Singapore shares slightly dipped on Thursday, but WBL Corp
Ltd jumped on speculation of a bidding war and Genting
Singapore PCL outperformed the market following its
rival casino's fourth-quarter earnings.
The Straits Times Index was down 0.1 percent at
3,281.95, while MSCI's broadest index of Asia-Pacific shares
outside Japan was 0.5 percent lower.
WBL shares surged to the highest in nearly 2-1/2 years after
United Engineers Ltd said it will launch a rival bid,
topping an earlier offer from Straits Trading Co Ltd
and fuelling speculation of a bidding war.
WBL shares jumped as much as 8.8 percent to S$4.57, the
highest since August 2010. Some 1.1 million shares were traded,
22 times the average full-day volume over the past 30 days.
United Engineers offered on Wednesday to buy the remaining
61.7 percent of WBL that it and its partners do not own for
S$670.4 million ($540 million), bidding S$4.00 per share in its
"Financially, it would appear that Straits Trading Company
is better placed than United Engineers to pay more for WBL,"
Maybank Kim Eng said in a report. The broker's sum-of-the-parts
valuation for WBL is S$5.04 to S$5.59.
Genting Singapore shares jumped to the highest in more than
six months after its rival Las Vegas Sands announced
fourth-quarter earnings, as traders saw signs of an improving
gaming market in the Asian city-state.
Genting shares rose as much as 7.5 percent to S$1.575, the
strongest intra-day level since May 2012. Nearly 103 million
shares were traded, 3.7 times the average full-day volume over
the past 30 days.
1158 (0358 GMT)