4 percentage points to 86.0%. SIA and its low-cost subsidiary, Scoot, achieved monthly PLFs of 84.6% and 91.2%, respectively, carrying a combined total of 3.6 million passengers, marking a 5.2% year-on-year increase.

Cargo operations also saw growth, with cargo loads rising by 3.2% year-on-year, surpassing the capacity expansion of 1.5%. This led to an increase in the cargo load factor by 0.9 percentage points, reaching 58.1%. Despite ongoing capacity constraints through Middle East hubs, the situation showed signs of improvement, allowing the SIA Group to benefit from additional passenger and cargo traffic.

In May, Scoot expanded its network by launching passenger services to Belitung, Indonesia. By the end of the month, the Group’s passenger network spanned 135 destinations across 35 countries and territories, with SIA serving 77 destinations and Scoot covering 83. The cargo network included 138 destinations in 36 countries and territories.

Annica Holdings Limited has announced the acquisition of a significant project to deploy integrated solar and hydrogen energy systems in Sarawak, Malaysia. The project, awarded by Universiti Malaysia Sarawak (UNIMAS), will see Annica’s subsidiary, H2 Energy Sdn Bhd, implement off-grid power solutions as part of the Kampung Assum Living Lab initiative. The project is set to commence at the end of June 2026.

This development marks the conversion of a 2024 non-binding Memorandum of Understanding into a commercial contract, showcasing Annica’s capability to transform strategic engagements into business opportunities. The initiative aims to address the challenge of providing renewable energy to remote communities in Sarawak, which are not connected to the national grid.

In addition to the solar-hydrogen project, Annica’s subsidiary, Cahya Suria Energy Sdn. Bhd., is in discussions with Travia Consultancy Services Pte. Ltd. to expand their existing framework agreement. This expansion will focus on producing diesel-grade products from end-of-life tyres, enhancing feedstock security, and improving product quality. The recycling facility in Tanjung Malim, Malaysia, is expected to commence commercial production by the fourth quarter of 2026.

Annica is also conducting a rights issue to raise up to S$5.23m, which will fund project development and other corporate needs. CEO Sandra Liz Hon Ai Ling stated, “The Living Lab project underscores our ability to deliver real-world applications of our technology.” The company anticipates that these initiatives will significantly contribute to the growth of its renewable energy segment.

Singapore Airlines has appointed Adrian Chan Pengee as an independent Non-Executive Director on its board, effective 15 June 2026. Chan, a Senior Partner and Head of Corporate at Lee & Lee LLP, brings over 36 years of legal expertise to the airline, having advised on mergers and acquisitions, corporate governance, and regulatory matters.

Chan’s extensive experience includes advising on complex cross-border transactions and co-authoring Singapore’s first Annotated Code of Corporate Governance. He has also contributed to the Ministry of Finance’s Steering Committee for the Companies Act review. His leadership roles extend beyond his legal practice, serving as Vice Chairman of the Singapore Institute of Directors and holding board positions in various SGX-listed companies.

In recognition of his public service contributions, Chan was awarded the Public Service Medal in 2022. At Singapore Airlines, he will join the Board Nominating Committee and the Board Safety and Risk Committee, bringing his wealth of experience to these critical areas.

This appointment underscores Singapore Airlines’ commitment to strengthening its governance framework with seasoned professionals. Chan’s expertise is expected to enhance the board’s oversight capabilities, particularly in navigating complex regulatory environments and ensuring robust corporate governance practices.

VibroPower Corporation Limited has announced the proposed sale of its property at 11 Tuas Avenue 16, Singapore, to Ecorecycling Pte. Ltd. for S$3.93m. The transaction, which was agreed upon on 12 June 2026, requires approval from VibroPower’s shareholders due to its classification as a “major transaction” under the Singapore Exchange’s rules.

The property, spanning approximately 3,500 square metres, is currently leased out and no longer serves VibroPower’s core business operations. The sale price, determined through a willing-buyer and willing-seller basis, reflects a 6.4% discount from its market valuation of S$4.2m as of 31 March 2026. This valuation was provided by Cushman & Wakefield VHS Pte Ltd.

Ecorecycling, incorporated in October 2025, specialises in the manufacture of wood products and recycling non-metal waste. The company is not affiliated with VibroPower or its stakeholders. The sale is contingent upon several conditions, including approval from Jurong Town Corporation (JTC) and other relevant authorities.

The option to purchase is valid until 26 June 2026, with the completion of the sale expected by 29 January 2027, subject to regulatory approvals. If the necessary approvals are not obtained, the agreement allows for rescission, with specific terms for refunding the deposit. This strategic move allows VibroPower to streamline its operations by relocating its archives to other facilities.