Welcome to this week’s edition of top stock market highlights.
This week, we turn our attention to a fresh healthcare listing on the horizon, a major REIT divestment that reshapes a trust’s portfolio, a CEO succession at a local telco, an airport hotel sale that brings a special payout for unitholders, and a developer’s move to lighten its balance sheet through a sizeable hospitality restructuring.
Healthcare, REITs and property feature prominently as companies eye the public markets and recycle capital.
Private Healthcare Group Plans Singapore Mainboard Listing
Foundation Healthcare Holdings lodged a preliminary prospectus on Monday, 22 June 2026, for a mainboard listing on the Singapore Exchange.
The private healthcare provider, which operates 74 specialist clinics across 16 medical specialities in Singapore, is backed by Temasek’s investment firm SeaTown Holdings.
The offer comprises an international placement alongside a Singapore public offer, though the offer size, price and listing date were not disclosed.
Ahead of the launch, the group secured S$118.2 million in commitments from 10 cornerstone investors, including Lion Global Investors, Manulife Investment Management (Singapore) and the International Finance Corporation.
Sources earlier indicated the group is seeking to raise as much as S$500 million, potentially valuing it at over US$1 billion.
Founded in 2023, Foundation Healthcare also operates four medical centres and is eyeing regional expansion into Malaysia and Hong Kong.
Net proceeds will fund clinic acquisitions and overseas expansion.
Healthcare Trust Sells Entire Indonesia Portfolio for Capital Recycling
First REIT (SGX: AW9U), Singapore’s first listed healthcare REIT, has proposed divesting its entire Indonesia portfolio for around S$471.5 million, a 2.1% premium over the average of two independent valuations.
Eight hospitals will be sold to long-term tenant PT Siloam International Hospitals for roughly S$389.2 million, with three non-core assets going to PT Lippo Karawaci and an affiliate for a combined S$82.4 million.
The transaction was put to unitholders at an extraordinary general meeting on 23 June 2026, with sponsors OUE Ltd (SGX: LJ3) and OUE Healthcare abstaining.
On a pro-forma basis, aggregate leverage would fall sharply from 42.1% to 16.7%, yielding annual interest savings of around S$18.8 million.
Unitholders are also slated to receive a S$9.7 million special distribution, equal to the premium over appraised value.
The move repositions the trust towards developed markets such as Singapore and Japan, reducing its exposure to rupiah volatility.
Local Telecom Operator Announces Major Leadership Transition Plan
Telecommunications operator StarHub (SGX: CC3) announced in a bourse filing on Wednesday, 24 June 2026, that Deputy CEO Matthew Williams will succeed Nikhil Eapen as chief executive, effective 1 January 2027.
Williams, 55, assumes the role of CEO-designate with immediate effect and brings over 30 years of telecom experience.
He joined StarHub in May 2025 as chief of the consumer business group, and was appointed deputy CEO on 1 May 2026.
Eapen, 53, will step down at the end of 2026, concluding a six-year tenure, but will remain in his position over the next six months to facilitate the handover.
The leadership transition comes as analysts expect near-term pressure on the telco’s margins to persist.
StarHub has also been flagged by analysts as a potential front runner for M1 following the stalling of the proposed Simba merger, adding a layer of intrigue to the incoming chief’s agenda.
Hospitality Trust Sells Changi Airport Hotel for Millions
OUE REIT (SGX: TS0U) is set to sell the Crowne Plaza Changi Airport hotel for S$500 million to a joint venture between Tokyo Century and sponsor OUE Ltd, in a distribution-accretive deal announced on Thursday (25 June 2026).
The sale, made through wholly owned subsidiary OUE Hospitality Sub-Trust, represents about a 1.3% premium to the average of two independent valuations, with net cash proceeds of around S$498.5 million.
The manager intends to distribute S$20 million evenly as special distributions over the first two years after completion.
On a pro-forma basis, FY2025 distribution per unit would have risen 5.8%, while aggregate leverage would ease from 41.5% to 36.6% if proceeds are used to repay debt.
Post-divestment, the REIT remains Singapore-centric, anchored by its office segment.
Unitholders will vote on the sale at an extraordinary general meeting in the third quarter, with completion expected by the fourth quarter.
Developer Restructures Massive Hospitality Portfolio to Lighten Balance Sheet
Frasers Property (SGX: TQ5) is undertaking a S$2.1 billion “optimisation” of the hospitality portfolio inherited from its 2025 privatisation of Frasers Hospitality Trust.
As part of the plan, the developer will sell its 63% stake in five properties — including hotels in Singapore and Japan, worth S$1.1 billion (US$848 million) — to an investment firm owned by the five children of Thai billionaire Charoen Sirivadhanabhakdi, whose family controls the bulk of Frasers’ shares.
The buyers, who include group CEO Panote Sirivadhanabhakdi, already co-own the portfolio.
The restructuring also reverses legacy arrangements from FHT’s listing, removes fixed-rental and corporate guarantee obligations, and consolidates ownership of Fraser Suites Singapore to enable a potential Valley Point redevelopment.
The deal lifts pro-forma FY2025 earnings per share by 3.4% and trims net gearing by 3.3 percentage points.
Completion is targeted for end-September, subject to minority shareholders’ approval.
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