Saturday, January 28, 2012

Live Singapore Business News

53.54% of SMB United shareholders accept Osaki's offer
The shareholders of SMB United Limited who have accepted the voluntary cash offer by Osaki Electric Co Ltd can expect to receive payment within 10 days. Osaki Electric said on Friday that it has received 53.54 per cent acceptance for its offer. Accordingly, the offer has become unconditional as to acceptance. The offer will remain open for acceptance until February 27, 2012 at 5.30pm.

Strait Times Index Slightly down
Singapore shares edged lower by mid-day after rising for four straight sessions, with commodities firm Olam International and rig builder Sembcorp Marine shedding more than 1 percent each. Among stand-out gainers, shares of Singapore-listed forestry firm United Fiber System Ltd surged as much as 71 percent after it struck a S$1.5 billion reverse takeover deal with Indonesian coal miner PT Golden Energy Mines Tbk. By 0530 GMT, the Straits Times Index was down 0.1 percent, or 3.21 points, at 2,891.22. The index has advanced around 9 percent so far this year, making it the best performer among major Southeast Asian markets.

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