Singapore stock preview: Singtel, UOB, SGX

Here are three SGX-ST mainboard stocks to take note of this week.

  • United Overseas Bank (SGX: U11) shares are up slightly on Monday (06 September 2021)
  • Singtel (SGX: Z74) JV company Telkomsel has entered into a S$580 million sale and purchase agreement for its telecommunication towers
  • Singapore Exchange (SGX: S68) has issued US$250 million worth of 1.234% notes due in 2026
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United Overseas Bank (SGX: U11)

United Overseas Bank (UOB) said on Monday that its wholly-owned subsidiaries UOB China and UOB Indonesia have secured licences to be appointed cross-currency dealers for the Chinese yuan and Indonesian rupiah.

The licences will allow UOB China and UOB Indonesia to open offshore accounts in rupiah and yuan respectively, as well as offer cross-currency exchange, financing, swaps and forwards in the currency pair to its corporate and institutional clients in the two markets.

UOB’s Indonesia- and China-based clients will also have direct access to onshore yuan-rupiah foreign exchange rates and liquidity to hedge their trade transactions and investments, the company stated.

UOB China can also offer two-way quotes on the yuan against the rupiah in the interbank FX markets.

Singtel (SGX: Z74)

Singapore Telecommunications (Singtel) announced on Thursday that its joint venture Indonesian company, PT Telekomunikasi Selular (Telkomsel), has entered into a sale and purchase agreement for the sale of 4,000 telecommunication towers to PT Dayamitra Telekomunikasi (Mitratel) for 6.2 trillion Indonesian rupiah (approximately S$580 million).

As part of the transaction, Telkomsel has also entered into a ten year lease arrangement with Mitratel for rental of tower space, which will take effect from the transfer of the respective towers to Mitratel.

Singtel said that the transaction will allow Telkomsel, which it has a 35% equity capital interest in, to optimise its capital structure as it focuses on its core business of providing digital connectivity services to customers in Indonesia.

Singtel shares are up nearly 1% in the last one week.

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Singapore Exchange (SGX: S68)

Singapore Exchange (SGX) said on Friday that it has issued US$250,000,000 in aggregate principal amount of 1.234% notes due in 2026, which it first announced on 27 August 2021.

The notes have been issued under the S$1.5 billion Multicurrency Debt Issuance Programme. They bear interest at a fixed rate of 1.234% per annum payable semi-annually in arrear on 03 March and 03 September in each year, and will mature on 03 September 2026.

The notes were admitted to the Official List of the SGX-ST with effect from 09:00 SGT on 06 September 2021.

SGX shares rallied 1% to S$10.28 on Monday morning.

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