Rex International: A Surge in Oil Production

Rex International has reported a remarkable increase in total production, reaching an impressive 13,036 barrels of oil equivalent per day (boepd) in December 2024, marking a 28.3% month-on-month growth. The bulk of this production originates from its operations in Norway and Oman.

Notably, its subsidiary, Lime Petroleum AS (LPA), contributed significantly with 10,571 boepd from its Brage and Yme Fields. LPA holds a 33.84% stake in the Brage Field and a 25% interest in the Yme Field. The Brage Field showcased stable production performance with high uptime, complemented by ongoing drilling of a new well during December. Meanwhile, in the Yme Field, only oil was sold in December as the produced gas was strategically used for production operations and re-injected into reservoirs to enhance oil recovery.

Another subsidiary, Masirah Oil Limited, reported an average gross production of 2,465 stock tank barrels per day (stb/d) from the Yumna Field in Block 50 offshore Oman. Remarkably, Masirah Oil retains a 100% stake in Block 50 Oman, underscoring its strong foothold in the region.

OCBC: Pioneering Tokenised Bonds

OCBC has taken an innovative step by launching bespoke tokenised bonds tailored for corporate accredited investors with net assets exceeding SGD10 million. This achievement positions OCBC as the first local bank to offer such a product.

The tokenised bonds are structured to align with clients’ preferred tenors and yields, referencing investment-grade bonds. This marks OCBC’s second commercial use of its blockchain infrastructure, which was initially developed in 2022. The first successful use case was a blockchain-based conditional payment solution for construction projects in collaboration with the Land Transport Authority (LTA) in 2024.

Looking ahead, OCBC plans to leverage its asset tokenisation capabilities to expand its offerings, aiming to include a diverse range of tokenised assets. This strategic move exemplifies the bank’s focus on innovation and its commitment to staying ahead in the rapidly evolving financial landscape.

Beng Kuang Marine: Leadership Transition in Corrosion Prevention

Beng Kuang Marine has appointed Chua Ding En (Dylan) as the CEO of its corrosion prevention division, transitioning from his role as acting CEO, which he held since April 2024. Chua brings valuable experience, having served as the business development manager of the same division from February 2023 to March 2024.

Chua’s familial ties within the company are notable, as he is the son of COO Chua Beng Hock, nephew of executive director Chua Meng Hua, and executive chairman Chua Beng Yong. This leadership shift underscores the company’s commitment to fostering internal talent and ensuring continuity in its operations. Chua is tasked with driving business growth, operational success, and human capital development in Singapore and Indonesia.

Mapletree Logistics Trust: Strategic Asset Divestment

Mapletree Logistics Trust (MLT) has entered into a conditional Sale and Purchase Agreement through its special purpose vehicle in Malaysia for the divestment of Subang 2 at a sale price of MYR31.5 million (SGD9.6 million). This move aligns with MLT’s strategy to rejuvenate its portfolio by selectively divesting assets that no longer fit its long-term objectives.

The proceeds from the sale are expected to enhance MLT’s financial flexibility, enabling the REIT to pursue investments in high-specification, modern logistics facilities with greater growth potential. The divestment is projected to conclude in the first half of FY26 and is not anticipated to have a material impact on MLT’s net asset value (NAV) or net property income (NPI) for FY26. Post-divestment, MLT’s portfolio will comprise 178 properties, reflecting its ongoing efforts to optimize its asset base.

Singapore Strategy: Positive Momentum in 2025

Maybank Research anticipates continued positive momentum for Singapore’s market in 2025, following a strong performance in 2024. The newly set Straits Times Index (STI) target of 4,020 suggests a potential upside of 6%. Key drivers include benefits from the US-China trade war, spillover effects of Chinese fiscal stimulus, and accelerated capital returns.

Additionally, artificial intelligence (AI) is expected to start contributing to efficiencies, while initiatives like the JS Special Economic Zone (SEZ) and market reforms by the Monetary Authority of Singapore (MAS) are projected to yield positive results. Top equity picks include DBS, UOB, OCBC, SPOST, Marco Polo, CLAR, CICT, SingTel, Grab, and Sea.