Industry News

The Monetary Authority of Singapore (MAS) has collaborated with Stewardship Asia Centre (SAC) to examine the dynamics of investor-investee engagement within the Singapore market. The study, unveiled by Chee Hong Tat, Deputy Chairman of MAS, at the Singapore Institute of Directors’ Conference on 12 September, highlights the crucial role of engagement quality in influencing company valuations.

Preliminary findings reveal that 90% of institutional investors believe that effective communication of long-term strategies significantly affects company valuations. In response, MAS and SAC plan to develop practical guidance and templates to assist companies in crafting tailored engagement plans.

The Singapore Exchange (SGX) is also reviewing disclosure policies to enhance investor understanding of capital management and engagement practices.

Recognising the challenges faced by smaller firms in gaining visibility, MAS and SGX are working to provide platforms that amplify these companies’ market presence. Initiatives include investor roadshows, trade fairs, and media engagements to profile companies with compelling stories. These efforts complement MAS’ enhanced GEMS programme, which encourages research on under-covered or newly listed firms.

Chee emphasised the collaborative approach, stating, “This is what we want to do together, it is not just government alone, or industry alone, but we will do it together.” The initiatives aim to foster a supportive environment for companies to engage effectively with investors, ultimately unlocking shareholder value.

The Singapore Exchange (SGX) is set to introduce a new index aimed at tracking companies beyond the Straits Times Index (STI), according to Chee Hong Tat, Deputy Chairman of the Monetary Authority of Singapore. Announced during the Singapore Institute of Directors’ Directors Conference on 12 September, this initiative seeks to spotlight the broader equity market in Singapore, particularly the next tier of large and medium companies.

The STI currently represents only a segment of Singapore’s listed companies, and there is a growing investor interest in companies outside this index. The new index will provide insights into how these companies are evolving, focusing on aspects such as business model transformation, improved governance, and stronger capital management initiatives. Chee highlighted the importance of indices as tools that not only create visibility but also track performance across different industry or market segments.

Chee also expressed hope that more indices would emerge over time, covering areas like corporate governance and sustainability. Such developments are expected to create a virtuous circle, generating positive momentum for the entire market. This move aligns with efforts to reward excellence and inspire other companies through recognition mechanisms like awards and scorecards.

The introduction of this index is part of SGX’s broader strategy to enhance the visibility and performance tracking of Singapore’s diverse equity market, potentially attracting more investor interest and fostering a more dynamic financial landscape.

Southern Alliance Mining Ltd. has successfully completed the acquisition of a 40% stake in MCRE Resources Sdn. Bhd., marking a significant expansion in its resource portfolio. This transaction, classified as a disclosable and interested person transaction under the Catalist rules, was finalised after fulfilling all conditions precedent outlined in the Sale and Purchase Agreement.

The acquisition was completed with SAM Advance Minerals Holding Sdn. Bhd. becoming the beneficial owner of the MCRE shares. The transaction involved the issuance of 147.98 million new shares, valued at approximately $48.5 million (S$66.2 million), to the vendors. These shares represent 23.2% of the enlarged share capital of Southern Alliance Mining and will be listed on the Catalist Board of the Singapore Exchange on or around 15 September 2025.

The vendors, Dato’ Sri Pek, Dato’ Teh, and Dato’ Lee, received shares valued at $20.1m (RM94.9m), $20.1m (RM94.9m), and $6.2m (RM29.2m) respectively. Additionally, a remaining consideration of $4.9m (RM23.40m) will be paid over four years, with annual instalments beginning on the first anniversary of the completion date.

With this acquisition, MCRE Resources becomes an associated company of Southern Alliance Mining, enhancing its strategic position in the mining sector.

Q&M Dental Group (Singapore) Limited has announced the formation of a joint venture with its subsidiary, Aoxin Q&M Dental Group Limited, to expand its dental laboratory services. The collaboration involves Q&M’s wholly owned subsidiary, Singapore Dental Cadcam Laboratory Pte. Ltd. (SDCL), and Q&M Dental (Shenyang) Pte. Ltd. (QMSY), a subsidiary of Aoxin. The joint venture aims to provide advanced laboratory services, including the processing of porcelain crowns, bridges, and dentures, as well as the development of dental inlay technology.

