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Singapore Shares Close in Red Despite Decline in Oil Prices; Multi-Chem Plunges 38%

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Singapore shares closed lower on Friday, despite regional markets reacting positively to a pullback in oil prices.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,621.76 and 5,661.82 throughout the day. It ended the session at 5,656.11, down 4.41 points or 0.1% compared to Thursday's close.

On the corporate front, shares of Multi-Chem (SGX:AWZ) plunged nearly 39% at the close as its CEO Foo Suan Sai and COO Han Juat Hoon were interviewed by Singapore's Corrupt Practices Investigation Bureau (CPIB) and asked to provide bail and surrender their passports and mobile phones.

Aspial Lifestyle (SGX:5UF) closed nearly 3% lower even though Moody's Ratings assigned it a Ba1 long-term foreign currency and local currency issuer ratings with a stable outlook.

Meanwhile, Astaka (SGX:9SY) completed the proposed share consolidation of every 10 shares into one consolidated share.

What else is happening in Asia?

Asia

Japan Hotel REIT Investment Secures New Term Loans

Japan Hotel REIT Investment (TYO:8985) has secured a new term loan amounting to 4.9 billion yen, according to a Tokyo bourse filing on Thursday.The unsecured loan has an interest rate of 0.30% on top of a base rate and maturity date of Sept. 28, 2029.Sumitomo Mitsui Banking, Mizuho Bank and MUFG Bank were the lenders.The REIT will use the loan to partially fund the capital expenditures for renovation of Hilton Tokyo Odaiba.In addition, the company undertook two unsecured term loans worth 4.25 billion yen and 700 million yen, respectively, to refinance existing loans due on Sept. 30.Both loans have interest rates of 0.45% on top of a base rate and maturity date of Sept. 30, 2032.Sumitomo Mitsui Banking, Mizuho Bank, SBI Shinsei Bank and Resona Bank were the lenders for the 4.25 billion yen green loan, while MUFG Bank, Aozora Bank and Kansai Bank were the syndicate for the 700 million yen borrowing.

TYO:8985
Asia

Tamawood Declares Dividend

Tamawood (ASX:TWD) declared a dividend of AU$0.105 per share for the six months ended June 30, according to a Friday filing with the Australian bourse.The dividend will be paid on Dec. 11 to shareholders on record as of Nov. 20, per the filing.The company paid the same dividend in the prior corresponding period, an earlier filing showed.

ASX:TWD
Asia

Lefroy Exploration Expands Western Australia Project Scoping Study

Lefroy Exploration (ASX:LEX) said it is actively assessing the opportunity to expand the scoping study for its Mt Martin gold project in Western Australia to incorporate the high-grade portion of the nearby Burns gold deposit, according to a Friday Australian bourse filing.The delivery of the scoping study is now scheduled for the early December quarter, while the review of the Burns deposit high-grade resource is also targeted for completion at the same time, the filing added.At the Lucky Strike project, part of the Lefroy gold project in Western Australia, Miscellaneous License L25/71 has been fully granted following the execution of a Heritage agreement, securing critical haulage and utility corridors, with a heritage survey to be undertaken in mid-October to clear the second dewatering corridor, the company added.

ASX:LEX