Industry News

Raffles Education Limited has announced a proposed refinancing exercise aimed at replacing existing debt with new long-term securities. The company intends to buy back S$35.03m of existing convertible bonds held by Chew Hua Seng and Doris Chung Gim Lian, replacing them with new five-year, non-convertible unsecured bonds at a reduced coupon rate of 5.5%. This move, which extends the company’s debt maturity by five years, is designed to provide greater financial flexibility.

The refinancing package includes 538.9 million detachable warrants, each allowing the holder to purchase a new share at S$0.065. The proposal is subject to shareholder approval at an upcoming Extraordinary General Meeting (EGM).

In addition, Raffles Education plans to declare a special interim dividend of S$0.003 per ordinary share, contingent upon the approval of the refinancing proposal. This dividend aims to share the benefits of cash preservation with all investors.

Chew Hua Seng, the company’s chairman and CEO, along with his spouse, Doris Chung, currently hold significant interests in the company. Their combined shareholding amounts to 43.16%, with Chew holding 33.44% directly and 9.72% through deemed interest.

The proposed refinancing and dividend are part of Raffles Education’s strategy to maintain its cash position and enhance shareholder value. The company will issue further details in a circular to shareholders in due course.

The Council for Board Diversity (CBD) has reported a rise in women’s appointments across Singapore’s boards, with women now holding 36.1% of board seats in statutory boards and 25.8% in the Top 100 SGX primary-listed companies. This marks a significant increase from previous years, reflecting ongoing efforts to enhance gender diversity in leadership roles.

The CBD’s annual statistics, covering over 1,300 organisations, reveal that the public sector leads in gender diversity, whilst the non-profit sector has also seen improvements. Notably, the proportion of women board chairs in the Top 100 SGX companies increased to 10% in 2025.

A new Board Diversity and Inclusion Study, conducted with Egon Zehnder, explores broader dimensions of diversity beyond gender. The study identifies key areas for improvement, such as moving beyond familiar networks to discover untapped talent and maintaining diversity as a strategic priority. It also highlights the need for intentional succession planning and the importance of board chairs in fostering an inclusive culture.

Gan Seow Kee, Co-Chair of the CBD, emphasised the importance of succession planning, stating, “As organisations confront increasingly complex challenges, a wider, more diverse pool of board-ready candidates strengthens outcomes for the future.”

The study suggests that whilst Singapore has made strides in diversifying board composition, there is room for growth in embedding diversity as a strategic advantage. The CBD aims to equip boards with a roadmap for enhancing board effectiveness through diversity.

Marco Polo Marine has successfully raised S$21m through a private placement to fund its business expansion, as the Offshore & Marine (O&M) sector enters a promising new cycle. The funds will support the company’s strategic initiatives amid rising market demand driven by geopolitical changes and energy security concerns.

The sector has witnessed a significant surge in drilling rig rates, which increased by 18% in April, reaching US$100,000–$140,000 per day. This rise is attributed to the growing emphasis on energy security, particularly outside the Middle East, where there is a heightened demand for offshore engineering solutions to extend the life of existing facilities.

UOB Kay Hian, a financial services group, maintains a positive outlook on Marco Polo Marine, highlighting its potential to capitalise on firming earnings trends in the Southeast Asian market. Analysts Adrian Loh and Heidi Mo from UOB Kay Hian stated, “We believe their growth options appear more exciting compared to the larger industrials… key stock picks include ASL Marine and Marco Polo Marine.”

The capital raised will enable Marco Polo Marine to enhance its operational capabilities and seize emerging opportunities in the O&M sector. As the industry adapts to the evolving geopolitical landscape and prioritises energy security, the company is well-positioned to leverage its expertise and expand its market presence.

With the funds secured, Marco Polo Marine is set to embark on its expansion journey, aiming to strengthen its foothold in the competitive offshore energy market.

SDAI Limited has received shareholder approval to diversify its core business into the biotechnology sector, aiming to capitalise on the rapidly growing anti-ageing market. This decision was confirmed during an extraordinary general meeting held on 30 April 2026.

The biotechnology industry is expanding swiftly, driven by global population growth and advancements in longevity science. The global anti-ageing market, valued at US$80b in 2025, is projected to reach US$137.1b by 2035. In Singapore, this growth is supported by the government’s Research, Innovation and Enterprise 2030 Plan, which will invest S$37b in research over the next five years.

