Industry News

Geo Energy Resources Limited has announced a proposed placement of up to 35 million new ordinary shares at a price of S$0.425 each, aiming to raise approximately S$14.875m. The agreement, signed on 4 March 2026 with KGI Securities (Singapore) Pte Ltd as the placement agent, is set to bolster the company’s capital structure and broaden its shareholder base.

The placement price represents a 4.49% discount to the volume-weighted average price of S$0.445 per share on 3 March 2026, the last full trading day before the agreement. The new shares will account for about 2.05% of the company’s existing share capital and 2.01% of the enlarged share capital post-placement.

The placement is not underwritten and will be conducted under exemptions in the Securities and Futures Act of Singapore, meaning no prospectus will be lodged with the Singapore Exchange (SGX) or the Monetary Authority of Singapore. The shares will not be offered to directors, substantial shareholders, or interested persons unless exempted under SGX rules.

The net proceeds, estimated at S$14.3m after expenses, will be used entirely for working capital purposes. Geo Energy Resources will provide updates on the use of funds in its financial statements and annual reports. Pending deployment, the proceeds may be temporarily invested in short-term financial instruments.

The placement is subject to SGX approval and other conditions outlined in the agreement. Completion will occur once these conditions are met, and the company will announce the listing of the new shares in due course.

UI Boustead REIT has announced the launch of its initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard, marking the first real estate investment trust (REIT) IPO of 2026 and the largest in Singapore this year, valued at S$973.6m. The offering includes 677,175,200 units priced at S$0.88 each, with a distribution yield of 7.4% for the forecast period of 2026 and 7.8% for 2027.

The IPO portfolio comprises 23 properties across Singapore and Japan, with a total gross floor area of approximately 5.9 million square feet and an agreed property value of S$1,904.2m. The REIT is backed by UIB, a Pan-Asian logistics and industrial real estate platform, providing access to a pipeline of stabilised assets and co-development opportunities.

Tan Shu Lin, CEO of the REIT Manager, highlighted the strong commitment from cornerstone investors, which include global and regional institutional investors and family offices, totalling S$377.7m. “The commitment we have received from cornerstone investors is a clear endorsement of the quality of our portfolio and long-term growth prospects,” she stated.

James Kemp, Head of Real Estate for Asia-Pacific at Macquarie Asset Management and Chairman of UIB Holdings Limited, expressed confidence in the REIT’s potential to enhance investor access to industrial, logistics, and business space sectors in Asia. The public offer opens on 5 March and closes on 10 March, with trading expected to commence on 12 March.

The IPO aims to capitalise on high-growth markets in Asia, with a focus on sectors such as high-technology and innovative industries, aligning with Singapore’s economic strategies. The REIT’s strategic positioning is expected to provide stable income and growth opportunities for investors.

Saeed Investment Pte. Ltd. has increased its stake in Atlantic Navigation Holdings (Singapore) Limited to 75.1% by acquiring 130 million shares from the company’s founder, Wong Siew Cheong, Bill. This transaction, completed on 3 March 2026, raises Saeed’s interest from 50.2%, whilst Wong’s direct interest drops from 31.8% to 7.0%, with an additional deemed interest of 6.4%.

The acquisition reflects Saeed’s continued confidence in the offshore oil and gas sector, despite regional instability in the Middle East. Saeed, controlled by Kum Soh Har, Michael, who serves as the Non-Executive Chairman of Atlantic Navigation, initially acquired a 50.2% stake in December 2018. Wong remains as Executive Director and CEO, ensuring his leadership and expertise continue to guide the company.

Atlantic Navigation Holdings, listed on Bloomberg and Reuters, is a Singapore-based investment holding company. It offers marine logistics services, ship repair, and maintenance services. Following the sale of its fleet in the fourth quarter of 2024, the company now focuses on ship management and cross-chartering services, partnering with reputable offshore oil and gas firms in the Arabian Gulf.

This strategic move by Saeed Investment underscores its commitment to Atlantic Navigation’s governance and management, positioning the company for future growth in the offshore sector.

