Industry News

Oiltek International Limited has announced the acquisition of new contracts valued at RM37.2m across several global markets, including the Philippines, Africa, Pakistan, and Malaysia. These contracts, which will be fulfilled over the next 18 to 24 months, are expected to positively impact the company’s financial performance for the year ending 31 December 2026.

The contracts involve the design, fabrication, delivery, testing, and commissioning of various plants and systems. Specifically, Oiltek will construct a 200 metric tonnes per day (MTD) biodiesel plant in the Philippines, a 100 MTD physical refinery plant in Africa, a 100 MTD neutralisation plant in Pakistan, and a glycidyl esters mitigation system for an existing 700 MTD physical refinery plant in Malaysia.

Henry Yong Khai Weng, Executive Director and CEO of Oiltek, highlighted the company’s resilience and adaptability in securing these orders, which underscore the strength of its geographically diversified business. “Our expanding international footprint mitigates concentration risk and enhances revenue stability,” he stated.

With these new contracts, Oiltek’s current order book stands at approximately RM350m. The company, listed on the SGX Mainboard, continues to focus on delivering sustainable growth and creating long-term value for its shareholders through disciplined cost management and strong supply chain execution.

Uttar Pradesh Chief Minister Yogi Adityanath is in Singapore from 22 to 24 February 2026 to strengthen economic and strategic cooperation between Uttar Pradesh and Singapore. The visit is part of the India–Singapore Comprehensive Strategic Partnership Roadmap, focusing on economic cooperation, digitalisation, skills development, sustainability, connectivity, and advanced manufacturing.

During his visit, Adityanath will meet with Singapore’s political leaders, including Prime Minister Lawrence Wong, Foreign Affairs Minister Vivian Balakrishnan, Manpower Minister Tan See Leng, and President Tharman Shanmugaratnam. The agenda includes discussions with sovereign and institutional investors like Temasek and GIC, and business leaders in sectors such as data infrastructure, logistics, aviation services, and advanced manufacturing.

Key areas of focus include digital infrastructure and data centres, with Uttar Pradesh offering land near Noida International Airport for hyperscale and AI-enabled data infrastructure. The state is also exploring partnerships in aviation, maintenance, repair, and operations (MRO), and air cargo logistics, leveraging Singapore’s expertise. Skill development and technical and vocational education and training (TVET) collaboration are also on the agenda, alongside green energy and industrial development initiatives.

Uttar Pradesh, India’s most populous state, is experiencing rapid economic growth, with its Gross State Domestic Product projected to reach ₹36 lakh crore in 2025–26. Singapore remains a significant partner, being India’s largest source of foreign direct investment, contributing $14.94b in FY 2024–25.

The visit will conclude with the Invest UP Mega Roadshow, showcasing investment opportunities in digital infrastructure, aviation-linked industrial development, renewable energy, advanced manufacturing, and logistics. This initiative aims to position Uttar Pradesh as a competitive investment destination and establish structured follow-up mechanisms to convert high-level engagements into concrete projects.

Vicom Ltd has reported a substantial financial performance for the year ending 31 December 2025, with group revenue soaring by 40.1% to $167.4m. The company’s operating profit also saw a notable increase of 49.7%, reaching $51.8m, whilst net profit attributable to shareholders rose by 45.1% to $42.5m. A final dividend of 5.30 cents per share has been recommended.

The impressive financial results underscore Vicom’s robust operational strategies and market positioning. The company attributed its revenue growth to increased demand for its services, which has been reflected in the significant rise in operating profit.

The company’s financial statements reveal that total operating costs increased by 36.2% to $115.6m, driven by higher staff costs and contract services. Despite these rising costs, Vicom’s profit before taxation climbed by 45.7% to $52m, highlighting efficient cost management and operational effectiveness.

Looking ahead, Vicom’s strong financial performance positions it well for future growth and expansion. The recommended dividend reflects the company’s confidence in its ongoing profitability and commitment to rewarding its shareholders. As the company continues to build on its successes, stakeholders can anticipate further positive developments in the coming year.

CapitaLand Ascott Trust (CLAS) has announced the acquisition of three freehold rental housing properties in Southern Kanagawa, Greater Tokyo, Japan, for S$38.3m (JPY4.6b). The properties—Lime Residence Hiratsuka West, Lime Residence Hiratsuka East, and Live Casa Hiratsuka—were purchased from an unrelated third party and boast an average occupancy rate of over 95%, offering stable income with average lease terms of about two years.

