Daily Brief Singapore: Jardine Matheson Holdings, Keppel Infrastructure Trust, SGX Rubber Future TSR20 and more

• Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
• Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
• Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

• Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.
• Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.
• KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

• Production slips 12.8% amid lacklustre smallholder involvement  
• Imports rebound MoM, exports edge up on steady China demand  
• Glove exports slip in value to RM 1.2 billion, down 7.7% from July  

• Keppel Infrastructure Trust (KIT) is Singapore’s largest listed infrastructure business trust, featuring a diversified portfolio across energy transition, environmental services, and distribution & storage.
• The Trust is strategically focused on sustainable infrastructure, targeting 2GW of renewable energy capacity by 2030, while navigating a capital-intensive business environment with increasing competition.
• While KIT offers a strong dividend yield and has demonstrated robust earnings growth, it faces challenges from volatile net income, relatively weak resilience metrics, and potential overcapacity in key markets like the subsea cable industry.

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