Industry News

Medi Lifestyle has signed a non-binding term sheet to acquire a 60% stake in EM2AI, a Singapore-developed dental AI platform, from Q & M Dental Group. The acquisition, valued at approximately S$6.76m, will be completed through the issuance of 138 million new ordinary shares in Medi Lifestyle at S$0.049 each. This strategic move aims to integrate technology-enabled healthcare into Medi Lifestyle’s offerings, leveraging EM2AI’s live clinical deployment and potential for commercialisation across dental networks.

The proposed transaction includes profit targets of S$1m, S$1.5m, and S$2.5m for the financial years 2027, 2028, and 2029, respectively. Medi Lifestyle plans to conduct a fundraising exercise through private placement to support its business expansion and strategic growth initiatives.

According to Tan Lee Seng, Executive Director and CEO of Medi Lifestyle, “EM2AI gives Medi Lifestyle a clear entry point into technology-enabled healthcare. Its technology has progressed from research into a live dental network, where AI supports X-ray assessment and clinical workflows. We see an opportunity to combine EM2AI’s dental and engineering capabilities with Medi Lifestyle’s capital base, operating support, and regional ambitions.”

This acquisition marks a significant step for Medi Lifestyle as it seeks to enhance its technological capabilities and expand its footprint in the healthcare sector. The integration of EM2AI’s platform is expected to bolster Medi Lifestyle’s position in the market, offering innovative solutions to dental networks.

DayOne Data Centres Limited has launched Singapore’s first Biological Data Centre Prototype in partnership with Cortical Labs and the Yong Loo Lin School of Medicine at the National University of Singapore (NUS Medicine). This pioneering initiative aims to advance biological computing as a more adaptive and energy-efficient alternative to traditional silicon-based systems. The launch event featured a live demonstration of Cortical Labs’ CL1 biological computing system, showcasing its potential to scale AI capacity with reduced power consumption.

The prototype leverages living neurons grown from stem cells, integrated with silicon hardware, to process information. This innovative approach allows the system to perform computing tasks using significantly less energy than conventional digital computers. The collaboration draws on NUS Medicine’s neurobiology expertise, Cortical Labs’ technology, and DayOne’s digital infrastructure capabilities. Areas of exploration include neuro-inspired AI, biomedical modelling, drug discovery, and neurological disease research.

Jamie Khoo, CEO of DayOne, emphasised the project’s alignment with Singapore’s sustainability and AI ambitions, stating, “This prototype is a step toward demonstrating that scaling compute and reducing resource intensity are goals we can pursue together.” Hon Weng Chong, CEO of Cortical Labs, highlighted the potential for biological computing to supplement AI in areas such as drug discovery and cybersecurity.

The initiative supports Singapore’s Green Data Centre Roadmap, which aims to enhance energy efficiency as AI and cloud workloads expand. DayOne’s commitment to Singapore includes the development of its first local data centre, SG1, and a Global Operations Command Centre, both set to bolster the country’s position as a leader in sustainable computing.

Singapore’s branded residences market is poised for significant growth, with luxury brands expected to dominate 75% of the pipeline, as per Savills’ latest report. The market, which ranks 11th in the Asia Pacific region, is forecast to expand by 29% by 2032. This growth highlights Singapore’s unique position in the region, where only 48% of pipeline projects are luxury-focused.

The limited supply and exclusivity of branded residences in Singapore have been key factors in maintaining its ultra-prime market status. Globally recognised luxury brands such as St. Regis, Ritz-Carlton, and Aman are reinforcing this position. Despite the diversification seen in the broader Asia Pacific market, Singapore’s focus remains firmly on high-end developments.

Across Southeast Asia, the demand for resort-led developments is shaping the branded residences landscape. Vietnam is leading the charge with a projected 152% increase in projects by 2032, whilst Thailand continues to be a major player. Resort destinations like Phuket and Bali are attracting affluent buyers seeking second homes that offer lifestyle and investment opportunities.

Savills anticipates further growth in integrated hotel-and-residential developments, which provide shared amenities and lifestyle services. Louis Keighley, head of Savills Global Residential Development Consultancy, noted, “Asia Pacific remains a key growth engine for branded residences, but its next chapter will be defined by the breadth of its markets, not the scale of its leading ones.”

As the market evolves, Singapore’s scarcity of high-quality branded schemes and concentration of luxury brands ensure its continued appeal to discerning buyers.

