Industry News

Cosco Shipping International (Singapore) Co., Ltd has announced a renounceable, non-underwritten rights issue involving 2.24b new ordinary shares. This significant move aims to bolster the company’s capital, allowing for strategic financial reallocation and utilisation of the proceeds from the rights issue.

The rights issue is part of of the company’s broader strategy to enhance its financial flexibility and support future growth initiatives. By offering existing shareholders the opportunity to purchase additional shares, the company seeks to strengthen its capital base without the need for underwriting, which typically involves third-party financial backing.

This announcement is crucial for investors as it indicates Cosco Shipping’s commitment to expanding its capital resources. The reallocation and use of the proceeds from this rights issue will be pivotal in driving the company’s future projects and maintaining its competitive edge in the shipping industry.

The rights issue reflects Cosco Shipping’s proactive approach to managing its financial health and ensuring long-term sustainability. As the company navigates the complexities of the global shipping market, this capital expansion is expected to provide the necessary resources to adapt and thrive amidst industry challenges.

CapitaLand Commercial C-REIT (CLCR) has set a new benchmark in the retail C-REIT sector in China with its initial public offering (IPO), achieving a staggering 254.5 times subscription from offline institutional investors. The IPO, which also garnered significant retail interest, closed ahead of schedule with a 535.2 times subscription rate for the public tranche.

Issuing 400 million units at RMB5.718 each, CLCR raised RMB2.29b (S$409m), surpassing its initial target of RMB2.14b (S$382m) by 7%.

CapitaLand Investment (CLI), CapitaLand China Trust (CLCT), and CapitaLand Development (CLD) will collectively hold 20% of the IPO units. Cornerstone investors secured 40.11%, whilst offline institutional investors were allocated 27.92% in the bookbuilding tranche. The remaining 11.97% was subscribed by retail and institutional investors.

Scheduled to begin trading on the Shanghai Stock Exchange by the end of September 2025 under the ticker code 508091, CLCR will be China’s first international-sponsored retail C-REIT. This listing is part of CLI’s strategy to enhance its balance sheet and expand its REIT management platform into China, reinforcing its position as Asia Pacific’s largest REIT manager by market capitalisation.

CLCR’s initial portfolio includes CapitaMall SKY+ in Guangzhou and CapitaMall Yuhuating in Changsha, valued at approximately RMB2.6b. These assets, located in prime areas, boast a 96% occupancy rate as of 31 March 2025. CLI will continue to manage these properties, leveraging its operational expertise to maximise value for investors.

Moody’s Ratings has reaffirmed the Aaa long-term issuer rating and aaa Baseline Credit Assessment (BCA) of Temasek Holdings, maintaining a stable outlook. This decision reflects Temasek’s strong credit quality, bolstered by consistent dividend income and a substantial, high-quality investment portfolio.

Rachel Chua, a Moody’s Vice President and Senior Analyst, highlighted that Temasek’s major investee companies possess strong investment-grade credit qualities.

Temasek is expected to uphold a conservative financial profile over the next 12 to 18 months, with net debt to market value of its portfolio assets, excluding cash, remaining below 5% and funds from operations interest coverage above 15 times.

The company, wholly owned by the Singapore Government through the Minister for Finance, maintains a net cash position as of March 2025.

Despite its government ownership, Temasek operates independently, with over half of its portfolio denominated in Singapore dollars and 27% of its assets based in Singapore. This alignment with government interests supports its Aaa rating. The company’s excellent liquidity, with substantial cash reserves and liquid securities, ensures strong debt service coverage, mitigating potential cash flow volatility.

Moody’s notes that Temasek’s ratings benefit from its 100% government ownership, reflecting high support and dependence. The stable outlook anticipates that Temasek will continue its prudent investment and funding strategies. However, any aggressive investments or deterioration in cash resources could impact its BCA. The rating, being Aaa, cannot be upgraded further.
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SoftBank Group Corp. (SBG) has announced a strategic move to consolidate its influence over Line Man Corporation (LMWN) by converting it into a consolidated subsidiary. This decision involves acquiring shares to gain substantial control over LMWN, which operates primarily in Thailand’s food delivery and digital solutions sectors.

