Latest news with #Chee
Straits Times
2 days ago
- Business
- Straits Times
S'pore stock market climbs after MAS allocates $1.1b to 3 fund managers for small-cap investments
Find out what's new on ST website and app. The benchmark Straits Times Index closed on July 25 at around 4,261 points, buoyed by stocks such as DBS Bank, Yangzijiang Shipbuilding and DFI Retail Group. SINGAPORE – Whoever said the Singapore stock market was boring would have had to eat their words, given the amount of action that took place last week. For starters, the Monetary Authority of Singapore (MAS) on July 21 said it would allocate a combined $1.1 billion to three fund managers to invest in the local stock market. With MAS putting money to work through the fund managers, the hope is that others will follow suit. The three fund managers are Avanda Investment Management, Fullerton Fund Management and JP Morgan Asset Management, with the next batch of fund managers expected to be announced by the fourth quarter of 2025. The $1.1 billion is part of the $5 billion set aside under the Equity Market Development Programme announced by MAS in February, which allocates capital to a range of funds managed by local as well as foreign fund managers based in Singapore. Eligible fund strategies include those focused on Singapore equities, or with a significant allocation to them. MAS deputy chairman Chee Hong Tat said on July 21 that the asset managers should help crowd in private capital, and boost interest and liquidity in Singapore equities, particularly small to mid-cap companies. Mr Chee, who is also Minister for National Development, added that the aim is not just to inject funds into the Singapore market, but also to develop the fund management industry. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 The move helped to lift the benchmark Straits Times Index (STI) to an all-time high of 4,273 points on July 24. The blue-chip index closed on July 25 at around 4,261 points, buoyed by stocks such as DBS Bank, Yangzijiang Shipbuilding and DFI Retail Group. Smaller-cap stocks in the spotlight But it was the smaller, non-STI stocks like Nam Cheong, Oiltek International, Nanofilm Technologies and newly listed Lum Chang Creations that stole the spotlight last week. Nam Cheong jumped more than 27 per cent to close the week at 72 cents. Malaysia's biggest owner of offshore support vessels has recorded strong business performance in the past year and has three big long-term contracts worth RM1.7 billion (S$516.2 million). At 92 cents, Oiltek went up by 23.5 per cent through the week, after the company proposed a secondary listing on Bursa Malaysia. However, the company's chief executive Henry Yong said the proposed secondary listing is 'at a preliminary stage and will involve extensive preparatory work', and did not commit to a timeframe. Nanofilm closed on July 25 at 78 cents, up over 16 per cent through the week. This was despite mixed reviews from investors and analysts on its stock, which could have been influenced by matters such as reports of a potential acquisition of a minority stake in Sydrogen Energy, as well as tariff uncertainties. Lum Chang Creations had a great start on the Singapore Exchange's Catalist board on July 21, when it began trading at 30 cents and rose to as high as 33.5 cents through the day. It closed its first day at 30.5 cents, 22 per cent above its initial public offering price of 25 cents. The property revitalisation firm closed the week on July 25 at 38.5 cents. Other small-cap stocks such as Wee Hur, Frencken Group and iFast also jumped. Selling of a business and a resignation Shares of Singapore Post ended the week at 63 cents, down 2.33 per cent, despite having risen to a three-year high of 65.5 cents earlier in the week. On July 22, SingPost announced the sale of its entire freight forwarding business, Famous Holdings, for about $177.9 million. The move is part of the company's strategy, announced in March 2024, to 'divest non-core assets and businesses to recycle capital'. The sale resulted in an estimated realised gain on disposal of $10.5 million and about $104 million in cash for the company. Maybank analyst Jarick Seet told The Straits Times that the monetisation of assets will continue to be the key for share price performance for SingPost. He added that the company is also looking to sell its flagship retail-commercial mixed development SingPost Centre in Paya Lebar Central, but he expects that to happen only in 2026. Catalist-listed Aoxin Q&M Dental ended the week up 4.3 per cent at 4.9 cents, after announcing on July 22 the resignation of its executive director and chief executive Shao Yongxin. The company's audit committee received a whistle-blower report against Dr Shao on July 21, and said it had launched an investigation into the matter. Aoxin cited 'differences in views and opinions' with its parent, mainboard-listed Q&M Dental Group, regarding the strategic direction of the dental business as the reason for Dr Shao's resignation. Other market movers Shares of ComfortDelgro jumped by more than 13 per cent through the week, closing on