Corporate restructuring dominated the week.
A property heavyweight unveiled the results of its year-long strategic review, and a European-focused REIT moved to bring its manager in-house.
The central bank stepped up its efforts to revive the local stock market, and a regional retailer took full control of a well-known coffee franchise.
In the US, an artificial intelligence (AI) developer’s IPO prospectus gave a rare look at what the AI race costs.
CDL unveils S$6 billion divestment plan to cut gearing
City Developments (SGX: C09), or CDL, unveiled its three-year strategic review, named GET+, on 28 September 2026.
The property giant plans to divest S$6 billion of assets and deploy S$5 billion in new growth capital by FY2029
Commercial properties will account for 45% of divestments, with hotels making up around S$1.8 billion, or 30%.
Meanwhile, 60% of new capital is earmarked for Singapore, 30% for China and Japan, and 10% for other regions.
The strategy establishes four clear targets for FY2029: generating over S$1 billion in PATMI from divestment gains, bringing net gearing down to around 55%, committing to a dividend payout ratio of at least 35% of reported PATMI, and doubling assets under management to S$10 billion via a dedicated fund management entity.
Lowering debt remains the immediate priority after net gearing rose to 75% as of 30 June 2026 following key land acquisitions.
Group CEO Sherman Kwek emphasised that balance sheet execution is paramount.
CDL shares closed at S$8.26 on 25 September 2026, well below the S$10-plus level they reached in February.
SERT proposes to bring its manager in-house
Stoneweg Europe Stapled Trust (SGX: SET), or SERT, announced on 28 September 2026 its intention to internalise its REIT manager and trustee-manager.
The trust will also take control of the pan-European logistics and light-industrial platform managing its portfolio.
Upon completion, the unified platform will oversee €3.2 billion (S$4.7 billion) in assets under management, comprising SERT’s €2.3 billion portfolio and €820 million in third-party asset management contracts.
The transaction carries an effective purchase price of €94 million against a total consideration of €114 million.
SWI Group, which holds 28% of SERT and fully owns the manager, will subscribe for 40 million new stapled securities at €2 each – representing a 33% premium to the recent volume-weighted average price.
SERT will cover the remaining balance by paying up to €34 million in cash.
Management expects the restructuring to boost distribution per stapled security by 5.9% to €0.1418 on an FY2025 pro forma basis.
The trust will also enter into two strategic cooperation agreements with SWI Group targeting European logistics and data centre ventures.
Securityholders must approve the deal at an extraordinary general meeting.
MAS deepens equity market push with S$1.45 billion allocation
The Monetary Authority of Singapore (MAS) announced on 29 September 2026 that it will allocate S$1.45 billion across five asset managers under the third batch of its Equity Market Development Programme (EQDP).
Minister Chee Hong Tat revealed that Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers were selected for this round.
This brings the total EQDP capital allocated to S$5.4 billion across 14 fund managers out of an expanded S$6.5 billion pool, with a fourth batch anticipated in 2027.
Beyond capital allocation, MAS is committing S$20 million towards a new market-making grant under its Grant for Equity Market Singapore scheme.
Running until December 2028, the initiative aims to bolster liquidity, narrow bid-ask spreads, and enhance price discovery for nearly 80 small- and mid-cap stocks alongside new listings.
To complement these financial measures, a specialised Investment Management Track under the Overseas Networks & Expertise Pass will launch in late January 2027 to attract top-tier global fund management talent.
Investors expect these coordinated efforts to steadily enhance trading liquidity across the market’s middle tier over the long term.
DFI takes full control of Starbucks franchise in US$340 million asset swap
DFI Retail Group (SGX: D01) announced a major strategic restructuring on 30 September 2026, unwinding its 40-year-old equal food and beverage joint venture with Hong Kong Caterers.
The partnership was formed with DFI’s parent, Jardine Matheson (SGX: J36).
Under the agreement, DFI will sell its 50% stake in the Maxim’s-branded restaurant chain to its partner while taking full control of approximately 1,100 Starbucks (NASDAQ: SBUX) outlets across seven Asian territories, including Singapore.
Reflecting the valuation differential between the assets, DFI will also receive roughly US$340 million in net cash.
Management described the transaction as a defining milestone in DFI’s transformation into a pure-play operating company.
The Starbucks franchise generated nearly US$750 million in revenue during 2025 with a 7% underlying operating margin.
DFI projects the coffee business to generate between US$600 million and US$650 million in revenue from April to December 2027, rising to US$900 million in 2028.
Looking ahead, DFI targets a 6% to 7% revenue CAGR to 2029 while raising its dividend payout ratio to 80% by 2027.
Shares closed at US$3.19 on 30 September.
Anthropic’s IPO prospectus reveals soaring revenue and steep losses
Anthropic, the US developer of the Claude AI models, revealed the sheer magnitude of its growth and operational spending in an IPO prospectus made public on 28 September 2026.
Financial disclosures showed that full-year 2025 revenue surged 12-fold to nearly US$4.6 billion.
However, massive operational investments resulted in a net loss of US$42 billion, largely due to non-cash charges tied to earlier financing rounds.
Its operating loss was just over US$8 billion.
Rising compute and infrastructure needs drove costs higher, with infrastructure spending tripling to US$7.33 billion – representing more than half of the company’s US$12.65 billion total operating expenses.
Furthermore, Anthropic disclosed over US$518 billion in future cloud and computing commitments.
Market expectations indicate the upcoming initial public offering could value the firm at over US$2 trillion, more than double its US$965 billion valuation in May 2026.
Expected after the US midterm elections in November, the filing arrives alongside internal Anthropic research raising safety concerns regarding autonomous model behaviour.
If executed, this landmark listing would set a key benchmark for public valuations across the generative AI industry.
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