Latest news with #Temasek-owned
Business Times
2 days ago
- Business
- Business Times
iFast plunges 8.5% after Temasek-linked shareholder offloads S$131 million worth of shares
[SINGAPORE] Shares of iFast plunged on Tuesday (Aug 19), as substantial shareholder CP Invest – a subsidiary of Temasek-owned Cuscaden Peak Investments – reduced its stake in the company. The counter was down 11.3 per cent or S$1.11 at S$8.66 as at 9.09 am, after closing at S$9.77 the previous day. It was the biggest drop since Apr 28, with the stock nearly up 20 per cent in the year to date. It pared some of the losses over the day to close 8.5 per cent down at S$8.94, with nearly 23.2 million shares having changed hands. CP Invest sold about 14.4 million iFast shares at a 6.7 per cent discount to the previous day's closing price, worth about S$130.9 million. Morgan Stanley and UBS arranged the deal, said iFast in a bourse filing on Tuesday. It added that this meant CP Invest's stake in iFast would shrink from about 9.6 per cent to 4.9 per cent. This means CP Invest will cease to be a substantial shareholder of iFast. CGS International analyst Tay Wee Kuang said investors are likely taking this as a sign that iFast is 'fairly valued' at S$9.77. He added that it is likely that they are taking in profit, especially after iFast's strong second-quarter results and run-up in recent months. 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 '(CP Invest) still have 15 million shares, which some investors may view as an overhang to the share price as they could sell it at a lower price going forward if they want to monetise their stake quickly,' he added. Prior to the latest block deal, CP Invest also pared its iFast stake in January and February. Tuesday's sell-off comes a day after iFast Pay Malaysia, a Malaysia-incorporated subsidiary of iFast, received in-principle approval from Bank Negara Malaysia to operate as an electronic money issuer and hold a Money Services Business Class A licence. Both DBS and CGS International reiterated calls to 'buy' and 'add' on Jul 29, with target prices of S$10 and S$9.20, respectively, after iFast's Q2 results. The approval was described as a 'regulatory milestone' by the subsidiary on Monday.
Business Times
2 days ago
- Business
- Business Times
iFast plunges over 11% after Temasek-linked shareholder offloads S$131 million worth of shares
[SINGAPORE] Shares of iFast plunged minutes after the market opened on Tuesday (Aug 19), as major shareholder CP Invest – a subsidiary of Temasek-owned Cuscaden Peak Investments – reduced its stake in the company. The counter was down 11.3 per cent or S$1.11 at S$8.66 as at 9.09 am, after closing at S$9.77 the previous day. It was the biggest drop since Apr 28, with the stock nearly up 20 per cent in the year to date. CP Invest sold about S$130.9 million worth of iFast shares at a 6.7 per cent discount to the previous day's closing price. Morgan Stanley and UBS arranged the deal, according to Bloomberg. CGS International analyst Tay Wee Kuang said investors are likely taking this as a sign that iFast is 'fairly valued' at S$9.77. He added that it is likely that they are taking in profit, especially after iFast's strong second-quarter results and run-up in recent months. '(CP Invest) still have 15 million shares, which some investors may view as an overhang to the share price as they could sell it at a lower price going forward if they want to monetise their stake quickly,' he added. Prior to the latest block deal, CP Invest also pared its iFast stake in January and February. Tuesday's sell-off comes a day after iFast Pay Malaysia, a Malaysia-incorporated subsidiary of iFast, received in-principle approval from Bank Negara Malaysia to operate as an electronic money issuer and hold a Money Services Business Class A licence. Both DBS and CGS International reiterated calls to 'buy' and 'add' on Jul 29, with target prices of S$10 and S$9.20, respectively, after iFast's Q2 results. The approval was described as a 'regulatory milestone' by the subsidiary on Monday.
Business Times
2 days ago
- Business
- Business Times
iFast plunges over 11% after major shareholder offloads S$140 million worth of shares
[SINGAPORE] Shares of iFast plunged minutes after the market opened on Tuesday (Aug 19) as its second-largest shareholder reduced its stake in the company. The counter was down 11.3 per cent or S$1.11 at S$8.66 as at 9.09 am, after closing at S$9.77 the previous day. The drop comes after CP Invest offloaded about S$140 million worth of iFast shares at a 6.6 per cent discount to the previous day's closing price. Morgan Stanley and UBS arranged the deal, according to Bloomberg. CGS International analyst Tay Wee Kuang said investors are likely taking this as a sign that iFast is 'fairly valued' at S$9.77. He added that it is likely that they are taking in profit, especially after iFast's strong second-quarter results. '(CP Invest) still have 15 million shares, which some investors may view as an overhang to the share price as they could sell it at a lower price going forward if they want to monetise their stake quickly,' he added. A subsidiary of Temasek-owned Cuscaden Peak Investments, CP Invest also pared its iFast stake in January and February. Tuesday's sell-off comes a day after iFast Pay Malaysia, a Malaysia-incorporated subsidiary of iFast, received in-principle approval from Bank Negara Malaysia to operate as an electronic money issuer and hold a Money Services Business Class A licence. Both DBS and CGS International reiterated calls to 'buy' and 'add' on Jul 29, with target prices of S$10 and S$9.20, respectively, after its Q2 results. The approval was described as a 'regulatory milestone' by the subsidiary on Monday.
