Tuesday, November 25, 2008

Daily news - 25 Nov

SGX and BSE sign consultancy agreement
Singapore Exchange (SGX) and Bahrain Stock Exchange (BSE) signed a consultancy agreement yesterday. SGX, through its wholly owned subsidiary SGX-International (SGX-I), will provide management and operational guidance to BSE. 'SGX is one of the most developed exchanges in the Asia-Pacific,' said BSE director Fouad Rashid. 'We hope that its extensive experience will increase our operational efficiency in a way that will help us play a greater role in the development of our country.' BSE is a regional leader in the Arabian Gulf, with a market capitalisation of about US$25 billion. It aims to become an international marketplace and a major listing centre for mutual funds. 'SGX looks forward to sharing best practices and knowledge with BSE to enhance its product and service offerings,' said SGX senior executive vice-president and SGX-I chairman Seck Wai Kwong. The consultancy agreement signed yesterday builds on a memorandum of understanding signed between SGX and BSE on Oct 14. The MOU aims to explore areas of collaboration to strengthen the financial services sectors in Singapore and Bahrain, which is the Arab world's fastest-growing economy.

CCT shares fall on refinancing jitters
CapitaCommercial Trust (CCT) – Shares of CCT fell as much as 11.9 per cent yesterday after it said that it was pursuing its refinancing needs with several institutions. 'As and when the refinancing is finalised, the necessary announcements will be made,' the real estate investment trust (Reit) said in a statement to the Singapore Exchange after the market closed last Friday. CCT was responding to a news report that said it had verbally mandated four banks to handle a $580 million three-year refinancing exercise. CCT shares fell to as low as 70 cents yesterday before ending 6.5 cents down at a one-year low of 73 cents.

Source: Kim Eng

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