• COSCO secures contract for four container vessels
• Olam acquires remaining 50.0% stake in Acacia Investments
• MYP Ltd - Proposed acquisition of Straits Trading Building
• Golden Glory plans Singapore IPO this year
• Singapore slips in global competitiveness rankings
• China PMI points to economy stabilising but no rebound in sight yet

COSCO secures contract for four container vessels
COSCO Corporation has secured a contract with CMA CGM to build four 3,300 TEU container vessels. The parties have agreed to keep the contract price confidential.The container vessels are scheduled for delivery between 31st March 2018 and 31st August 2018.

Olam acquires remaining 50.0% stake in Acacia Investments  
Olam International has acquired the remaining 50% interest in Acacia Investments (AI) it does not already own from its joint venture partner for a total consideration of US$24m. AI has a significant presence in edible oils refining and distribution in East Africa.

MYP Ltd - Proposed acquisition of Straits Trading Building  
MYP Ltd. has signed a Letter of Offer to acquire Straits Trading Building, a Grade A Building in the Central Business District of Singapore for S$560m. The proposed acquisition is intended to be funded by a combination of internal resources, bank borrowings and/or fund raising in the capital markets.

Golden Glory plans Singapore IPO this year  
Golden Glory Group, a developer of Myanmar real estate, is planning an initial public offering in Singapore this year as the opening of the frontier market spurs property demand in South-east Asia's fastest-growing economy. The Singapore-based company is targeting an US$80m to US$100m initial share sale, raising capital to help fund land bank acquisitions in Myanmar.

Singapore slips in global competitiveness rankings  
Singapore has fallen to fourth place - from third a year ago - on business school IMD's latest ranking of the world's most competitive economies. This came as Hong Kong rose to top the annual scoreboard, unseating last year's leader, the US, to third place behind Switzerland. High costs and talent attraction were highlighted as growing challenges to Singapore's long-term competitiveness.

China PMI points to economy stabilising but no rebound in sight yet  
China's purchasing managers' index (PMI) in May point to stabilisation of the economy as recent stimulus measures are being felt on the ground, but a rebound is not in sight yet as global demand remains weak. The official PMI, which tracks activities in the country's factories and workshops, expanded for a third straight month and came in at 50.1. Meanwhile, the Caixin Manufacturing PMI, which includes smaller and private companies, slipped to 49.2 last month.

Source: DBS