SINGAPORE STOCK MARKET HEADLINE NEWS 1JULY

- Bank lending accelerated in May to S$256.9bn, up 26.1% YoY – the fastest pace on record according to the MAS.

- SembCorp Marine has clinched a US$640m contract to build a deepwater semi-submersible drilling rig for Larsen Oil & Gas.

- MPU Offshore Lift ASA, a Keppel customer has declared bankruptcy. Keppel said it has ceased work on the EUR140m project with immediate effect, and has received payments to meet all costs incurred to date.

- Fraser & Neave has halted its search for a group CEO and will instead put in place a new management and organizational structure in the coming months.

- The 1H of 2008 has wiped S$120.4bn or some 15% from the total market cap of the Singapore bourse, now down to S$677.4bn.

- Suntec REIT said it has secured a S$400m club loan facility to refinance the remaining bridge loan due end October 2008 related to the acquisition of a one-third stake in One Raffles Quay.

- A-REIT said it is looking to invest some S$500m in industrial properties and business space each year to reach its target portfolio size of S$5bn by end 2010.

- Inter-Roller Engineering has taken the Dublin Airport Authority to court in Ireland over its decision to award a S$85.7m baggage handling contract to Siemens.

- Boustead Singapore has won a three-year S$175m water and waste water infrastructure deal in Libya.

- Tuan Sing is buying Katong Mall for S$219m, or S$865 psf of potential gross floor area.