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Business Times
5 days ago
- Business
- Business Times
Stocks to watch: OCBC, Amara, Valuetronics
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (May 28). OCBC : The bank announced on May 27 key leadership changes to its global wholesale banking franchise, to take effect on Oct 1. Among the changes, Elaine Heng, now OCBC's group chief strategy and transformation officer, will succeed Linus Goh, the current head of global commercial banking, who retires on Sep 30. Shares of OCBC closed 0.9 per cent or S$0.14 higher at S$16.31 on Tuesday. Amara : The independent financial adviser appointed for the takeover bid for the hotel group has deemed the offer at S$0.895 a share to be 'fair and reasonable'. It has advised the company's directors considered to be independent to recommend shareholders to accept the offer. Shares of Amara closed up 1.1 per cent or S$0.01 at S$0.90 on Tuesday. Valuetronics : Electronics manufacturing services provider Valuetronics posted a net profit of HK$79.9 million (S$13.1 million), up 3.1 per cent from HK$77.4 million in the year-go period. Its counter gained 2.9 per cent or S$0.02 to settle at S$0.70 on Tuesday, before the news. Trading halt CapitaLand Ascendas Real Estate Investment Trust (Reit) : The manager of the trust announced in a bourse filing on Wednesday morning for trading of shares to be halted with immediate effect. It also announced the proposed acquisitions of two Singapore properties. The counter ended Tuesday 0.4 per cent or S$0.01 higher at S$2.61. Econ Healthcare (Asia ): The Catalist-listed nursing operator said on May 28 that trading of shares will be suspended 'on and from' 9 am on Wednesday. It was previously reported that US private equity firm TPG, through its special purpose vehicle, is looking to take Econ Healthcare private. Shares of Econ Healthcare closed flat at S$0.35 on Tuesday.
Straits Times
5 days ago
- Business
- Straits Times
Elaine Heng to succeed Linus Goh as OCBC's head of global commercial banking
Ms Elaine Heng, OCBC's group chief strategy and transformation officer, will succeed head of global commercial banking Linus Goh who retires on Sept 30. PHOTO: OCBC Elaine Heng to succeed Linus Goh as OCBC's head of global commercial banking SINGAPORE – OCBC Bank announced on May 27 key leadership changes to its global wholesale banking franchise, to take effect on Oct 1. Ms Elaine Heng, now OCBC's group chief strategy and transformation officer, will succeed Mr Linus Goh, the current head of global commercial banking who retires on Sept 30. Mr Tan Yuen Siang, currently OCBC's head of global financial institutions, will join the global wholesale banking leadership team. Both Ms Heng and Mr Tan Yuen Siang will report to Mr Tan Teck Long, the head of global wholesale banking. Mr Tan Yuen Siang will retain his title, but report directly to Mr Tan Teck Long under global wholesale banking. Currently, he reports to Mr Goh, who oversees global financial institutions as well. Ms Heng joined OCBC in April 2024, and became group chief strategy and transformation officer in November of that year. Before OCBC, she was chief executive officer of retail business and deputy group chief executive officer at FairPrice Group; prior to that, she spent almost two decades in banking. Mr Tan Yuen Siang joined OCBC in 2005 and has, since 2021, led its global financial institutions business, expanding partnerships with non-bank financial institutions. Mr Linus Goh joined OCBC in April 2004 as head of international and was instrumental in the bank's growth within Asean and Greater China. In 2008, he took on leadership responsibilities for the commercial banking and global financial institutions divisions. The bank said he played a 'critical role' in growing its global financial institutions business, clocking a strong operating profit growth of nearly 40 per cent over the past three years, driven by the growth of the global funds and Greater China financial institutions sectors. Ms Helen Wong, the bank's group CEO, said Mr Goh 'built and nurtured a high-performing commercial banking team and has made strong contributions to the broader Singapore banking industry, championing SME (small and medium-sized enterprise) development, digital innovation and sustainable finance'. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