SDAI’s strategic initiatives include a partnership with LiveBeyond for anti-ageing research, the launch of the Bluecode Biotech B-III skincare series, and a joint venture with Hubei Qiai to expand moxibustion products across ASEAN. Executive Chairperson Hao Dongting stated, “The Group is now well positioned to chart a new growth trajectory, following the successful transformation of our business into a biotechnology-focused platform specialising in anti-ageing and healthcare.”

The company aims to establish a first-mover advantage in Asia’s longevity sector and position itself as a leading brand in the anti-ageing industry. With a focus on skin anti-ageing, supplements, and moxibustion health management, SDAI is poised to transform healthy longevity into a scalable consumer offering. Whilst still in the early stages, SDAI is confident in achieving sustainable growth through this diversification.

EY member firms in Singapore have been awarded the Data Protection Trustmark (DPTM) and the Cyber Trust Mark, both valid for three years from April 2026. These certifications, granted by the Infocomm Media Development Authority and the Cyber Security Agency of Singapore respectively, underscore EY’s commitment to robust data protection and cybersecurity practices.

The DPTM certification, a voluntary enterprise-wide recognition, was conferred on six EY entities, including Ernst & Young Solutions LLP and EY Corporate Services Pte Ltd. This certification followed a rigorous third-party audit, reinforcing EY’s data governance and protection standards. “Trust is the foundation of our business,” said Liew Nam Soon, Singapore Managing Partner at Ernst & Young Solutions LLP, highlighting the firm’s dedication to high standards of data protection.

In addition, Ernst & Young Advisory Pte. Ltd. received the Cyber Trust Mark as a Cyber Trust Advocate, the highest tier for organisations with advanced digital maturity or those in regulated sectors. This certification validates EY’s cybersecurity resilience and governance. Nam Soon remarked, “Achieving the Cyber Trust Mark as a Cyber Trust Advocate is a result of the collective efforts of our Singapore and globally managed services teams.”

These certifications not only affirm EY’s investments in data protection and cybersecurity but also enhance confidence among stakeholders, enabling the firm to deliver large-scale and complex engagements securely.

The Singapore government has introduced significant changes to the Executive Condominium (EC) Housing Scheme, aiming to support first-time homebuyers. Effective from 8 May 2026, the measures include extending the minimum occupation period (MOP) for new ECs to 10 years, removing the Deferred Payment Scheme (DPS), and increasing the EC quota to first-time buyers to 90% with a two-year priority period for purchasing new EC units.

The EC Housing Scheme, launched in 1995, offers an affordable pathway to private housing for higher-income Singaporeans. The latest changes are designed to address the evolving housing needs and lifestyle preferences of Singaporeans. Kelvin Fong, CEO of PropNex, remarked that the measures are timely and favour first-time buyers, reinforcing the scheme’s intent to meet homebuyers’ aspirations.

Government data shows a decline in first-time EC buyers, from about 50% in 2020 to between 30% and 40% in 2024 and 2025. The new measures aim to reverse this trend by making ECs more accessible to first-time buyers. The extension of the MOP aligns with public housing frameworks, promoting a homeownership mindset over investment.

The removal of DPS is expected to moderate initial take-up rates, as it previously allowed buyers to defer loan servicing. This change may lead to more pricing transparency and financial prudence among buyers. The increased first-timer quota and extended priority period are expected to enhance access for first-time buyers, particularly in popular locations.

These changes could impact EC land bids, with developers likely adopting a cautious approach due to market uncertainties. The five upcoming EC projects in Senja Close, Woodlands Drive 17, Sembawang Road, and Miltonia Close, offering 1,970 units, are expected to see strong demand as they remain unaffected by the new measures.

CIMB Group Holdings Berhad has announced the appointment of Mak Joon Nien as Chief Executive Officer of Growth Markets and CEO of CIMB Singapore, pending regulatory approval. Mak will also join the CIMB Group Executive Committee, focusing on accelerating business growth and enhancing cross-border connectivity in Singapore, Thailand, and Cambodia.

Mak, who brings nearly 30 years of international banking experience, will be based in Singapore. His career began with Standard Chartered in 1997, where he became the first Malaysian CEO of Standard Chartered Malaysia in 2022. He has extensive experience in mergers and acquisitions and leveraged finance, having spent 15 years in Singapore before returning to Malaysia in 2017 to lead Corporate, Commercial, and Institutional Banking.

Novan Amirudin, Group CEO of CIMB Group, expressed confidence in Mak’s ability to advance the Group’s Forward30 strategy. “Mak’s deep regional experience and strong execution track record will accelerate our ambition in cross-border banking, regional wealth management, and investment advisory,” Amirudin stated.

