Latest news with #Seatrium
Straits Times
9 hours ago
- Business
- Straits Times
Singapore shares dragged by Singtel, Seatrium declines; STI down 1.1%
Sign up now: Get ST's newsletters delivered to your inbox Losers outpaced gainers 388 to 204 on bumper trade of 1.6 billion securities worth $1.9 billion. SINGAPORE – Local shares took yet another hit on July 31 after investors bailed out of index heavyweights Singtel and Seatrium. The selloff sent the Straits Times Index (STI) down 1.1 per cent or 45.64 points to 4,173.77 – it's fifth straight day of decline – while losers outpaced gainers 388 to 204 on bumper trade of 1.6 billion securities worth $1.9 billion. Seatrium was the STI's biggest decliner, slumping 5.4 per cent to $2.27 with 42 million shares done. Investors ignored the offshore and marine specialist's strong first-half results posted earlier in the day, as sentiment remained dented by news that it would pay more than $240 million in fines to Brazilian and Singaporean authorities to settle corruption offences. Singtel was another notable decliner, dropping 3 per cent to $3.88 after trading in the stock went ex-dividend. Keppel led the blue-chip gainers, rising 3.5 per cent to $8.47 after the asset manager posted a 24.2 per cent increase in net profit to $377.7 million for the first half ended Jun 30. The banks closed lower. DBS shed 0.7 per cent to $47.91, OCBC fell 1 per cent to $16.87 and UOB was off 0.9 per cent at $36.19. Top stories Swipe. Select. Stay informed. Singapore No entry: ICA to bar high-risk, undesirable travellers from boarding S'pore-bound ships, flights Singapore 5 foreign women suspected of trafficking 27kg of cocaine nabbed in Changi Airport Singapore Over half of job applications by retrenched Jetstar Asia staff led to offers or interviews: CEO Singapore 17-member committee to drive roll-out of autonomous vehicles in Singapore Business Singapore gold investment soars 37% to 2.2 tonnes in Q2 while jewellery demand wanes Singapore Underground pipe leak likely reason for water supply issues during Toa Payoh fire: Town council Multimedia 60 years, 60 items: A National Day game challenge Singapore 'Switching careers just as I became a dad was risky, but I had to do it for my family' Most regional markets were down, mirroring the lacklustre session on Wall Street overnight on talk that interest rate levels are staying put for a while. The S&P 500 dipped 0.1 per cent and the Dow Industrials dropped 0.4 per cent while the Nasdaq put on 0.1 per cent but it is tipped to soar on sky-high earnings from Meta and Microsoft announced after markets closed. Greater China equities led the regional declines, with the mainland's blue-chip CSI 300 falling 1.8 per cent. Hong Kong's Hang Seng ended 1.6 per cent lower, South Korea's Kospi dipped 0.3 per cent and the ASX 200 in Australia slid 0.2 per cent.
Business Times
10 hours ago
- Business
- Business Times
Singapore shares dragged by Singtel, Seatrium declines; STI down 1.1%
[SINGAPORE] Local stocks declined for the fifth straight session on Thursday (Jul 31), amid heavy selling in index heavyweights Singtel and Seatrium . The benchmark Straits Times Index (STI) lost 1.1 per cent or 45.64 points to end at 4,173.77. Across the broader market, losers outnumbered gainers 388 to 204, with around 1.6 billion securities worth S$1.9 billion transacted. Seatrium was the biggest decliner on the STI, slumping 5.4 per cent or S$0.13 to S$2.27 with nearly 42 million shares having changed hands. Investors ignored the offshore and marine specialist's strong first-half results posted earlier in the day, as sentiment remained dented by news that it would pay more than S$240 million in fines to Brazilian and Singaporean authorities to settle corruption offences. Singtel was another notable decliner, dropping 3 per cent or S$0.12 to end at S$3.88 after trading in the company's shares went ex-dividend. Around 17 million securities were transacted. The telco giant's final dividend of S$0.10 a share for the financial year ended Mar 31 will be paid out on Aug 19, with Jul 31 as the final ex-dividend date. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Keppel , meanwhile, was the top blue-chip gainer. It rose 3.5 per cent or S$0.29 to S$8.47 after the asset manager posted a 24.2 per cent increase in net profit to S$377.7 million for the first half ended Jun 30. The trio of local banks closed lower. DBS shed 0.7 per cent or S$0.35 to end at S$47.91, OCBC fell 1 per cent or S$0.17 to S$16.87, and UOB was down 0.9 per cent or S$0.33 at S$36.19. Across the broader Asia region, most markets were down while the US dollar held most of its gains after the Federal Reserve held interest rates steady. Greater China equities led the declines, with the mainland's blue-chip CSI 300 index falling the most, by 1.8 per cent. Hong Kong's Hang Seng Index ended 1.6 per cent lower, and South Korea's Kospi dipped 0.3 per cent. Japan's Nikkei 225 snapped a four-session losing streak to advance 1 per cent. Taiwan's Taiex also closed higher, by 0.3 per cent.