July 25 at $1.64, levels not seen since 2021. This came after Maybank analyst Eric Ong issued a July 25 report calling the stock a 'massive laggard' excluded from the recent 'super-charged' market rally. He noted that the transport provider continues to deliver 'respectable' earnings growth and a decent yield of almost 6 per cent, and could also be one of the 'prime candidates' to benefit from MAS' fund allocation initiative. DFI rose 13.5 per cent through the week to close on July 25 at US$3.54, after announcing that its underlying profit rose 38.9 per cent to US$105 million (S$134.5 million) for the first half ended June 30, from US$75.6 million in the same period the year before. The supermarket and retail store operator attributed the profit growth to lower financing costs and an improved showing in its health and beauty, and food segments, among other factors. Sales in DFI's health and beauty segment grew 4 per cent on the year to US$1.3 billion and profit grew 8 per cent to US$109 million on a like-for-like basis. ST Engineering's stock reached a new high of $8.94 on July 24 before closing the week at $8.87. This was after it announced on July 23 that it had secured about $4.7 billion worth of new contracts in the second quarter of 2025. These comprised $1.5 billion from its commercial aerospace segment, $1.5 billion from its defence segment and $1.7 billion from urban solutions. Another stock that did well was Keppel DC Reit, which closed the week at $2.32, up by 1.3 per cent. This came after it reported on July 25 strong financial performance for the first half ended June 30, with a 57.2 per cent year-on-year jump in distributable income at $127.1 million. This was driven by the acquisition of data centres Keppel DC Singapore 7 and 8 and Tokyo Data Centre 1, alongside contract renewals. Distribution per unit for the first half of 2025 increased 12.8 per cent year on year to 5.133 cents. Engineering firm Hiap Seng Industries more than doubled in value after it announced on July 23 that Indonesian petrochemical producer Chandra Asri had purchased an 11.9 per cent stake in the company. Shares of the steel fabrication service provider closed on July 25 at 3.9 cents, more than triple its value at the start of the week. What to look out for this week Several results and business updates are expected this week. Great Eastern, Mapletree Industrial Trust, Raffles Medical, CapitaLand Ascott Trust, Seatrium and OCBC Bank are among those expected to announce earnings for the first half of financial year 2025, while Singapore Airlines will give its business update for the first quarter of financial year 2025/2026 on July 28.
New Paper
3 days ago
- Business
- New Paper
Nearly half of Tengah's 30,000 planned flats ready by end-2025: Chee Hong Tat
Close to 12,000 Housing Board flats in Tengah have been completed, comprising around 40 per cent of the 30,000 flats launched so far in the new town. Minister for National Development Chee Hong Tat gave this update on July 26 at HDB Community Day, adding that almost half of the planned 30,000 flats in Tengah will be completed by the end of 2025. Speaking at Plantation Plaza in Tengah, Mr Chee said the planning of the new town gave residents opportunities to share ideas for the estate before moving in. "We will continue to work together with our grassroots advisers and community leaders to listen to your views and your feedback as we build up the town. Learning from the positive experience, this is the approach we will also take for other new estates in the future," he said. Since 2019, more than 6,500 Tengah home buyers from 22 precincts have given their feedback via HDB's Tengah Sensing surveys. More than 13,000 Tengah residents have also provided insights and helped shape HDB's plans for the new town, said Mr Chee. "For example, the sheltered linkways and cycling paths that we planned for Tengah were well received by many residents, who shared with us the importance of connectivity infrastructure. "These features are integrated into the design of Tengah's transport routes, so residents can walk and cycle safely throughout the town," said the minister. Noting residents' feedback on the need for more convenient access to amenities, Mr Chee said several key facilities have been developed, and more schools, places of worship and healthcare facilities will be built. By end-2026, a total of eight new bus services will be introduced in Tengah and Brickland, he said, adding that two of them will begin operations by the end of 2025. One of these is bus service 872, which will connect residents to the East-West Line at Chinese Garden MRT station from August 2025. Mr Chee said the opening of Plantation Plaza means Tengah residents will have more access to food options and other necessities, with 69 out of 75 shops now open. He said the remaining six shops are expected to be operational by this quarter. Tengah's second neighbourhood centre, Parc Point, will begin operating in the first quarter of 2026, added the minister. "Parc Point will be a vibrant hub, with a new polyclinic and over 40 shops offering a wide range of