SINGAPORE – GIC-backed co-working operator JustCo launched its initial public offering on May 15, aiming to raise $100 million to fund its expansion plans.
The offering of 32 million new shares priced at 94 cents per share, comprising 25.7 million shares for institutional investors and 6.3 million set aside for the Singapore public.
JustCo will also issue 74.3 million new shares to several cornerstone investors to raise $69.8 million, which will cover about 70 per cent of the target proceeds.
These investors include fund managers selected by the Government to invest in the Singapore stock market, such as Avanda Investment Management, JPMorgan Asset Management, Amova Asset Management and Fullerton Fund Management.
The Singapore public offer opened at 9pm on May 15 and will close at noon on May 20. Trading on the Singapore Exchange (SGX) mainboard is expected to start at 9am on May 22.
Since it started out in 2011, Singapore-grown JustCo has built a network of 54 co-working spaces across 12 cities – Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo.
In an interview with The Straits Times in February, JustCo’s founder and chief executive Kong Wan Sing said he believes that the future of work is doing so from anywhere in a conducive environment and having the technology to enable that flexibility.
Shares of Mary Chia plunged by more than 18 per cent this week, closing May 15 at 2.2 cents.
In SGX filings, Mary Chia said that a creditor, Fullink Capital, had initiated insolvency proceedings against the company and its subsidiary Organica International, as well as its founder and chief executive Ho Yow Ping and chief financial officer Su Jun Ming over money allegedly owed under financing agreements.
Fullink Capital had originally lent Organica International a sum of $350,000, but following disputes relating to the loan repayments, Fullink Capital claimed the full outstanding amount as immediately due, together with late payment interest and other fees under the loan and settlement agreements. This sum amounts to $902,640.
Mary Chia said the dispute is not simply over unpaid loans, but also over additional charges imposed on the debt, including late payment fees, default interest and restructuring fees, which the company argues may be excessive and legally unenforceable.
It has filed a separate application asking the court to determine whether some of these charges are valid.
The disclosures drew the attention of SGX RegCo, which has asked the company and its sponsor to assess whether Mary Chia could still continue operating if the worst-case scenario occurred and Fullink’s claims succeeded fully in court.
Mary Chia said on May 14 that its board had reviewed the group’s legal and financial position and concluded it can continue operating and meeting its obligations while the dispute with Fullink remains before the courts.
The company said controlling shareholders Suki Sushi and Ms Ho have indicated continued financial support if needed, while sponsor Evolve Capital Advisory said it believes Mary Chia can meet its obligations even if Fullink’s claims are upheld in full.
The next court conference is scheduled for May 21.
Mary Chia added that Fullink has since filed its reply affidavit and separately applied to pause Mary Chia’s court application challenging the disputed fees and charges.
Singapore Airlines closed 2 per cent higher at $6.42 on May 15, a day after it reported its full year results for the financial period ended March 31.
The airline saw record revenues, which rose 5 per cent year on year to a high of $20.5 billion.
SIA and its low-cost subsidiary Scoot also flew a total of 42.4 million passengers between April 1, 2025 and March 31, 2026, which is up 7.7 per cent from a year earlier.
Costs were manageable for the recent financial year ended March 31 ,helping the airline group post a 39 per cent year-on-year jump in operating profit to $2.4 billion.
But the skies ahead are cloudy for the airline, with jet fuel prices rising as a result of the Middle East conflict.
SIA said airfares have already risen, but this still does not fully cover the rise in jet fuel costs. It added that it will not further raise fares to cover jet fuel cost hikes, as customers will not want to pay more.
SIA has also been weighed down by losses at Air India, which has been hit after a deadly crash in June 2025, the closure of Pakistani airspace and the Middle East conflict.
SIA swung from a share of profits from associated companies a year earlier to a loss of $846 million in FY2025/2026, as it had to account for a full year of losses from Air India in this set of results, compared with only four months previously.
But SIA said it remains committed to Air India’s long-term transformation and will continue to support the airline in its efforts.
Analysts lowered their targets on Genting Singapore after its first quarter profit fell below expectations.
Genting Singapore this week reported a 55 per cent year-on-year drop in net profit to $65.2 million, citing rising operational costs and poor demand at Resorts World Sentosa (RWS) as a result of the war in the Middle East. It added that it has opened new attractions in efforts to draw visitors to RWS.
But analysts said Genting Singapore’s results suggested the need for a “comprehensive rethink of its operational strategy and asset enhancement initiatives” so the company could be restored to its previous profitability levels.
Nomura described the company’s earnings as a “significant miss”, while DBS Group Research downgraded the stock to a “hold” on May 13 and also decreased its target price to 67 cents.
Genting Singapore shares are down by more than 13 per cent through the week, and closed May 15 at 60 cents.
SingPost also reported weaker results this week.
It saw revenue fall 23.1 per cent to $376.1 million for the financial year ended March 31, mainly due to a sharp drop in its international business amid a weak global economy, as well as continued declines in letter mail volumes.
In an abrupt shift from a year ago, SingPost also announced that it will no longer be selling SingPost Centre at Paya Lebar. The property was initially being considered for sale to free up funds for the business.
SingPost chief executive Mark Chong, who was appointed in Nov 2025, said SingPost Centre remains an important asset that generates stable rental income and maintains high occupancy.
Shares of SingPost closed May 15 at 34 cents, down around 12 per cent through the week.
Chip-testing firm AEM Holdings was among the most traded stocks on the SGX this week.
The company on May 13 reported that revenue in the first quarter of 2026 rose 35.8 per cent year on year to $116.9 million, driven mainly by strong demand from customers producing artificial intelligence and high-performance computing chips.
Profit before tax climbed to S$17.8 million, while net profit rose to S$14.3 million.
For the full year, the group raised its revenue guidance by about 20 per cent to between $550 million and $600 million.
Shares of AEM Holdings surged by almost 24 per cent through the week, breaching the $10 mark for the first time on May 15, before paring gains to close at $9.25. Year-to-date, the stock is up by more than 400 per cent.
CNMC Goldmine proposed to transfer from the Catalist board to the SGX mainboard to raise the company’s visibility.
It said on May 14 that it has submitted an application, and added that the move is expected to increase the firm’s investor base.
CNMC Goldmine shares fell 4.7 per cent through the week and closed May 15 at $1.32.
Marco Polo Marine said it would spin off its shipyards through a reverse takeover of Fuji Offset Plates Manufacturing in a deal worth up to $139 million.
The firm had also posted a 9 per cent rise in net profit to $11.6 million for the six months ended Mar 31, compared with $10.6 million for the year-ago period.
Shares rose11.3 per cent through the week and closed on May 15 at 19 cents.
Singtel will be reporting its full year results for the financial year ended March 31 on May 21.
Markets could be volatile after US President Donald Trump wrapped up two days of talks in Beijing with President Xi Jinping this week. Mr Trump called it “very successful” although no deals have been announced.
At a joint press conference, it was reported that the two leaders had discussed trade, Iran and “a lot of other things” during their bilateral talks.
