Industry News

The Competition and Consumer Commission of Singapore (CCS) has approved the proposed merger between Analogic Corporation and the Security Enterprise Solutions and Industrial and General Automation businesses of Leidos Inc. The decision follows an assessment that the merger will not significantly reduce competition in the global supply of explosive detection systems (EDS) for both checked and cabin baggage, which are crucial for airport security.

Both companies are key players in providing EDS used to screen baggage at airports. The CCS’s evaluation concluded that the merger would not harm competition in Singapore’s market due to several factors. Firstly, the merged entity will continue to face competition from established global EDS suppliers. Secondly, there remains potential for existing and new suppliers to enter or expand within the market. Lastly, Singapore’s sole airport customer retains significant bargaining power, allowing it to select suppliers through competitive tender processes.

The CCS’s decision ensures that the market for EDS remains competitive, safeguarding the interests of consumers and maintaining high standards of security at airports. The merger is expected to proceed without disrupting the current market dynamics. For further details, the CCS’s public register provides additional information on the merger.

Cohesity has announced the integration of a new managed clean room capability into HCLTech’s VaultNXT offering, enhancing data recovery and regulatory compliance. This development is crucial for organisations worldwide, providing a structured model for forensic investigation and validated recovery after cyberattacks.

The HCLTech VaultNXT now includes policy-driven cyber vaulting, immutable recovery copies, and audit-ready processes, addressing resilience and regulatory requirements such as DORA and NIS2. The integration of Cohesity’s Clean Room solution and AI-powered data security capabilities offers a managed, isolated recovery environment for secure investigation and recovery.

Kit Beall, chief revenue officer at Cohesity, stated, “Cyber recovery strategies need to go beyond restoring data to include investigation, validation, and trusted recovery.” The collaboration with HCLTech aims to help customers recover data faster, support compliance, and reduce risk.

HCLTech VaultNXT provides a comprehensive cyber resilience framework, designed to assess and operate enterprise-grade ransomware recovery solutions. Rampal Singh, senior vice president of HCLTech, highlighted the partnership’s strength in turning data protection into a strategic asset, especially in the AI era.

Cohesity, a leader in AI and data security, supports over 140 countries, including two-thirds of the Global 500. The company’s solutions are backed by industry giants such as NVIDIA, Amazon, and Google, ensuring robust data protection and recovery capabilities.

Nemetschek Group, a global leader in Construction AI, has signed Memorandums of Understanding (MOUs) with the Institute of Technical Education (ITE) and Singapore Polytechnic (SP) to enhance AI and digital delivery capabilities in Singapore’s built environment education. This initiative comes as the sector prepares for the mandatory adoption of the CORENET X platform from 1 October 2026, which will require coordinated 3D Building Information Modelling (BIM) for all new projects.

The partnerships aim to address the skills gap in the industry by embedding AI-assisted compliance and digital workflows into educational programmes. Jonathan Ng, Managing Director for Southeast Asia at Nemetschek Group, emphasised the importance of equipping students and professionals with the necessary skills to meet the evolving demands of the industry. “Transforming the built environment will take industry, government and education moving together,” he stated.

The five-year MOU with ITE will focus on digital innovation and applied learning, providing students and staff with access to Nemetschek’s software and resources. Alvin Goh, Principal of ITE College East, highlighted the importance of preparing students for a digital future, stating that the partnership will offer “industry-relevant tools and learning opportunities.”

Meanwhile, the three-year agreement with SP will cover curriculum development and offer student internships and industry attachment opportunities. Dr Faris Akbar Hajamaideen, Director of SP’s School of Architecture & the Built Environment, noted the need for education to evolve with industry trends, particularly in model-based and data-driven workflows.

These collaborations follow Nemetschek’s previous partnership with Nanyang Technological University, Singapore, aimed at advancing AI research for sustainable construction solutions.

In the first eight months of 2026, more than 70 primary-listed companies on the Singapore Exchange (SGX) collectively repurchased shares worth S$2.09b. This marks a significant increase from S$1.57b in the same period of 2025 and S$855m in 2024. Companies often engage in buybacks to enhance financial metrics such as Earnings per Share (EPS) and Return on Equity (ROE), or to capitalise on perceived undervaluation.

Singtel emerged as the frontrunner, accounting for S$948.6m, or approximately 45% of the total buyback value in 2026. The company is executing a S$2b Value Realisation Share Buyback programme, which is expected to permanently increase its EPS by 3% and support a higher trajectory for both EPS and Dividends Per Share (DPS).

Seatrium also made notable strides, repurchasing S$8m worth of shares in August under its S$100m Share Buyback Programme. As of 1 September, Seatrium’s cumulative buybacks reached approximately S$99.7m since the programme’s launch in 2024.