The consolidation will see LY Corporation, a subsidiary of SBG, acquiring shares from Apfarm Investment and Gamnat through Line Southeast Asia Corp. (LSEA).

The move is aimed at bolstering collaboration with LMWN, which is already an equity method associate of LY. The acquisition will increase LY’s voting rights in LMWN from 41.8% to 49.9%, with plans to further raise this to 61.1% by the end of December 2025, subject to regulatory approvals in Singapore and Thailand.

This strategic consolidation is significant for SBG as it seeks to expand its footprint in the competitive on-demand services market in Southeast Asia. The integration of LMWN and its subsidiaries as specified subsidiaries of SBG underscores the group’s commitment to strengthening its operational capabilities and market presence in the region.

Centurion Corporation Limited has announced the lodgement of the preliminary prospectus for its proposed Centurion Accommodation Real Estate Investment Trust (REIT) with the Monetary Authority of Singapore. This marks a significant step towards the potential listing of the REIT, although the company has cautioned that there is no certainty the transaction will proceed as described.

The preliminary prospectus outlines the proposed structure and details of the REIT, but Centurion has advised shareholders and potential investors to exercise caution. The company emphasised that the transaction’s occurrence is not guaranteed and urged stakeholders to consult professional advisers if in doubt.

The company has reiterated that the information in the preliminary prospectus is subject to change and that any investment decisions should be based solely on the final prospectus once it is registered.

Tiong Bahru Bakery (TBB) has reopened its Eng Hoon Street flagship on 26 September 2025, marking a significant milestone in its brand transformation. The outlet, which first opened in 2012, now features a refreshed interior, an expanded menu, and a new brand identity, setting the stage for TBB’s future growth.

The revamped Eng Hoon store introduces Singapore’s first Kouign Amann soft-serve, alongside new menu items like the Shio Pan series and Mango Sticky Rice Danish. This transformation is part of a broader brand refresh that will be rolled out across all TBB outlets in Singapore and beyond.

The bakery’s new visual identity, crafted by Foreign Policy Design Group, includes a new logo and illustration style inspired by the Tiong Bahru neighbourhood’s 1930s architecture.

Matt McLauchlan, General Manager of Tiong Bahru Bakery, stated, “We wanted our Eng Hoon flagship to reflect where the brand is today — and where we’re headed.”

The redesigned space, created in collaboration with H Creates, balances style and efficiency, featuring a central display cabinet and warm custom lighting.

With 19 outlets in Singapore and its first international opening in Manila earlier this year, TBB is poised for further regional expansion over the next five years.

The Inland Revenue Authority of Singapore (IRAS) has announced a significant achievement in its annual report for the financial year 2024/25, collecting $88.9b in tax revenue. This marks a 10.7% increase from the previous year, driven by robust economic growth and increased consumer spending. The revenue collected represents about 76.9% of the Singapore Government’s Operating Revenue and 12.2% of the nation’s Gross Domestic Product, underscoring its critical role in funding public services and social programmes.

Corporate Income Tax (CIT) was the largest contributor, rising by 6.7% to $30.9b, whilst Goods and Services Tax (GST) followed at $20b, reflecting higher consumer spending and a GST rate adjustment.

Individual Income Tax (IIT) also saw an increase, reaching $19.1b due to higher wages and more taxpayers. Property Tax and Stamp Duty contributed $6.6b each, with Stamp Duty rising from $5.8b the previous year, attributed to increased property transactions.

In addition to tax collection, IRAS processed over $1.3b in grants to support approximately 127,500 businesses. Key schemes included the Progressive Wage Credit Scheme, Senior Employment Credit, and CPF Transition Offset, aimed at providing wage support and helping businesses adjust to cost increases.

IRAS is also advancing digital solutions to streamline tax processes. Initiatives such as the GST InvoiceNow Requirement and the expansion of eGIRO services aim to enhance efficiency and compliance. The upgraded myTax Portal offers a more intuitive experience, reinforcing IRAS’s commitment to digital transformation.

