HOTELS & TOURISM | Staff Reporter, Singapore

Daily Briefing: LY Corporation Limited debuts in SGX; FCOT opens $100m private placement

And here's why Singapore downgraded a Michelin-star resto's hygiene rating.

From The Motley Fool:

LY Corporation Limited (SGX: 1H8) made its trading debut on our local stock exchange this morning.

The company is one of Malaysia’s leading manufacturers and exporters of wooden bedroom furniture with a track record of around 40 years in the industry. LY Corporation’s products are sold mainly to overseas dealers, such as furniture wholesalers and retailers, who then resell the products to end-users.

Shares of the firm opened at $0.285, up 9.6% from its initial public offering price of $0.26, before closing at $0.31 for the day.

Read more here.

From DealStreetAsia:

In a stock exchange filing, retail landlord Frasers Commercial Trust (FCOT) has priced an upsized $100m placement of units at $1.48 apiece, which is the top end of its indicated price range. It plans to issue at least $80m of units priced between $1.44 and $1.48 per unit, with an over-allotment option of at least $17.8m.

DBS Bank and Merrill Lynch (Singapore) were joint book runners for the private placement, which was over five times subscribed and saw participation from new and existing institutional investors.

Read more here.

From Reuters:

A Michelin-star restaurant in Singapore has been hit with a hygiene downgrade by health authorities after more than three dozen guests at a wedding reception fell ill, having eaten food prepared by its kitchen staff.

The 43 patrons reported “gastroenteritis symptoms” after consuming food prepared by the staff of Summer Palace in November, Singapore’s National Environment Agency (NEA) said in an advisory on Monday.

Summer Palace, the Cantonese restaurant in the Regent Singapore, a Four Seasons-owned hotel known for its dim sum, was awarded the Michelin star last June.

Read more here.

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