dining and retail options, all within convenient reach of Tengah Bus Interchange," he said. While it is important to have good infrastructure in place, Mr Chee noted, a town is more than its buildings and hardware alone. "It is the residents, it is the people, who are living here and use the facilities, who call this home and bring this town Tengah to life." One such Tengah resident was 16-year-old Phoebe Tan, who received the Friends of Our Heartlands award on July 26 for her contributions to the new town. She was part of the team of volunteers who launched School's Out, Fun's In @ Tengah, a programme held in November 2024 that transformed void decks in Tengah into stations with games such as hopscotch. Since 2019, more than 6,500 Tengah home buyers from 22 precincts have given their feedback via HDB's Tengah Sensing surveys. ST PHOTO: BRIAN TEO Phoebe, a secondary school student who lives in Tengah with her parents and two siblings, said: "We organised it in such a way that each void deck had one station game, so residents could familiarise themselves with different parts of Tengah as they played the games." She added: "I don't think anyone is ever too young to start on something they are passionate about. For me, I wanted to be caring and do something for this community." Tengah resident Madhavan Ramakrishnan, 34, a piping designer, also took home the Friends of Our Heartlands award. He was among the volunteers who created a life-size version of Snakes And Ladders for residents at HDB Community Day. The game includes tips on how to be good neighbours, he said, such as reminders to be considerate by keeping public spaces clean. Mr Ramakrishnan moved to Tengah in 2024 with his wife, who is now pregnant, and their four-year-old daughter. He said: "I just wanted to help Tengah grow into a community, and let my kids grow up in a neighbourly home."
AsiaOne
4 days ago
- Business
- AsiaOne
Almost half of planned 30,000 flats in Tengah to be completed by end-2025: Chee Hong Tat, Singapore News
SINGAPORE — Close to 12,000 Housing Board flats in Tengah have been completed, comprising around 40 per cent of the 30,000 flats launched so far in the new town. Minister for National Development Chee Hong Tat gave this update on July 26 at HDB Community Day, adding that almost half of the planned 30,000 flats in Tengah will be completed by the end of 2025. Speaking at Tengah Community Club, Chee said the planning of the new town gave residents opportunities to share ideas for the estate before moving in. 'We will continue to work together with our grassroot advisors and community leaders to listen to your views and your feedback as we build up the town. Learning from the positive experience, this is the approach we will also take for other new estates in the future,' he said. For instance, since 2019, over 6,500 Tengah homebuyers from 22 precincts gave their feedback via HDB's Tengah Sensing surveys. More than 13,000 Tengah residents also provided insights and helped shaped HDB's plans for the new town, said Chee. 'For example, the sheltered linkways and cycling paths that we planned for Tengah were well-received by many residents, who shared with us the importance of connectivity infrastructure. These features are integrated into the design of Tengah's transport routes, so residents can walk and cycle safely throughout the town,' said the minister. Noting residents' feedback on the need for more convenient access to amenities, Chee said several key facilities have been developed, and more schools, places of worship and healthcare facilities will be built. By end-2026, a total of eight new bus services will be introduced in Tengah and Brickland, said the minister, adding that two of which will commence operations by the end of this year. One of these is bus service 872, which will connect residents to the East-West Line at Chinese Garden MRT station from August 2025. While it is important to have good infrastructure in place, Chee noted that a town is more than its buildings and hardware alone. 'It is the residents, it is the people, who are living here and use the facilities, who call this home and bring this town Tengah to life.' One such Tengah resident was 16-year-old Phoebe Tan, who received the Friends of Our Heartlands award on July 26 for her contributions to the new town. She was part of the team of volunteers who launched School's Out, Fun's in @ Tengah, a programme held in November 2024 that transformed void decks in Tengah into stations with games such as hopscotch. Tan, who lives in Tengah with her parents and two siblings, said: 'We organised it in such a way that each void deck had one station game, so residents could familiarise themselves with different parts of Tengah as they played the games.' She added: 'I don't think anyone is ever too young to start on something they are passionate about. For me, I wanted to be caring and do something for this community.' ALSO READ: HDB launches 10,209 BTO and balance flats, as priority scheme for singles kick in This article was first published in The Straits Times . Permission required for reproduction.
