SINGAPORE, Jan. 23 (Xinhua) -- Singapore shares closed 0.48 percent higher on Monday, as investors shrugged off the protectionist stance of new U.S. President Donald Trump.
Trump struck a protectionist tone in his inauguration speech on Jan. 20. His administration also declared on its first day in office its intention to withdraw from the Trans-Pacific Partnership (TPP), a 12-nation trade pact that Singapore, Japan and Australia also have signed up for.
Trump also said on Sunday he plans talks soon with the leaders of Canada and Mexico to begin renegotiating the North American Free Trade Agreement (NAFTA).
Singapore's benchmark Straits Times Index rose 14.4 points to 3,025.48 points. Trading volume was 2.12 billion shares worth 974 million Singapore dollars. Decliners outnumbered advancers 230 to 210, while 657 stocks did not move.
Advanced Holdings soared 14.6 percent to 27.5 Singapore cents. It proposed the acquisition of the entire interest in Agricole Global for a purchase consideration of 180 million Singapore dollars to 240 million Singapore dollars. The Agricole Global group collectively holds concessions to 23 parcels of agricultural permits in Sulawesi Island of Indonesia to be cultivated into crude palm oil plantations, as well as two forestry concessions for timber management, subject to completion of a group restructuring exercise.
The purchase consideration will be satisfied in part by cash from Advanced Holdings and in part by the issue and allotment of new ordinary shares in the share capital of Advanced Holdings. The proposed acquisition is expected to result in a reverse takeover of the company under the listing rules of the Singapore Exchange.
Keppel Corporation rose 1.8 percent to 6.28 Singapore dollars. Marina East Water, a unit of Keppel's wholly owned subsidiary Keppel Infrastructure Holdings, has won the contract to design, build, own and operate Singapore's fourth desalination plant. It also signed a 25-year water purchase agreement with Singapore national water agency PUB as part of the deal. The plant will produce 137,000 cubic meters of fresh drinking water per day when it is operational in 2020.
Among top gainers, Jardine Matheson rose 1.5 percent to 60.20 U.S. dollars, while M1 Limited became one of the top losers by falling 3.2 percent to 2.11 Singapore dollars. (1 U.S. dollar equals to 1.42 Singapore dollars)