SHS Holdings returned S$4.6m to shareholders through an off-market equal access share buyback offer, acquiring 27.04m shares. Despite a 259% surge in revenue to S$174m in the first half of 2026, SHS Holdings reported a net loss of S$3.3m due to rising costs.

The increased buyback activity underscores the strategic importance of share repurchases as a tool for capital management and shareholder value enhancement. As companies continue to deploy surplus capital, this trend is likely to persist, potentially influencing market dynamics and investor sentiment.

OCBC, Visa, and Doxa have introduced Singapore’s first deep-tier financing solution, designed to improve cash flow for subcontractors and suppliers in the construction sector. Launched through the Doxa Connex platform, this initiative addresses the common issue of delayed payments, which can take up to 100 days to process through the supply chain.

The solution enables subcontractors to access funds faster by linking digital financing workflows to approved project transactions. Once a main contractor or developer approves a work claim, subcontractors can receive payment before the invoice due date. Payments are facilitated via OCBC virtual purchasing cards, allowing funds to be transferred to bank accounts or used to pay suppliers directly.

Kimly Construction is among the early adopters, implementing the solution across two projects. The initiative is expected to help smaller firms manage cash flows more effectively, supporting smoother project delivery. Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, highlighted the solution’s role in building a “more connected, resilient, and efficient construction ecosystem.”

The collaboration combines OCBC’s financing capabilities, Visa’s digital payments expertise, and Doxa’s procurement infrastructure. Adeline Kim, Visa’s Group Country Manager for Regional Southeast Asia, noted the potential for digital payments to enhance efficiency and growth in the construction ecosystem.

The initial rollout aims to refine the financing workflow based on subcontractor feedback, with plans to expand the solution across Singapore’s built environment sector. Edmund Ng, CEO of Doxa Holdings, emphasised the importance of addressing cash flow challenges in the construction supply chain.

Maybank has announced a 2.4% year-on-year increase in net profit for the second quarter of FY26, reaching RM2.69b. The first half of the financial year saw a total net profit of RM5.17b. This performance was bolstered by disciplined cost management and a significant reduction in net impairment provisions.

The bank’s profit before tax for the quarter rose by 3.7% to RM3.64b, with a return on equity improving to 12.0% from 11.6% the previous year. Net operating income was reported at RM7.51b. Maybank’s net fund-based income increased by 1.9%, whilst wealth management and investment banking-related fees surged by 61.5% and 58.4%, respectively.

Singapore played a crucial role in the group’s regional performance, with loans expanding by 3.4% year-on-year. Community Financial Services loans in Singapore grew by 7.4%. Group loans overall increased by 2.7%, driven by growth in Malaysia, Singapore, and Indonesia.

Maybank’s liquidity and capital positions remain robust, with a Group CASA ratio improving to 41.5% and a CET1 ratio of 14.92%. The bank declared an interim dividend of 31 sen per share, translating to a payout ratio of 72.5%.

Chairman Tan Sri Dato’ Sri Ir. Zamzamzairani Mohd Isa highlighted the group’s strong financial foundations, whilst CEO Dato’ Sri Khairussaleh Ramli emphasised the progress in strategic priorities and technology-driven customer engagement. Looking ahead, Maybank aims to sustain its growth trajectory and advance its sustainability agenda, with significant investments planned in technology and sustainable finance.

Frasers Property has unveiled “Yishun 10 Memories”, a community initiative aimed at documenting and celebrating the historical significance of Yishun 10, a well-loved suburban entertainment hub in Singapore. This initiative precedes the planned redevelopment of the site into a mixed-use development, featuring approximately 110 residential units and a retail podium, set to launch in mid-2027 and complete by 2031.

The initiative invites the public, including past and present patrons, residents, and tenants, to contribute their memories, photographs, and memorabilia related to Yishun 10. Contributions are welcomed until 31 October 2026. Studio Lapis, a renowned placemaking consultant, has been engaged to help capture the site’s stories and integrate them into the future development.

Preliminary plans for the new development include upcycling selected artefacts from Yishun 10 and featuring community stories and artworks. The site, located next to Yishun MRT Station and the Yishun Integrated Transport Hub, will offer seamless access to Northpoint City via an underground pedestrian network.

Frasers Property Singapore’s CEO, Soon Su Lin, emphasised the sentimental value of Yishun 10, stating, “Yishun 10 holds a special place in the hearts of many Singaporeans.” The redevelopment reflects Frasers Property’s commitment to creating vibrant, connected communities in Yishun Central.

Operations at Yishun 10 are expected to cease on 2 March 2027, as the site transitions to its new chapter. The development will be surrounded by key amenities, including healthcare and recreational facilities, enhancing its appeal as a residential and retail destination.