The joint venture will operate through a newly incorporated company, Dental Excellence Digital Services Centre Pte. Ltd. (JVCo), established on 4 August 2025. SDCL holds a 51% stake in this joint venture, whilst QMSY owns the remaining 49%. The venture is funded through internal resources and is not expected to significantly impact Q&M’s net tangible assets or earnings per share for the financial year ending 31 December 2025.

Boroo Investments, a Singapore-based operator and developer of gold and copper assets, has reported a strategic increase in its doré holdings during the second quarter of 2025. This move is aimed at taking advantage of the rising gold prices, as detailed in their latest financial results announcement.

The company, alongside its parent Boroo Pte. Ltd., revealed these results in connection with their $300 million 9.5% Senior Notes due 2032, which were listed on the Singapore Exchange bond market on 8 August 2025.

Boroo’s decision to increase its doré holdings reflects a strategic response to the current market conditions. The company aims to leverage the upward trend in gold prices to enhance its financial performance. The management’s discussion and analysis section of the report provides insights into Boroo’s operations and financial health, underscoring the significance of this strategic move.

The report also notes recent developments, including the acquisition of the Alturas Project, a gold exploration asset, and the compulsory acquisition of Xanadu Mines. These actions are part of Boroo’s broader strategy to expand its asset base and improve its market position.

Looking ahead, Boroo’s focus remains on capitalising on favourable market conditions and strengthening its portfolio. The company’s strategic initiatives are expected to support its growth objectives and enhance shareholder value in the coming quarters.

Lion Global Investors has announced the launch of Singapore’s first active bond exchange-traded fund (ETF), the LionGlobal Short Duration Bond Fund (Active ETF SGD Class), set to list on the Singapore Exchange (SGX) on 29 September 2025. This ETF marks a significant milestone as it is the first listed share class of an unlisted mutual fund on SGX, providing a new option for investors seeking alternatives to traditional T-bills and fixed deposits.

The fund aims to deliver capital growth and income through a diversified portfolio of high-quality, short-term bonds from both Singapore and international issuers. It is designed to appeal to investors looking for cost-effective, income-producing strategies, particularly in a falling interest rate environment. The Initial Offering Period (IOP) runs from 8 to 23 September, with units priced at S$1.00.

Teo Joo Wah, CEO of Lion Global Investors, highlighted the fund’s strong performance history since its inception in 1991, stating, “This listed active ETF SGD Class is a notable addition to the LGI family of ETFs as investors continue to seek out cost-effective, income-producing strategies to help diversify their portfolios.”

The launch comes as active ETFs gain traction globally, capturing 28% of all ETF flows in 2025, according to Bloomberg. Lion Global Investors, managing S$56.8 billion in fixed income assets, aims to meet growing demand for innovative investment solutions. The fund’s quarterly distribution policy and management fee of 0.25% per annum further enhance its appeal to income-focused investors.
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The Platform Workers Trilateral Group, comprising the Government, unions, and platform operators, has unveiled 10 new recommendations to protect Singapore’s platform workers from illegal foreign competition and unsafe working conditions. Announced on 11 September 2025, these measures target unauthorised activities that undermine local workers’ earnings and unsafe incentive schemes.

Formed in July, the group includes the National Trades Union Congress (NTUC), Ministry of Manpower (MOM), Ministry of Transport (MOT), and Grab Singapore. It has engaged major platform operators like Deliveroo, foodpanda, and AmazonFlex to build industry consensus on tackling common challenges.

Key recommendations include stricter enforcement against illegal platform work. Platform operators must notify MOM if they suspect account misuse by foreigners. Offenders will face a minimum 24-month ban. The Government plans to increase penalties for illegal ride-hailing services and disrupt matching services by removing facilitating apps and advertisements.