Business Times
2 days ago
- Business
- Business Times
iFast plunges over 11% after Temasek-linked shareholder offloads S$140 million worth of shares
[SINGAPORE] Shares of iFast plunged minutes after the market opened on Tuesday (Aug 19), as major shareholder CP Invest – a subsidiary of Temasek-owned Cuscaden Peak Investments – reduced its stake in the company. The counter was down 11.3 per cent or S$1.11 at S$8.66 as at 9.09 am, after closing at S$9.77 the previous day. CP Invest offloaded about S$140 million worth of iFast shares at a 6.6 per cent discount to the previous day's closing price. Morgan Stanley and UBS arranged the deal, according to Bloomberg. CGS International analyst Tay Wee Kuang said investors are likely taking this as a sign that iFast is 'fairly valued' at S$9.77. He added that it is likely that they are taking in profit, especially after iFast's strong second-quarter results and run-up in recent months. '(CP Invest) still have 15 million shares, which some investors may view as an overhang to the share price as they could sell it at a lower price going forward if they want to monetise their stake quickly,' he added. Prior to the latest block deal, CP Invest also pared its iFast stake in January and February. Tuesday's sell-off comes a day after iFast Pay Malaysia, a Malaysia-incorporated subsidiary of iFast, received in-principle approval from Bank Negara Malaysia to operate as an electronic money issuer and hold a Money Services Business Class A licence. Both DBS and CGS International reiterated calls to 'buy' and 'add' on Jul 29, with target prices of S$10 and S$9.20, respectively, after iFast's Q2 results. The approval was described as a 'regulatory milestone' by the subsidiary on Monday.
Cision Canada
13-08-2025
- Business
- Cision Canada
The Good Rice Alliance Awarded 'Ae', a top quartile ex ante rating, by BeZero Carbon
TGRA has partnered with smallholder farmers in India to reduce greenhouse gas emissions and generate high integrity carbon credits NEW DELHI, Aug. 13, 2025 /CNW/ -- The Good Rice Alliance (TGRA), which focuses on advancing sustainable rice farming in India, has received an 'Ae' (pronounced 'single A', 'e') ex ante rating from BeZero Carbon, a leading independent carbon ratings agency. Through TGRA, Bayer, a global enterprise with core competencies in the life science fields of agriculture and healthcare, in collaboration with GenZero, a Temasek-owned investment platform dedicated to accelerating decarbonization globally, Shell Energy India Private Limited, a subsidiary of Shell Plc and investor in nature-based solutions, are committed to reducing Greenhouse Gas (GHG) emissions through sustainable agricultural practices. The 'Ae' rating reflects the project's high standalone carbon rating ('a') combined with a very high likelihood of successful project execution ('aa'). A standalone Carbon ex ante of 'a' is comparable to the highest rated ex post Soil Carbon & Agriculture credits. Receiving an 'Ae', a top-quartile rating confirms a high likelihood that each TGRA credit will deliver one ton of CO2e avoidance. Speaking on the rating achieved, Suhas Joshi, India Carbon Initiative Lead at Bayer said, "We are incredibly proud of this milestone. The Ae rating is not only a validation of TGRA's scientific and operational rigor, but also a testament to the collective commitment of our alliance. We are committed to establishing a nature-based carbon market quality benchmark, by implementing Total Quality Management principles in the agricultural space. Through TGRA, we leverage high-quality management practices and robust measurement tools to help generate high-integrity carbon credits by helping farmers reduce emissions, conserve water, and unlock new income streams while reinforcing a future-ready farming ecosystem. For carbon credit offtakers worldwide, this represents a rare opportunity to support decarbonization at scale while uplifting smallholder communities." BeZero is an independent carbon ratings agency boasting a 180+ strong team made up of climate scientists, geospatial experts, data scientists, financial analysts and policy specialists. BeZero's ratings are based on a rigorous analysis of various factors, including additionality, carbon accounting, and permanence risks, providing transparency and building trust in carbon markets. Higher BeZero ratings are correlated with higher prices and increased demand for carbon credits. BeZero Carbon's ex ante assessment evaluates TGRA's exceptional credibility across five key categories: additionality, carbon accounting, permanence, project execution, and safeguards. The 'Ae' certification offers assurance of delivery of impact-driven, high-integrity credits that meet the highest transparency and quality standards. Since May 2023, TGRA has partnered with smallholder farmers across thirteen Indian states to implement Alternate Wetting and Drying (AWD) and Direct Seeded Rice (DSR). As of October 2024, TGRA has enrolled more than 12,000 farmers in the program, covering 35,000 hectares of farmland, reducing methane emissions equivalent to nearly 1,20,000 tonnes of carbon emissions per year. Underpinned by best-in-class on ground and digital Measurement, Reporting and Verification (MRV) and secured land and carbon rights, TGRA is well equipped to play a pivotal role in GHG reductions in agriculture. Currently, TGRA covers major rice-producing states in the country, like Andhra Pradesh, Bihar, Haryana, Karnataka, Odisha, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal, Assam, Uttarakhand, Jharkhand, and Maharashtra. On average, it takes over 1 million litres of water to produce one ton of rice. TGRA, through the implementation of climate-smart practices such as Alternate Wetting and Drying (AWD) and Direct Seeded Rice (DSR), can reduce water consumption by up to 30% without impacting yields. This equates to over 12,50,000 million litres of water savings across 35,000 hectares per season in total, the equivalent of 330 billion US gallons. TGRA is also armed with a stringent Quality Management System, farmer training, support and hand holding mechanism and a Monitoring, Report and Verification (MRV) mechanism which are in place to help maintain program integrity. Paddy rice cultivation is responsible for approximately 10% of global methane emissions, a potent greenhouse gas with a global warming potential over 27 times that of carbon dioxide. Rice farms occupy 15% of the global farm area, equivalent to more than 150 million hectares worldwide. With a keen focus on sustainability, the alliance is closely aligned with UN's Sustainable Development Goals and plans to work together with smallholder farmers from the grassroots to drive maximum co-benefits and mitigate climate change.