Singapore’s retail sales are expected to maintain a steady growth trajectory into the first half of 2026, according to RHB Bank’s latest Global Economics and Market Strategy Report. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, has projected a 2% growth in retail sales for the full year, citing a resilient economic backdrop, festive activities, and a stable labour market as key supporting factors.

Despite a 0.4% year-on-year decline in retail sales in January, which marked a sharp reversal from December’s 2.5% increase, the outlook remains positive. Excluding motor vehicles, retail sales fell by 2.8% year-on-year in January, contrasting with a 1.8% rise in December. These fluctuations, however, have not deterred the overall optimistic forecast for the sector.

Gan’s analysis suggests that the retail climate will remain robust, at least through the first half of the year, driven by ongoing economic resilience and consumer spending during festive periods. The stable labour market is also expected to contribute to sustained consumer confidence and spending power.

The report underscores the importance of these economic indicators in shaping the retail landscape in Singapore, providing a cautiously optimistic outlook for businesses and investors in the sector. As the year progresses, the interplay of these factors will be crucial in determining the actual performance of retail sales in Singapore.

Blue Planet Environmental Solutions, a Singapore-based company specialising in waste management and clean energy systems, has signed three Memoranda of Understanding (MoUs) with the Government of Uttar Pradesh. The agreements were formalised during the Investment Roadshow in Singapore, attended by Chief Minister Yogi Adityanath.

The MoUs aim to establish a collaborative framework for advancing scientific waste management and circular resource recovery in Uttar Pradesh. This partnership is expected to leverage Blue Planet’s expertise in integrated waste management systems to address the region’s environmental challenges.

The collaboration will focus on developing sustainable solutions for waste processing and resource recovery, contributing to the state’s environmental goals. Blue Planet’s initiatives are anticipated to enhance the efficiency of waste management processes and promote the use of clean energy solutions.

The strategic partnership underscores the commitment of both parties to tackle environmental issues through innovative and sustainable practices. By integrating advanced waste management technologies, the initiative aims to reduce environmental impact and improve resource utilisation in Uttar Pradesh.

CapitaLand Development has launched Gourmet Xchange, a pioneering waterfront food hub in Kallang, Singapore. This innovative facility, the largest of its kind in the country, combines modern food production with community and dining spaces, aligning with the Urban Redevelopment Authority’s plans to revitalise the Kallang River precinct. Gourmet Xchange aims to support food businesses by offering production-ready spaces that enhance operational efficiency and sustainability.

Located along the Kallang River, Gourmet Xchange is designed to bring food production closer to urban life, reflecting Singapore’s shift towards centrally located industrial spaces. Ronald Tay, CEO of CapitaLand Development (Singapore), highlighted the project’s unique approach: “Gourmet Xchange will set a new benchmark for how industrial developments can evolve. By introducing public and riverfront spaces with dining, events, and lifestyle experiences alongside production facilities, we are creating new opportunities for brands to engage customers.”

The development features 264 units across a nine-storey block and eight terraced units in a three-storey heritage block, offering versatility for various food business models. It also boasts high-capacity infrastructure, including large contiguous spaces and efficient logistics access, making it ideal for regional operations.

Gourmet Xchange is the first strata-titled food development in Singapore to achieve the Building and Construction Authority’s Green Mark Platinum Super Low Energy certification. Sales bookings for the facility will commence on 13 March 2026, with the sales gallery opening on 27 February 2026.

DBS Bank has been ranked 19th among the world’s 500 most valuable banking brands in the Brand Finance Banking 2026 ranking, marking its position as the only ASEAN banking brand in the global top 20. This achievement highlights DBS’s strong brand equity and its sustained global competitiveness. The bank’s performance is attributed to its robust digital banking capabilities, exceptional customer experience, and continuous innovation, solidifying its status as a leading financial services brand in Asia.

The recognition of DBS also underscores Singapore’s reputation as a major financial hub. The bank has been expanding its regional and international presence whilst enhancing its digital ecosystem. This strategic growth has been pivotal in maintaining its competitive edge in the global banking sector.