The recommendations also address unsafe incentive schemes. Platform operators and Platform Work Associations (PWAs) will develop industry-wide principles for payment and incentives, ensuring they do not encourage excessive working hours. NTUC has announced new principles for fair earnings, which all nine engaged platform operators have agreed to adopt.

The phased implementation of these recommendations includes dedicated reporting channels for violations.

The Platform Workers Act, effective from 1 January 2025, underpins these efforts, allowing NTUC-affiliated PWAs to represent workers in negotiations and providing legal frameworks for collective agreements.

H2G Green Limited, a leading sustainable energy solutions provider, has announced the sale of certain assets from its lifestyle business to the Italian design furniture group Molteni&C. The transaction, formalised through a binding memorandum of understanding, involves the sale of equipment, furniture, and inventories at P5 Pte. Ltd.’s Singapore flagship store. This move marks a strategic shift for H2G, allowing it to concentrate resources on its rapidly expanding Energy Business.

The sale is part of H2G’s broader strategy to enhance operational efficiency and focus on its energy business, which saw its revenue nearly double to $4.2 million (S$5.7 million) in the financial year ending 31 March 2025. The company aims to expand its footprint in the Southeast Asian market over the next two years, with significant developments in its liquefied natural gas and hydrogen divisions.

The lifestyle business will continue to operate its remaining ventures, including furniture distribution and showroom operations in Singapore. P5 will also have the right of first refusal to provide installation and warehousing services for Molteni&C for two years. The transaction’s completion is contingent upon due diligence and the signing of definitive agreements by 1 December 2025.

H2G’s strategic realignment underscores its commitment to sustainability and energy transition, as it strengthens partnerships and builds technology capabilities to support its vision.

The National Trades Union Congress (NTUC) has unveiled the SME Partners Multiplier Programme, a new initiative designed to support small and medium-sized enterprises (SMEs) in Singapore with transformation, workforce upskilling, and business growth. Launched on 11 September 2025, the programme will see NTUC collaborating with industry associations, trade bodies, and business clans—collectively known as multipliers—to provide comprehensive support to SMEs.

The multipliers involved include the Singapore Furniture Industries Council, the Singapore Manufacturing Federation, the Singapore Building Material Suppliers’ Association, and the LIN Chamber of Commerce. These organisations will assist SMEs in accessing training and upskilling opportunities for workers, as well as grants and digitalisation support for employers to drive transformation efforts.

SMEs participating in the programme can benefit from the NTUC Company Training Committee (CTC) framework, which offers joint capability-building and transformation initiatives. The NTUC CTC Grant covers up to 70% of qualifying costs for workforce and business transformation projects, providing practical support in areas such as job redesign, digitalisation, and human capital advisory.

For SME workers, the programme promises smoother career transitions, enhanced employability through skills upgrading, and clearer progression pathways.

Additionally, the programme aims to strengthen SME advocacy at the national level by providing ground-level insights to inform NTUC’s policy-shaping efforts.

Cora Environment, previously known as SembWaste and Sembcorp Environment, has announced a $146 million (S$200 million) investment over five years to enhance its waste-to-resource and recycling capabilities. The investment will bolster Cora Environment’s core capabilities, upgrade existing facilities, and introduce a new digital platform for sustainability insights.

It also aligns with Singapore’s Green Plan 2030, aiming to transition the nation towards a zero-waste future.

The company, which serves approximately 450,000 households and trade premises in Singapore, is committed to reshaping the waste ecosystem through collaboration and education.

“Cora Environment is built on a strong foundation of governance, stakeholder trust, and operational depth,” said Lee Kok Kin, Group CEO of Cora.

Cora Environment’s initiatives include the Closed-Loop Partners Network, launched in June 2024, to promote industry collaboration and responsible recycling. Additionally, the Cora School Recycling League, introduced in 2023, has engaged over 400 schools to educate students on clean stream recycling.

With its comprehensive roadmap, Cora Environment is set to play a crucial role in achieving Singapore’s zero-waste goals and advancing waste management practices in the region. The company’s integrated expertise is expected to deliver long-term value and stronger outcomes for customers, stakeholders, and the community.