Expect a weak opening from Singapore shares, after Wall Street ended lower overnight, weighed by the fall in oil prices and as Greece and its international creditors failed to reach any settlement.
Regional bourses opened mixed this morning in Tokyo (-0.39%), Seoul (0.05%) and Sydney (-1.81%).
From a chart perspective, the STI is hovering below its 200-dma at 3,360, with downside support at 3,324 (14-dma). A convincing break above the 3,360 resistance would be needed to break the downtrend.
Stocks to watch:
*STATS ChipPAC: Voluntary conditional general offer at $0.46577/share by Jiangsu Changjiang Electronics Technology (JCET). The offer price is final and JCET reserves the right to revise prices in the event of a competing bid. STATS' Taiwan subsidiaries will be spun out to an unlisted HoldCo and shareholders can opt for cash of US$0.04046 or shares in the Taiwan HoldCo. Separately, STATS is proposing to offer perpetual securities to raise US$200m via a non-renounceable rights issue.
*Frasers Hospitality Trust: To raise up to $123m via a private placement comprising 150m new stapled securities (12.5% of share capital) at an issue price of between $0.81 and $0.82 each. The fund raising is to fund part of its A$202.7m acquisition of Sofitel Sydney Wentworth. Largest shareholder TCC Hospitality will take up a proportionate stake to maintain its 39.6% shareholding. An advanced DPU of ~2.1¢ for the period from 1 Apr to 5 Jul will be declared the day before the issue of new units.
*Tee Land: 55% owned Potts Point Hospitality will acquire 11th floor and penthouse units of Larmont building in Sydney's Potts Point for $12m. The units are expected to be reconfigured into new hotel rooms and integrated into Larmont Hotel.
*GLP: Leases 68,000 sqm to three industry-leading companies in Brazil, which includes retail chain Magazine Luiza, food producer Certa and third-party logistics provider Argos.
*Nordic Group: Awarded three contracts worth $3.7m for labour and materials to perform insulation works for Ichthys Field development project in Western Australia and Ivar Aasen project in North Sea. Works have commenced in 2Q15 and will continue up to 1Q16.
*Lorenzo International: MOU deadline to acquire medical facilities equipment provider Straitsworld Advisory has been extended to 6 Jul.
*IREIT Global: Assigned an issuer rating of BB long-term corporate rating with stable outlook by S&P.
*Blumont: Proposed a renounceable 1-for-2 non-underwritten rights issue at 0.675¢ apiece. Net proceeds of $9.6m upon full subscription will be mainly used to pay part of its debts owed to Wintercrest Advisors (70%), with the balance used to strengthen its balance sheet.
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