Feb home loans shrink for first time since 2006. Mortgages booked in February on a net basis came in at S$203.8 billion, falling from S$204.3 billion in January. From a year ago, housing loans in February continued to grow, but at its slowest yet of 1.2 per cent since BT began compiling bank lending data from 1991. With housing loans making up three quarters of consumer lending, overall consumer loans from a year ago grew at its weakest on BT's record. Consumer loans grew just 0.5 per cent in February from a year ago, to S$264.96 billion, decelerating from 0.8 per cent year-on-year growth in January.

Hyflux rebuts statements by SM Investments in SGX filing. The troubled water treatment firm said that it did not withhold material information from the Indonesian white knight, and that despite queries posed by the company, SM Investments had not explained how any of the information it has sought to rely on would necessitate a revision of its assessment of the working capital needs of the company. Hyflux also said that SM Investments, in objecting to the global cash settlement figure of S$272 million under the schemes for the first time on 7 March 2019, had sought to rely on information it had been provided more than two months ago on 3 January 2019.

Swiber Holdings signs investment agreement with NY-listed Seaspan, getting up to US$200m shot in the arm. Both Swiber and Seaspan said that in executing the investment agreement, they have modified certain terms previously announced in October 2018 when the parties signed a term sheet. Firstly, an initial investment tranche of US$10 million (previously US$20 million) will be unlocked upon closing in exchange for an 80 per cent shareholding interest in a new holding company to be incorporated into which certain assets of the existing Swiber Group will be transferred.

Investor Perman Hadi to grant US$2 million convertible loan to Resources Prima Group. The convertible loan may be drawn down in tranches by the company following its presentation of a drawdown notice. All usages of the proceeds of the convertible loan must be approved by the directors of the company from time to time, and any expenditure in excess of US$50,000 will require the written consent of the investor. Subject to approval, the company will convert the full amount of the drawn down convertible loan principal of up to US$2 million into ordinary shares at the conversion price of S$0.001 per share and based on the currency exchange rate of US$1 to S$1.3525.

Grab aims to double workforce to 3,000 by 2020. Currently, Grab has 1,500 employees in Singapore, working out of four offices, at Midview City, Marina One, Cecil Street and Guoco Tower. By the end of 2020, it plans to have 3,000 staff in the Republic, all housed in the new headquarters, which will be completed in the fourth quarter of next year. Grab has more than 6,000 employees worldwide, not including its army of drivers, who are independent contractors.

Source: Phillip Capital Research - 1 Apr 2019