Q & M Dental Group (Singapore) Limited has announced a significant financial performance for the first half of 2026, with a 27% increase in net profit after tax compared to the same period in 2025. The group’s revenue rose by 13% to $99.5m, whilst the profit after tax from its core dental business increased by 10% to $15m. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw a rise of 19%, reaching $19.2m.

The group attributed its robust performance to the expansion of its operations, including the addition of five new outlets in Singapore. This growth has enabled the core dental business to become self-sustaining. The company has also declared a first interim dividend of 0.40 cent per share, payable on 4 September 2026.

Dr Ng Chin Siau, Group CEO of Q & M Dental Group, highlighted the strategic agreements signed in Australia and Thailand as pivotal for extending the company’s platform across the Asia-Pacific region. “We are building a business for the next decade, not for the next six months,” he stated, emphasising the long-term vision of the group.

Looking ahead, Q & M Dental Group plans to focus on completing and integrating these international transactions whilst continuing its disciplined growth in Singapore, Malaysia, and the People’s Republic of China. The group’s strategic initiatives are set to bolster its position in the regional dental healthcare market.

Sasseur Asset Management Pte. Ltd. (SAMPL), the manager of Sasseur Real Estate Investment Trust (Sasseur REIT), has announced a 10.2% year-on-year increase in distribution per unit (DPU) for the first half of 2026, reaching 3.366 Singapore cents. This performance is attributed to a 7.4% rise in portfolio sales and reduced finance costs.

The Entrusted Management Agreement (EMA) rental income also saw a 6.8% year-on-year increase, contributing to the robust earnings growth. The weighted average cost of debt was reduced to a record low of 3.7%, further bolstering financial performance.

Despite challenges in China’s consumer environment, Sasseur REIT benefits from ongoing policy support for domestic consumption. Vito Xu, Chairman of SAMPL, stated, “As consumers increasingly seek quality products at compelling value, Sasseur REIT remains well-positioned to capture sustainable long-term growth.” He emphasised the importance of Sasseur Group’s support through its outlet operating platform, brand relationships, and disciplined capital allocation.

The company remains focused on enhancing competitive advantages through operational excellence, innovation, and customer-centric initiatives. With a resilient portfolio, prudent balance sheet, and experienced management team, Sasseur REIT is committed to delivering sustainable long-term value to its unitholders.

Olam Group Limited has reported a remarkable 488.7% increase in its Profit After Tax and Minority Interest (PATMI) for the first half of 2026, reaching $1.9b. This surge is largely attributed to a one-off gain of $1.75b from the disposal of a 44.58% stake in Olam Agri and a 100% interest in Mindsprint, alongside a fair value gain on the valuation of the put and call option for the remaining stake in Olam Agri.

The company’s revenue, however, saw an 18.3% decline to $12.5b, primarily due to reduced input prices in its food ingredients business, particularly cocoa and coffee, and lower volumes in Olam Global Holdings (OGH). Despite these challenges, Olam’s Executive Director and CEO of ofi, A. Shekhar, highlighted the resilience of their integrated business model, noting stable earnings and improved capital efficiency.

Olam’s net gearing has significantly decreased from 2.09 times to 0.93 times, thanks to de-leveraging efforts from divestment proceeds and reduced working capital-related debt. The Board has declared a total dividend of 7.0 pence per share, comprising an interim ordinary dividend of 1.0 pence and a special dividend of 6.0 pence.

Looking ahead, Olam Group remains focused on long-term growth and capital efficiency, with plans to continue its divestment programme. CFO Venkataraman Krishnan stated, “Our financial results today reflect a less complex, more focused and financially stronger business.”

The company anticipates ongoing market volatility due to geopolitical developments and macroeconomic conditions but remains committed to disciplined capital allocation and strategic asset evaluation to enhance returns and improve earnings resilience.

UMS Integration Limited has announced a remarkable 90% increase in net profit, reaching $19.8m for the second quarter of the financial year 2026 (Q2 ). This surge is attributed to a 29% rise in revenue to $87.1m, fuelled by robust performance in its semiconductor and aerospace sectors amidst a global AI-driven semiconductor “super-cycle” and a sustained aviation boom.

The company’s revenue from the semiconductor segment rose by 28% to $75.5m, whilst aerospace revenue saw a 59% increase to $8.6m. Geographically, significant growth was recorded in Malaysia and Korea, with revenues increasing by 50% and 347% respectively, due to heightened semiconductor component shipments.

UMS has declared a second interim dividend of 1.0 cent per share, bringing total dividends to 2 cents per share for the first half of FY2026. The group’s financial health remains robust, with a strong cash flow and a positive outlook for continued growth. CEO Andy Luong expressed optimism, stating, “Our key customers have given strong forecasts of equipment demand for several years ahead.”