Mapletree Investments has successfully secured over US$500m in equity commitments for the first close of its Emerging Asia logistics development strategy. This includes US$250m for the Mapletree Emerging Growth Asia Logistics Private Trust (MEGA) and more than US$250m through a joint venture and direct co-investments in Malaysia. MEGA plans to raise an additional US$200m by early next year.

The strategy targets logistics development in Malaysia, Vietnam, and India, driven by increasing domestic consumption and manufacturing activities. The portfolio is expected to reach a total investment value of US$2.1b when fully deployed. MEGA’s initial portfolio includes four projects in Malaysia, one in India, and two warehouses in Vietnam.

Group CEO of Mapletree, Hiew Yoon Khong, expressed confidence in the strategy, stating, “MEGA’s successful first close marks an important milestone and the commitments received reflect confidence in Mapletree’s ability to deliver development value across market cycles.”

Logistics is Mapletree’s largest asset class, comprising 43% of its assets under management, valued at S$32.4b. The Group manages 22.8 million square metres of logistics space globally. MEGA is Mapletree’s 18th private real estate fund and follows the successful syndication of previous logistics-focused funds in China and Japan.

Regional CEO, Ng Kiat, highlighted the Fund’s potential, noting, “MEGA provides investors with access to logistics development opportunities in select high-growth markets across Emerging Asia.” The Fund is managed by Mapletree Real Estate Advisors, with Mapletree retaining a minimum 20% stake to align interests with investors.

ST Telemedia Global Data Centres (STTGDC) has announced the completion of its acquisition by a consortium led by KKR, a global investment firm, and Singtel. This acquisition, finalised on 2 September 2026, introduces a refreshed global brand for STTGDC, signifying a new chapter in its journey as a leading digital infrastructure platform.

The acquisition bolsters STTGDC’s ability to scale its AI-ready digital infrastructure, leveraging the consortium’s global infrastructure expertise and financial flexibility. The company will continue to operate under the same leadership, ensuring continuity in strategy and customer service. Bruno Lopez, President and Group CEO of STTGDC, stated, “The completion of this transaction signals the beginning of a new chapter for our company.”

STTGDC’s refreshed brand, retaining its original name, reflects its commitment to delivering reliable and resilient infrastructure across Asia, the UK, and Europe. The brand’s tagline, “Built Ready,” underscores its focus on supporting the next generation of cloud and AI growth.

Since the end of 2025, STTGDC has increased its operational capacity by 25% to 780MW, with contracted capacity growing by 50%. The company’s annualised EBITDA has risen by 301%, driven by demand from hyperscalers, cloud service providers, and AI customers.

STTGDC’s growth strategy targets markets with favourable conditions for responsible development. In India, the company operates 34 data centres with over 613MW of IT capacity. In Indonesia, it is expanding its Jakarta campus with more than 360MW of AI-ready capacity. Singapore remains a strategic hub, with STTGDC developing 50MW of sustainable AI-ready data centre capacity.

STTGDC is committed to responsible growth, sourcing 83.2% of its electricity from renewable energy and surpassing its 2028 carbon intensity reduction target ahead of schedule. The company collaborates with governments and communities to align with local priorities and maintain its social licence to operate.

Singapore’s real estate investment activity soared by 49% year-on-year in the second quarter of 2026, according to Savills’ latest Global Capital Markets report. This significant growth positions Singapore as a leading market in the Asia Pacific region, driven by substantial transactions and a robust investment pipeline.

The report highlights that the Asia Pacific region saw an 18% increase in investment turnover, reaching US$46b in Q2 2026. Mainland China and Hong Kong SAR led the recovery with remarkable growth rates of 140% and 120%, respectively. Meanwhile, Singapore’s performance was bolstered by its status as the primary market for core office deals, with major assets like Marina One attracting significant interest.

Nicholas Wilson, Senior Director of Strategic Research & Advisory at Savills, noted, “Asia Pacific’s investment recovery is gathering momentum, but it is being led by scale rather than a broad-based increase in activity. Singapore stands out with lower funding costs, strong operating fundamentals, and a pipeline of large assets supporting investment activity.”

Cross-border investors have been pivotal, accounting for 35% of acquisitions in the first half of 2026, up from 28% the previous year. The trend towards larger transactions is evident, with mega-deals exceeding US$500m more than doubling, particularly benefiting markets like South Korea, Japan, and Singapore.

Looking ahead, the global real estate market is poised for further growth, with Savills forecasting a potential 16% increase in global investment activity for the full year 2026. Rasheed Hassan, Managing Director of Global Capital Markets at Savills, emphasised the importance of selectivity and understanding fundamentals in navigating the current market landscape.