OREANDA-NEWS. Singapore's Industrial Sector has averaged a level performance in the 2016 year through to the 24 June close. The Sector has gained 0.1% in total return on a market capitalisation weighted average basis, which placed the Sector in the mid-range of best performing Global Industry Classification Standard (GICS ®) Sectors. The market capitalisation weighted average is used to generate the monthly sector performance charts last discussed here.

At the same time, the 20 largest stocks in Singapore’s Industrial Sector averaged a total decline of 4.1%, which was less than the Sector’s market capitalisation weighted average. This is because the Sector’s market capitalisation weighted average places more weight on the performance of heavyweight Jardine Matheson Holdings, which gained 8.1% over the period. Over the same period, the MSCI AC Asia Industrials Index declined 9.3% and the MSCI World Industrials Index declined 3.2% in Singapore Dollar terms.

The five best YTD performers in the 20 largest stocks in Singapore’s Industrial Sector were China Merchant Holdings Pacific, United Engineers, CWT, Jardine Matheson Holdings and SATS. Three of these stocks, China Merchant Holdings Pacific, United Engineers and CWT, were also among the top five performers of the 20 stocks in the last 12 months.

Recent corporate actions launched in Singapore’s Industrial Sector include an offer for China Merchant Holdings (Pacific) and a Noble Group Rights Issue.

On 9 May, Easton Overseas, which is indirectly wholly-owned by China Merchants Group, launched a voluntary conditional cash offer to acquire all the issued and paid-up ordinary shares in the share capital of China Merchants Holdings (Pacific), other than those Shares owned, controlled or agreed to be acquired by the Offeror.

The Offer Price was S$1.020 per share and was not adjusted for the dividend paid on 19 May 2016. The Offer Price represented a premium of 22.9% over the last transacted price per Share of S$0.830 on 5 May 2016. There is also an offer by Easton Overseas to acquire the outstanding 1.25% convertible bonds in the principal amount of HK$150,000,000 due 6 November 2017 issued by China Merchants Holdings (Pacific), other than those already owned, controlled or agreed to be acquired by the Offeror.

On Friday, China Merchants Holdings (Pacific) announced that, as of 5pm, the total number of:

(a) Shares owned, controlled or agreed to be acquired by the Offeror and its Concert Parties; and

(b) Valid acceptances of the Offer;

amounted to an aggregate total of 1,724,369,882 Shares, representing approximately 96.09% of the total number of shares of China Merchants Holdings (Pacific).