SG Market (19 Sept 12)

SG Market: S’pore shares are expected to consolidate amid Wall Street's flat cue and mixed signals from regional markets post the Fed blast. The STI is likely to drift toward the 3030-3040 support zone with topside resistance at 3088. F&N and ThaiBev will be in focus after ThaiBev and TCC Assets agreed to vote in favor of Heineken's bid to acquire F&N's APB holdings in exchange for the Dutch brewer's agreement not to counterbid for F&N. This paves the way for the Thais to possibly break up and realize the full potential value of F&N. In other corporate news, Tat Hong completed a placement of 70m new shares at $1.20/share to raise $82.1m. Ezra raised $150m from the sale of perpetual securities. OUE may also draw attention after it received offers to buy its Mandarin Orchard Hotel and adjoining Mandarin Gallery, touted to be worth $1.7b.