Looking forward, UMS is poised to benefit from the anticipated rise in global semiconductor manufacturing equipment sales, projected to reach US$165.9b in 2026. The company is also expanding its capacity in Penang and Vietnam to meet growing customer demand, positioning itself for long-term growth in the thriving semiconductor and aerospace markets.

Nam Cheong Limited, a leading offshore support vessel provider in South East Asia, reported a significant 82.9% increase in net profit for the first half of 2026, reaching RM164.4m. This surge was primarily driven by a 25.2% rise in revenue to RM348.3m, largely attributed to the shipbuilding segment, which contributed RM89.7 million.

The shipbuilding segment marked its first revenue stream in six years, benefiting from the sale and delivery of one vessel and ongoing construction projects. This revival in shipbuilding contributed to a gross profit of RM22.7m and a gain from vessel sales of RM101m, indicating a positive shift in the shipbuilding cycle.

Despite these gains, the overall gross profit declined by 3.0% to RM137.1m, with the gross margin narrowing by 11.4 percentage points to 39.4%. This was due to a revenue mix shift and lower margins in the chartering segment, which saw a 7.1% decline in revenue to RM258.6m, affected by lower utilisation of accommodation vessels.

Nam Cheong’s financial health improved, with the net gearing ratio dropping from 0.27x at the end of 2025 to 0.10x by mid-2026. This was aided by a RM101.0m gain from vessel disposals, part of the company’s strategy to repay debt and reprofile its fleet.

Looking forward, CEO Leong Seng Keat expressed optimism, noting the company’s plans to add five vessels to its fleet by year-end and the strong demand for shipbuilding services. The company remains focused on execution and customer engagement to deliver long-term value.

OKP Holdings Limited has been awarded a significant contract worth $90.6m by the Land Transport Authority (LTA) to enhance the Dawson Road network in Singapore. The project, set to commence in August 2026, involves the design and construction of a new extension of Kay Siang Road and the widening of Tanglin Road and Kay Siang Road, along with associated infrastructure improvements.

The contract, spanning 42 months, will see OKP’s subsidiary, Or Kim Peow Contractors, undertake extensive roadworks, including recambering, raising, milling, and overlaying existing roads. The project also encompasses the relocation and construction of bus stop shelters, covered linkways, and a new cycling path network, enhancing commuter infrastructure along Kay Siang Road, Tanglin Road, Queensway, and Margaret Drive.

This new contract boosts OKP’s net construction order book to $797.9m, with projects extending until 2031. The Group’s Managing Director, Or Toh Wat, expressed gratitude for the opportunity to contribute to Singapore’s infrastructure development, stating, “This latest contract win further strengthens OKP’s position in Singapore’s public infrastructure sector.”

The announcement follows OKP’s recent financial results, which revealed a 43.8% increase in net profit to $27.3m for the first half of 2026. The company also declared a special interim dividend to commemorate its 60th anniversary. With Singapore’s ongoing investment in infrastructure.

Seatrium, a leading provider of specialised engineering solutions, has announced a Letter of Intent with Golar LNG Limited to advance a potential third Floating Liquefied Natural Gas (FLNG) conversion project. This collaboration builds on Seatrium’s successful delivery of two previous FLNG conversions for Golar, namely FLNG Hilli Episeyo in 2017 and FLNG Gimi in 2023.

The new project aims to finalise an Engineering, Procurement, and Construction (EPC) contract by the second half of 2026. Seatrium and Golar will work together on technical design development and project definition activities, supported by an upfront consideration for Seatrium’s efforts prior to the EPC contract execution.

The demand for LNG is expected to grow by approximately 65% by 2050, reaching nearly 700 metric tonnes per annum. As countries seek to enhance energy security, FLNG conversion is emerging as a flexible solution to unlock offshore gas resources, allowing for production, liquefaction, and export directly at sea.

Marlin Khiew, Executive Vice President of Seatrium Energy (Projects), expressed pride in partnering with Golar again, highlighting Seatrium’s proven track record in delivering complex floating gas solutions. Morten Skjong, Chief Technical Officer of Golar, emphasised the long-standing partnership with Seatrium and the potential for further FLNG projects.

With increasing LNG demand and interest in flexible gas monetisation solutions, Seatrium is well-positioned to support customers across the LNG value chain through its comprehensive engineering, conversion, and EPC capabilities.