Straits Times
4 days ago
- Business
- Straits Times
Almost half of planned 30,000 flats in Tengah to be completed by end-2025: Chee Hong Tat
Since 2019, over 6,500 Tengah homebuyers from 22 precincts gave their feedback via HDB's Tengah Sensing surveys. SINGAPORE - Close to 12,000 Housing Board flats in Tengah have been completed, comprising around 40 per cent of the 30,000 flats launched so far in the new town. Minister for National Development Chee Hong Tat gave this update on July 26 at HDB Community Day, adding that al most half of the planned 30,000 flats in Tengah will be completed by the end of 2025. Speaking at Tengah Community Club, Mr Chee said the planning of the new town gave residents opportunities to share ideas for the estate before moving in. 'We will continue to work together with our grassroot advisors and community leaders to listen to your views and your feedback as we build up the town. Learning from the positive experience, this is the approach we will also take for other new estates in the future,' he said. For instance, since 2019, over 6,500 Tengah homebuyers from 22 precincts gave their feedback via HDB's Tengah Sensing surveys. More than 13,000 Tengah residents also provided insights and helped shaped HDB's plans for the new town, said Mr Chee. 'For example, the sheltered linkways and cycling paths that we planned for Tengah were well-received by many residents, who shared with us the importance of connectivity infrastructure. Top stories Swipe. Select. Stay informed. Asia Cambodia calls for ceasefire with Thailand after deadly clashes Asia Behind deadly Thai-Cambodian clashes, a bitter spat between two dynastic leaders Multimedia Lights dimmed at South-east Asia's scam hub but 'pig butchering' continues Business How parents can prevent disputes over their properties Sport Mikkel Lee gets back up to speed as Singapore swimmers eye 2028 Olympics spots Business Banking and finance jobs will change but won't disappear as AI becomes the new normal: Accenture Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly These features are integrated into the design of Tengah's transport routes, so residents can walk and cycle safely throughout the town,' said the minister. Noting residents' feedback on the need for more convenient access to amenities, Mr Chee said several key facilities have been developed, and more schools, places of worship and healthcare facilities will be built. By end-2026, a total of eight new bus services will be introduced in Tengah and Brickland, said the minister, adding that two of which will commence operations by the end of this year. One of these is bus service 872, which will connect residents to the East-West Line at Chinese Garden MRT station from August 2025. While it is important to have good infrastructure in place, Mr Chee noted that a town is more than its buildings and hardware alone. 'It is the residents, it is the people, who are living here and use the facilities, who call this home and bring this town Tengah to life.' One such Tengah resident was 16-year-old Phoebe Tan, who received the Friends of Our Heartlands award on July 26 for her contributions to the new town. She was part of the team of volunteers who launched 'School's Out, Fun's in @ Tengah', a programme held in November 2024 that transformed void decks in Tengah into stations with games such as hopscotch. Ms Tan, who lives in Tengah with her parents and two siblings, said: 'We organised it in such a way that each void deck had one station game, so residents could familiarise themselves with different parts of Tengah as they played the games.' She added: 'I don't think anyone is ever too young to start on something they are passionate about. For me, I wanted to be caring and do something for this community.'
San Francisco Chronicle
16-07-2025
- San Francisco Chronicle
State suspends fireworks licenses after deadly Yolo County explosion
The Office of the State Fire Marshal suspended the pyrotechnic licenses of the owners of two fireworks companies that had ties to a Yolo County warehouse that exploded earlier this month, killing seven workers, authorities said Tuesday. The state suspended the licenses of Kenneth Chee, 48, the owner and CEO of Devastating Pyrotechnics, and Craig Cutright, who owns Blackstar Fireworks and has worked as a volunteer firefighter for the Esparto Fire Protection District. The Fire Marshal's office is leading the investigation into the deadly explosion. A Chronicle investigation earlier this month found that Chee was denied a license by the Bureau of Alcohol, Tobacco, Firearms and Explosives to acquire or possess fireworks. But for many years, Chee continued to grow his business and put on Fourth of July and New Year's displays for cities around the state. Cutright was once listed as a part of Devastating Pyrotechnics' administrative staff. Last week, police raided a San Francisco home, with the address listed known as Chee's former home. The explosion at the Esparto facility, located 35 miles northwest of Sacramento, occurred on July 1 and engulfed the building in flames. A blaze soon followed, which Cal Fire named the Oakdale Fire, quickly spreading into nearby vegetation along Highway 16 and Oakdale Ranch Lane. Smoke plumes appeared to rise more than 15,000 feet into the air, and the fire was eventually contained after burning approximately 78 acres. Seven people were killed in the explosion. Cal Fire officials said Tuesday that their arson and bomb investigators have completed their evidence collection from the explosion site. "We continue to remain laser focused on this investigation as the family and the community deserve answers. The effort to find the cause can take time, and it is our responsibility to ensure we provide a thorough and accurate investigation." said Chief Daniel Berlant, California State Fire Marshal in a statement.