The acquisition aligns with CLAS’s strategy to strengthen its presence in key markets and expand its living sector portfolio. Funded by JPY-denominated debt, the acquisition is expected to yield a blended net operating income entry yield of 4.1% and a 0.2% accretion in Distribution per Stapled Security (DPS) on a FY 2025 pro forma basis. Serena Teo, CEO of CapitaLand Ascott Trust Management Limited, stated, “The acquisition is in line with our strategy to strengthen CLAS’ presence in key markets whilst building a resilient portfolio anchored by stable and recurring income streams.”

Strategically located along the Sagami Bay coastline, the properties are well-connected to major transport hubs, with easy access to Yokohama and central Tokyo. This prime location is expected to attract strong corporate demand from nearby industrial areas, appealing to working professionals seeking an idyllic coastal lifestyle.

Following this acquisition, living assets will constitute 17.5% of CLAS’s portfolio value, with a medium-term target of 25%-30% in the living sector. CLAS continues to optimise its portfolio in Japan, having recently divested Citadines Central Shinjuku Tokyo for S$222.7m (JPY25b), and plans to reinvest in higher-yielding properties.

DBS has announced its first social loan for the healthcare sector, providing a S$72m (JPY 8.8b) facility to Parkway Life REIT (PLife REIT). The 10-year loan will fund elder care facilities in Japan, addressing the urgent demand for quality aged care services as the country’s population aged 65 or older reached a record 36.25 million in 2024, accounting for 30% of the population.

The loan is part of PLife REIT’s Sustainable Finance Framework, developed with DBS as the sole sustainable finance adviser. This framework aligns with international principles, including the Social Loan Principles, and supports projects in Singapore, Japan, and Europe. These projects focus on healthcare and eldercare infrastructure, energy efficiency, renewable energy, and climate-resilient improvements.

Yong Yean Chau, CEO of Parkway Trust Management Limited, highlighted the significance of this refinancing exercise, stating, “This refinancing exercise marks an important milestone in PLife REIT’s sustainable financing journey, as we undertake our inaugural 10-year social loan under the Sustainable Financing Framework.”

Eugene Hong, Head of Healthcare and Pharmaceuticals at DBS, emphasised the importance of sustainable financing in the healthcare sector, noting, “As DBS’ first social loan in the healthcare sector, this transaction demonstrates how a well-structured sustainable financing framework can move quickly from intent to impact.”

Shilpa Gulrajani, Head of Sustainable Finance at DBS, added, “Sustainable finance goes beyond addressing environmental challenges – it is increasingly also about delivering meaningful social impact.”

This initiative marks a significant step in addressing Japan’s demographic challenges and enhancing healthcare infrastructure through sustainable financing.

Singapura Finance Ltd has announced a significant financial performance for the year ending 31 December 2025, with profit after tax reaching $9.15m, a 50.2% increase compared to the previous year. This growth was driven by a substantial rise in net interest income and a reduction in interest expenses.

The company’s net interest income for the year increased by 25.8% to $29.24m, whilst interest expenses decreased by 10.5% to $27.51m. This improvement in net interest income was a key factor in the overall profit growth. Additionally, the company reported a notable reduction in allowances for impairment losses on loans and advances, contributing to the positive financial outcome.

Operating expenses saw an increase, with staff costs rising by 14.3% and depreciation of property, plant, and equipment up by 33.6%. Despite these increases, the total operating expenses were managed effectively, allowing the company to report a profit from operations before allowances of $10.40m, a 32.8% increase from 2024.

The company’s total comprehensive income for the year was $14.38m, significantly higher than the previous year’s $6.05m. This was partly due to fair value changes in debt investments, which added $5.23m to the comprehensive income.

Singapura Finance’s financial position remains robust, with total assets increasing to $1.53b from $1.31b in 2024. The company’s net asset value per share also rose to $1.66 from $1.60.

Looking ahead, Singapura Finance’s strong financial performance positions it well for future growth and stability in the financial sector.

CDL Hospitality Real Estate Investment Trust (H-REIT) and CDL Hospitality Business Trust (HBT) have announced the issuance of S$100m in 4% subordinated perpetual securities. These securities are part of a larger S$1.5b multicurrency debt issuance programme established by the trusts on 5 November 2025. The issuance was completed on 20 February 2026, following approval in-principle from the Singapore Exchange Securities Trading Limited (SGX-ST).

The perpetual securities, which are part of Series 002, will be listed and quoted on the SGX-ST’s Official List starting 23 February 2026. The SGX-ST’s approval in-principle does not imply any endorsement of the merits of the issuer or the securities themselves.