Singapore Law Watch
16 hours ago
- Business
- Singapore Law Watch
Seatrium to pay $168m to Brazilian authorities, $73m to Singapore authorities to settle corruption case
Seatrium to pay $168m to Brazilian authorities, $73m to Singapore authorities to settle corruption case Source: Straits Times Article Date: 31 Jul 2025 Author: Sue-Ann Tan The deferred prosecution agreement, signed on July 30 with the Singapore authorities, is subject to approval by the Singapore High Court. Singapore-listed Seatrium will pay financial penalties to the Brazilian and Singapore authorities totalling $241.7 million to settle a long-drawn corruption probe in Brazil. The offshore and marine company, which was then Sembcorp Marine, became implicated in Operation Car Wash, a major corruption scandal in Brazil, which involved allegations of paying bribes to secure contracts. It made the announcement on July 30, a day before the company is due to release its earnings for the first half of the 2025 financial year. In a filing to the Singapore Exchange on July 30, Seatrium said it has signed a leniency agreement with Brazil's public prosecutor's office and will sign an equivalent agreement with other authorities, under both of which it will pay a final settlement of around $168.4 million. It was also required to pay a penalty of US$110 million (S$141.5 million) to the Singapore authorities, under a deferred prosecution agreement entered with the Attorney-General's Chambers (AGC) in Singapore. However, the AGC has agreed for up to a maximum of US$53 million of the payment to the Brazilian authorities to be credited against the financial penalty here. As such, the amount payable by Seatrium under the deferred prosecution agreement will be US$57 million (S$73.3 million). The deferred prosecution agreement, signed on July 30 with the Singapore authorities, is subject to approval by the Singapore High Court. With this announcement, Seatrium said that the Monetary Authority of Singapore and the Singapore police's Commercial Affairs Department have concluded their joint investigations into potential offences. 'No action will be taken against the company and/or its officers,' Seatrium said. The AGC in a separate announcement on July 30 said that Seatrium will be required to review and make further improvements to its ethics and compliance programme to reduce the risk of a recurrence of any similar conduct. If Seatrium subsequently fails to comply with the terms of the deferred prosecution agreement as approved by the High Court, the public prosecutor may apply to the High Court to terminate the agreement. In that event, the public prosecutor may initiate criminal proceedings against Seatrium in respect of the alleged offences. Seatrium shares rose 0.84 per cent, or two cents, to $2.40 at the close on July 30, after the announcements. This is after the company lifted a trading halt around 11.20am that it had called for before the market opened earlier. The company said in its July 30 statement that it has made provisions in its financial statements for the in-principle settlement payment and financial penalty. 'Following the finalised agreements with the Brazilian and Singapore authorities, the company has reversed a provision of $14 million in its financial statements for the financial period ended June 30 to take into account the finalised settlement payment and financial penalty, current exchange rates and other expenses,' it added. 'There is therefore no material impact on the net earnings and net tangible asset per share of the group for the financial year ending Dec 31.' Seatrium added that it is 'keen to move forward' and to ride on the energy market tailwinds to create transformative offshore energy solutions globally and ultimately deliver long-term sustainable growth. 'The company wishes to emphasise that it remains committed to the highest standards of corporate governance and business integrity, including zero tolerance for fraud, bribery and corruption,' it said. It added that it has put robust policies and procedures in place to instil the highest standards of discipline, ethics and compliance across its global operations. Morningstar analyst Lee Chok Wai, who is also director of equity research, said the outlook for the offshore industry remains positive. 'We expect a gradual margin recovery for Seatrium as it learns from previous project cost overruns and focuses on series-build projects to improve cost-efficiencies,' he said. He added that the long-term prospects for Seatrium are still looking bright. The analyst's fair value estimate for the stock stands at $2.92, which still indicates an attractive upside for the shares, he said. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Business Times
17 hours ago
- Business
- Business Times
Seatrium shares tumble 5.4% after fines, despite strong H1 results
[SINGAPORE] Shares of Seatrium dived 5.4 per cent shortly after market open on Thursday (Jul 31) despite posting strong results for the first half of 2025 . On Wednesday, the engineering solutions provider announced that it would pay S$240 million in fines to Brazilian and Singaporean authorities to settle corruption offences. The counter dropped to S$2.27 at 10.19 am – a fall of 5.4 per cent or S$0.13 from its Wednesday closing price of S$2.40. With 23.9 million shares changing hands, it was the most-traded stock by volume on the Singapore Exchange as at 10.19 am. For the six months ended Jun 30, Seatrium's net profit surged 301.3 per cent to S$144.4 million, while revenue was up 33.7 per cent at S$5.4 billion.
Business Times
18 hours ago
- Business
- Business Times
Seatrium falls 5.4% after fines, despite strong H1 results
[SINGAPORE] Shares of Seatrium dived 5.4 per cent shortly after market open on Thursday (Jul 31) despite strong H1 2025 results. The company announced on Wednesday (30 Jul) that it would pay S$240 million in fines to authorities in Brazil and Singapore to settle corruption offences. The counter dropped to S$2.270 as at 10.19 am with 23.9 million shares changing hands. It was down S$0.130 or 5.4 per cent from Wednesday's closing price of S$2.400. It was the most traded stock by volume on the SGX as at 10.19 am.
