Singapore stock preview: CapitaLand, Thai Beverage, Genting Singapore

• CapitaLand Ltd share price is up slightly on Monday (14 June 2021), after it launched a S$50 million sustainability fund
• Thai Beverage PCL share price remained flat at opening following the issuance of 40 billion baht worth of debentures
• Genting Singapore Limited last week said it submitted a bid for an integrated resort project in Yokohama City, Japan
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CapitaLand (SGX: C31)

CapitaLand has set up a S$50 million CapitaLand Innovation Fund to support the test-bedding of sustainability and other high-tech innovations in the built environment space over the next five years.

This was announced by CapitaLand’s Group Chief Executive Officer, Mr Lee Chee Koon, at the Grand Finale of the inaugural CapitaLand Sustainability X Challenge (CSXC) on Friday (11 June 2021).

The CapitaLand Innovation Fund is the group’s latest effort aimed at encouraging more innovation in the built environment space with a strong focus on sustainability.

In October 2020, CapitaLand opened the Smart Urban CoInnovation Lab at the Singapore Science Park in partnership with the Infocomm Media Development Authority and Enterprise Singapore, with sustainability as one of its focus areas.

As part of the drive, CapitaLand will also redeploy interest rate savings from its sustainability-linked loans towards sustainability initiatives.

CapitaLand Ltd shares closed at S$3.76 each on Monday.

Thai Beverage (SGX: Y92)

Thai Beverage Public Company Limited (ThaiBev) announced last week that it issued debentures with an aggregate principal amount of 40 billion baht (S$1.7 billion).

This comprises the initial required funding amount of 35 billion baht and a greenshoe option of five billion baht. The debentures were more than 1.52 times oversubscription of an aggregate principal amount.

The debentures carry an average annual coupon rate of 1.95% and have an average tenor of 4.10 years.

The proceeds from the debenture issue will be used for the repayment of a 40 billion baht bridging loan facility that will mature in March 2023. Following the repayment of the bridging loan, the company’s unutilized credit facilities with the banks will increase accordingly.

The debentures have been assigned an “AA(tha)” rating which is considered investment grade by Fitch Ratings (Thailand) Limited.

ThaiBev shares closed flat at S$0.69 on Monday.

Genting Singapore (SGX: G13)

Genting Singapore announced that it is leading a consortium of local Japanese corporates and has submitted a bid in response to the Yokohama City Request for Proposal.

Genting Singapore’s consortium comprises Japanese corporates including Sega Sammy Holdings Inc., Sohgo Security Services Co., Ltd. (ALSOK), Kajima Corporation, Takenaka Corporation and Obayashi Corporation.

‘Our vision is to create a world-class Integrated Resort (IR) destination that is strategically positioned, sustainable and anchored on strong local collaborations,’ the group said in a press release on Friday.

Based on its proportionate shareholding interest in the IR project, the company’s investment amount will be less than 100% of its market capitalisation.

As disclosed in Section 2.7.1 of the circular dated 20 January 2020 for the Extraordinary General Meeting, in such case, the Yokohama IR bid submission would not be subject to approval of shareholders, on the grounds that the development and operations of an IR are within the ordinary course of business of the company.

‘This investment has been carefully considered and solely approved by the Board of Directors of the company after reviewing the investment proposal put forth by the management,’ Genting Singapore added.

Genting Singapore shares closed 1.14% higher on Monday.

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