This issuance is not an offer to sell or a solicitation to buy the securities in any jurisdiction where such actions would be unlawful. The listing of these securities on the SGX-ST marks a significant step in CDL Hospitality Trusts’ ongoing financial strategy, providing them with greater flexibility in managing their capital structure.

Republic Power Group Limited, listed on Nasdaq under the symbol “RPGL”, has announced a 1-for-20 reverse share split of its Class A and Class B ordinary shares, effective from the start of trading on 23 February 2026. This strategic move aims to ensure compliance with Nasdaq’s minimum bid price requirement of $1.00 per share.

The reverse share split will see the Class A Ordinary Shares trade at approximately 20 times their pre-split price, although the company cannot guarantee this price will be maintained. The Class A shares will continue to trade under the symbol “RPGL” with a new CUSIP number, G7523E113. The par value of these shares will be adjusted from $0.000625 to $0.0125 per share.

The reverse share split will reduce the number of issued and outstanding Class A Ordinary Shares from 62,025,000 to approximately 3.1 million, subject to adjustments for fractional shares, which will be rounded up to the nearest whole share. Transhare Corporation has been appointed as the exchange and paying agent for the process.

Shareholders with shares in book-entry form or brokerage accounts do not need to take any action. Those with share certificates will receive instructions from Transhare Corporation regarding the exchange process. The board of directors approved the reverse share split on 2 February 2026.

Republic Power is a Singapore-based company engaged in developing customized enterprise resource planning (“ERP”) software solutions, consulting and technical support services, and peripheral hardware.

DHL Group has announced an expansion of its Airfreight Cold Chain Network, aimed at revolutionising the transport of temperature-sensitive healthcare products globally. This initiative is part of DHL’s €2 billion investment in its Health Logistics division, providing end-to-end visibility and enhanced logistics for the world’s leading healthcare and pharmaceutical companies.

The expansion includes a newly branded Boeing 777 freighter, marking DHL’s strategic focus on health logistics. Oscar de Bok, CEO of DHL Global Forwarding, Freight, stated, “Life sciences and healthcare companies expect cold chain solutions that are reliable, compliant, and transparent from end to end — and those expectations are rising fast.”

By reducing reliance on third-party carriers, DHL aims to improve product integrity and temperature control, enhancing supply chain resilience amidst geopolitical tensions and regulatory complexities. The network will initially connect major hubs such as Brussels and Cincinnati, with further routes planned across Europe, the Middle East, Asia, and Latin America.

The BRU-CVG corridor, linking the US Midwest with Europe’s advanced life sciences ecosystem, offers a seamless pathway for high-value biologics and time-critical therapies. This infrastructure establishes a resilient connection between two key healthcare markets.

Countries like India, Singapore, Japan, and Brazil are prioritised for further network expansion, ensuring compliance with strict regulatory requirements. The initiative supports DHL’s mission to provide fast, reliable transport of pharmaceutical products, focusing on patient safety and reducing packaging costs.

The dedicated Boeing 777 freighter, featuring the new “DHL Health Logistics” livery, underscores the company’s commitment to healthcare logistics, providing consistent capacity and reinforcing temperature management standards for sensitive shipments.

Singapore’s rental market experienced a notable increase in activity in January 2026, with condominium rental volumes rising by 11.7% and HDB flat rentals seeing a modest 0.8% increase, according to the latest report by 99.co and SRX. This surge is attributed to the post-holiday completion of deals and the influx of expatriates at the start of the corporate year.

Condominium rental prices saw a slight month-on-month increase of 0.6%, with the Core Central Region (CCR) and Outside Central Region (OCR) experiencing rises of 0.4% and 0.9%, respectively. Year-on-year, condo rental prices increased by 2.5%, with the CCR, Rest of Central Region (RCR), and OCR recording increases of 3.2%, 1.7%, and 2.2%, respectively. An estimated 6,708 condo units were rented in January, marking a 6.3% year-on-year increase, although this was 0.6% lower than the five-year average for January.

In contrast, HDB rental prices dipped by 0.3% compared to December 2025, with Mature and Non-Mature towns seeing decreases of 0.5% and 0.1%, respectively. Despite the price drop, overall HDB rental prices increased by 1.7% year-on-year. The report highlights that the significant 2026 Minimum Occupation Period (MOP) wave, with 13,484 flats reaching their five-year tenure, has contributed to increased supply and competition among landlords.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the influx of supply in the HDB market is likely to shift bargaining power towards tenants, potentially leading to longer-term market stabilisation. As the market adjusts, tenants may find more favourable conditions in the coming months.