Brand Finance’s latest findings reflect the continued prominence of Singaporean banking brands on the world stage, with DBS leading the charge. The bank’s success in the rankings is a testament to its commitment to excellence and its ability to adapt to the evolving financial landscape. As DBS continues to innovate and expand, it reinforces Singapore’s standing in the global financial community.

The Monetary Authority of Singapore (MAS) has released new guidelines to help banks, insurers, and asset managers address environmental risks linked to climate change. These guidelines, announced on 5 March 2026, aim to enhance the resilience of financial institutions (FIs) by improving their risk assessment and management capabilities. The guidelines will become effective in September 2027, following an 18-month transition period.

The guidelines require FIs to assess and manage both physical and transition risks associated with climate change. This involves adapting business models, governance, and risk management practices in a forward-looking manner. Additionally, FIs are encouraged to engage with customers and investee companies to understand and manage climate-related risks, thereby avoiding indiscriminate withdrawal of financial services and supporting financial stability.

MAS Deputy Managing Director, Ho Hern Shin, emphasised the importance of these guidelines, stating, “These guidelines support FIs in building their risk management capabilities in response to both physical and transition risks. The financial sector plays an important role in supporting customers as they navigate the risks from climate change.”

The guidelines are tailored to the specific business models of banks, insurers, and asset managers, incorporating feedback from a prior public consultation. This initiative underscores MAS’s commitment to fostering a robust financial sector capable of withstanding climate-related challenges.

ShopeePay has announced its first cross-border payment partnership with Alipay+, enabling Singaporeans to use their digital wallets for seamless transactions across more than 100 markets. This integration allows users to scan over 150 million merchant QR codes globally, eliminating the need for physical cash or currency exchange.

The new feature is currently available in 28 countries and regions, with plans to expand further. Through this collaboration, ShopeePay users gain access to Alipay+’s global ecosystem, including national payment systems like DuitNow in Malaysia and ZeroPay in South Korea, as well as other local partners. This development aims to enhance payment flexibility for Singaporeans travelling overseas, offering transparent exchange rates and cashback rewards.

Benjamin Tan, Head of ShopeePay in Singapore, highlighted the importance of this initiative, stating, “QR payments have become a trusted and integral part of everyday life in Singapore, but that experience has not always travelled well across borders.” He emphasised that the partnership addresses the fragmentation of overseas QR acceptance, providing users with the simplicity and transparency they value at home.

Pan Yan, Head of Strategic Partnership Office for Alipay+, expressed pride in extending cross-border payment capabilities to ShopeePay, offering Singaporeans more choices when travelling. The collaboration is part of a broader effort to build a connected digital economy, benefiting both users and merchants.

As digital wallet usage for offline payments continues to grow in Singapore, this partnership underscores the shift towards fast, convenient, and secure cashless experiences, both domestically and internationally.

Singapore Management University (SMU) graduates continue to thrive in a challenging job market, with 91.4% securing employment within six months of graduation, according to the 2025 Joint Autonomous University Graduate Employment Survey (JAUGES). The survey, conducted by SMU and other Autonomous Universities, highlights the sustained demand for graduates with industry experience and applied skills, despite global economic uncertainties and increasing automation.

The survey, which saw a 73.4% response rate from SMU’s 2,331 graduates, introduced a new secured employment rate indicator. This measure includes graduates who have accepted job offers but have yet to start work, as well as those launching their own ventures. SMU’s overall employment rate stands at 87.1%, with a full-time permanent employment rate of 79.8%.

A significant factor in these positive outcomes is SMU’s mandatory internship programme. Nearly half of the graduates in full-time permanent roles received job offers through their internships. Specifically, 30.9% of these graduates are employed by the same companies where they interned, whilst 16.4% were offered positions but chose not to accept them.

These findings suggest that SMU’s focus on industry-linked education and internships plays a crucial role in preparing graduates for the workforce, even amidst a cautious hiring climate. Looking ahead, SMU graduates are well-positioned to navigate the evolving job market, leveraging their skills and experiences to secure meaningful employment.