Despite high compliance rates, IRAS remains vigilant against tax evasion, auditing over 8,600 cases and recovering $507m in taxes and penalties in FY2024/25.

DHL Express, a global leader in international express services, has teamed up with Singapore Post (SingPost), Singapore’s premier postal and eCommerce logistics provider, to offer more sustainable and accessible international shipping options throughout Singapore. This strategic partnership aims to expand DHL’s services to all SingPost outlets, enhancing convenience for customers whilst reducing environmental impact.

The collaboration allows DHL Express to leverage SingPost’s extensive network of post offices, increasing the number of locations where customers can access DHL’s international shipping services. This expansion follows a successful pilot programme launched in March 2025, which saw parcel drop-offs at SingPost outlets double. Customers can now drop off parcels at any SingPost location, in addition to DHL’s existing network of service centres and retail points.

A key feature of this initiative is the inclusion of DHL Express’s GoGreen Plus service, which uses sustainable aviation fuel (SAF) to reduce greenhouse gas emissions from air shipments. This service is part of DHL’s commitment to sustainability, highlighted by its recent purchase of 9.5 million litres of SAF produced in Singapore.

Christopher Ong, Managing Director for DHL Express Singapore, stated, “The collaboration with SingPost not only brings DHL Express cross-border shipping services in Singapore closer to our customers but also empowers them to participate in our sustainability journey together.”

Neo Su Yin, Group Chief Operating Officer of SingPost, added, “Our partnership with DHL Express represents a significant strategic collaboration to enhance the utilisation of SingPost’s logistics infrastructure and post office network.”

This partnership not only broadens customer access to DHL’s services but also aligns with both companies’ commitments to sustainability and innovation, promising a more environmentally friendly shipping solution for Singaporeans.

Singaporeans are open to adopting artificial intelligence (AI) for its convenience, but only if businesses can ensure security, trust, and a human connection, according to Sinch’s latest State of Customer Communications report. The study, which surveyed over 600 consumers across Singapore, India, and Australia, highlights the balance businesses must strike between AI efficiency and customer reassurance.

The report reveals that 45% of Singaporeans are willing to use AI-powered customer support if it is backed by reliable brand information. However, only 4% would choose chatbots as their first option for customer support, indicating a preference for human interaction in complex situations.

This sentiment is echoed in the healthcare sector, where 68% express concerns about the accuracy of AI responses, despite 57% being comfortable with AI for basic tasks like appointment scheduling.

In financial services, security remains a top priority, with 64% of Singaporeans trusting Rich Communication Services (RCS) verification messages over basic SMS for financial transactions.

The findings underscore the importance of personalisation and security in AI adoption. Whilst 44% of Singaporeans are open to AI-driven recommendations if they are relevant, there is a risk of customer churn if these suggestions feel invasive. As AI becomes more integrated into customer experiences, businesses must prioritise trust and human engagement to maintain loyalty.

Niks Professional Ltd. has unveiled plans to delist from the Singapore Exchange Securities Trading Limited (SGX-ST) via a selective capital reduction. This move will see the cancellation of shares held by eligible shareholders, who will receive a cash return of S$0.23 per share. The company currently boasts an issued and fully paid-up share capital of S$6.48m, comprising 130 million shares.

The delisting is subject to approval from the SGX-ST under the Catalist Rules, requiring a 75% majority vote from shareholders, excluding the offeror concert party group. An exit offer, deemed fair and reasonable by an independent financial adviser, is also a prerequisite.

The proposed selective capital reduction will reduce the company’s share capital by S$5.144m, cancelling 22.37 million shares. The exit offer price of S$0.23 per share represents a 19.8% premium over the last traded price of S$0.192 on 4 September 2025, and a 48.4% premium over the net asset value per share as of 31 December 2024.

Controlling shareholders Cheng Shoong Tat and Ong Fung Chin, who hold significant interests in the company, will not participate in the capital reduction. Their combined holdings account for 82.8% of the total issued shares.

The proposed delisting and capital reduction are inter-conditional, requiring both shareholder approval and confirmation by the High Court of Singapore. If successful, this move will see Niks Professional transition from a public to a private entity, potentially altering its operational dynamics and shareholder structure.