CIMB, one of ASEAN’s leading banking groups, aims to strengthen its ASEAN franchise and position itself as a top-of-mind bank in the region by 2030. With a market capitalisation of approximately RM89 billion as of 31 December 2025, CIMB operates across ASEAN and beyond, with a significant presence in China, Hong Kong, and the UK.

The groundbreaking of Coronation Square Mall and two residential blocks in Johor Bahru marks a significant step in transforming the city centre into a bustling regional destination. The event, held on 7 May 2026, was attended by notable figures including YAB Dato’ Onn Hafiz bin Ghazi, Menteri Besar of Johor, and Ng Kuan Khai, Singapore’s Consul-General to Johor Bahru.

Strategically positioned in Johor Bahru’s city centre, Coronation Square will connect directly to the upcoming Johor Bahru-Singapore Rapid Transit System (RTS), enhancing cross-border mobility and establishing the development as a key business and lifestyle gateway. The project will feature the largest retail mall in the city, alongside residential, hospitality, medical, and commercial facilities.

Datuk Patrick Lim, Managing Director of Coronade Properties, stated, “Today’s groundbreaking marks the next phase of our vision to shape Johor Bahru into a connected and vibrant city centre. We are creating an ecosystem that supports businesses, creates jobs, and serves the daily needs of the community.”

In conjunction with the event, the Singapore Retailers Association (SRA) and CapitaLand Investment (CLI) signed a Memorandum of Understanding to aid Singapore retailers in expanding into Johor Bahru. This collaboration will facilitate market entry opportunities and provide insights into the local consumer landscape.

Vivien Lim, Vice President of SRA, highlighted Johor Bahru’s potential as a promising market for regional expansion. Tan Mui Neo, Managing Director at CLI, added that the partnership aims to connect retailers with market insights and opportunities, reflecting Coronation Square’s ambition to be “Where the World Meets Johor.”

As infrastructure improvements continue, Coronation Square is poised to play a pivotal role in Johor Bahru’s growth as a connected regional destination.

Oversea-Chinese Banking Corporation Limited (OCBC) has announced a 5% year-on-year increase in net profit for the first quarter of 2026, reaching S$1.97b. This growth was primarily driven by a significant rise in non-interest income, which saw a 23% increase to S$1.61b, contributing over 40% to the total income.

The bank’s total income rose by 5% year-on-year to S$3.83b, supported by strong performances in wealth management, trading, and insurance sectors. Wealth management fees alone surged by 34%, reflecting increased customer activity across all product channels. Insurance income also saw a notable 34% rise, bolstered by robust performance and strategic shifts in product mix.

Despite a 5% decline in net interest income to S$2.22b due to a lower interest rate environment, OCBC managed to maintain a steady net interest margin of 1.76%. The bank’s operating expenses increased by 6% to S$1.50b, attributed to higher staff costs and ongoing IT investments, yet the cost-to-income ratio remained below 40%.

OCBC’s asset quality remained stable, with a non-performing loan ratio of 0.9%. The bank prudently set aside S$191m in allowances for non-impaired assets, increasing total allowance coverage for non-performing assets to 163%. The bank’s capital and liquidity positions remain strong, with a Common Equity Tier 1 (CET1) capital adequacy ratio of 17.0% under transitional Basel III reforms.

Looking forward, OCBC is well-positioned to pursue growth opportunities and navigate economic uncertainties, supported by its robust financial performance and strategic focus on wealth management and sustainable financing.

Raffles Education has reported a resilient business performance for the first nine months of 2026, with core earnings of S$22.71m, despite the disposal of Raffles Hefei and the impact of a stronger Singapore dollar. The company has improved its liquidity position, with cash and bank balances rising to S$46.18m as of 31 March 2026, compared to S$16.86m on 30 June 2025.

The group’s total borrowings have been significantly reduced to S$84.99m, down from S$206.78m a year earlier. This reduction includes S$40.99m attributable to its Hong Kong-listed subsidiary, Oriental University City Holdings, and convertible bonds held by the company’s chairman and CEO, Chew Hua Seng. Notably, Raffles Education’s standalone bank borrowings have been reduced to zero.

Finance costs have decreased to S$10.67m, reflecting the group’s ongoing deleveraging efforts and strategic asset monetisation initiatives. The company’s net assets have increased to S$713.17m, supported by substantial freehold property assets.

Raffles Education is focusing on expanding its premium K–12 education segment across ASEAN, with plans to establish a new campus in Jakarta, Indonesia, in the second half of 2026. The group aims to strengthen its financial performance through disciplined cost management, driving margin expansion, and delivering long-term sustainable value as a premier education group in Asia.