MSCI also removed CDL, Jardine C&C, Mapletree Logistics Trust and more.
SINGAPORE - Seatrium’s strategy to raise the investment profile of the company via a share consolidation received a blow on May 15 when the stock fell sharply following its removal from the closely watched MSCI index.
MSCI also removed City Developments Limited , Jardine Cycle & Carriage, Mapletree Logistics Trust and Mapletree Pan Asia Commercial Trust as Singapore components of its index. All fell for the day – CDL by 2.2 per cent to $5.80, Jardine C&C by 4.3 per cent to $26.81, MLT by 3.7 per cent to $1.31 and Mpact by 1.6 per cent to $1.22.
Seatrium chief executive Chris Ong had said the share consolidation would stamp out short-sellers and make the stock “a lot more attractive” to institutional investors who can focus on the stock’s “growth forward rather than the burden of what’s behind”. On April 29, the group announced a $100 million share buyback programme where it would buy back up to a maximum of 2 per cent of total issued shares – news that boosted the counter by as much as 5.6 per cent on the same day.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seatrium initiates $100m share buyback programmepstrongThe programme could take over a year to complete./strong/p pSeatrium launched a $100m share buyback programme to buy back 2% of its total issued shares via open market purchases./p pThe company said the programme could take over a year to complete, depending on the prices at which shares are repurchased.
Read more »
Seatrium, A*STAR team up to study new energies for offshore and marine sectorpstrongThey will look into opportunities in new energies and AI that may help the Offshore and Marine industry./strong/p pSeatrium Limited and the Agency for Science, Technology and Research (A*STAR) have signed a deal on the exploration of opportunities to enhance the Offshore and Marine (O&M) sector.
Read more »
Seatrium addresses overall director fees, commits to ‘highest standards of compliance’Among those was the 23% hike in the company’s total director fees...
Read more »
Seatrium and ABS ink 3-year deal to green maritime and offshore sectorspstrongThe agreement will focus on four key areas./strong/p pSeatrium signed a three-year Technology Collaboration Agreement (TCA) with ABS (American Bureau of Shipping) to accelerate decarbonisation and energy transition in the maritime and offshore sectors.
Read more »
CDL acquires Hilton Paris Opéra acquisition for $350.2mpstrongHilton Paris Opéra is CDL's third and largest hotel in Paris. /strong/p pCopthorne Hotel Holdings Limited, a wholly-owned subsidiary of City Developments Limited (CDL), has acquired Hilton Paris Opéra Hotel for $350.2m. /p pHilton Paris Opéra is CDL’s third and largest hotel in Paris.
Read more »