Haze returned to Singapore, and with it came a sharp warning to listed plantation companies that their financing and investor standing may be targeted.
Elsewhere, the Equity Market Development Programme (EQDP) reported early progress in drawing private capital, Keppel REIT unveiled a major office purchase from its sponsor, and iFAST stepped into ETF issuance.
In the US, Getty Images began a pre-packaged bankruptcy to restructure its debt and go private.
Government turns up the pressure on plantation stocks linked to haze
The Singapore Exchange Regulation (SGX RegCo) has sought information from seven listed agriculture companies about possible links to the Indonesian forest fires behind Singapore’s haze.
Senior Minister K Shanmugam spoke about the move on 19 October 2026.
The seven are Golden Agri-Resources (SGX: E5H), Bumitama Agri (SGX: P8Z), First Resources (SGX: EB5), Wilmar International (SGX: F34), Kencana Agri (SGX: BNE), Indofood Agri Resources (SGX: 5JS) and TSH Resources (SGX: TSH).
The government will also scrutinise Singapore-incorporated Asia Pulp & Paper. Three of its pulpwood suppliers were among the Indonesian firms named the previous week.
Mr Shanmugam said zero-burning statements were not enough and that companies must produce evidence.
He said Singapore would use every legal and regulatory lever it has, including pressure on access to financing.
Banks had already put questions to the firms, he added, and the government would also review whether linked companies receive Singapore grants or incentives, and was prepared to amend laws urgently if needed.
For shareholders, the risk now goes beyond reputation to funding costs and capital access.
Public dollars draw private money into Singapore equities
EQDP has attracted more than S$1 of private capital for every dollar of public funds invested.
National Development Minister Chee Hong Tat, who is also deputy chairman of the Monetary Authority of Singapore (MAS), gave the figure at the Securities Investors Association (Singapore) Investors’ Choice Awards on 21 October 2026.
The programme is now in its third phase.
After the third batch of fund managers was named in September, cumulative allocations reached S$5.4 billion across 14 asset managers.
Turnover among Next 50 constituents is up 93% from 2025, and more small- and mid-cap stocks can now absorb institutional flows.
More reforms are planned:
- MAS and SGX RegCo aim to streamline listing reviews from January 2027.
- IPO guides tailored to retail investors are being developed.
- A public consultation on the revised Code of Corporate Governance is due next week.
Mr Chee also linked governance to the haze issue.
He warned that enforcement against errant firms could hurt their shareholders’ investments as well as the companies themselves.
Keppel REIT doubles down on CBD offices with sponsor deal
Keppel REIT (SGX: K71U) announced on 20 October 2026 that it will buy a 51% stake in Keppel South Central from its sponsor, Keppel Ltd (SGX: BN4), for S$610.9 million.
The 33-storey Grade A building has 522,500 sq ft of net lettable area and is valued at about S$1.2 billion, or roughly S$2,350 per square foot (psf).
The deal raises Keppel REIT’s Singapore exposure to 82%.
It also offers pro forma distribution per unit accretion of 2.01% and an initial property yield of 4.3%.
As at 15 October 2026, about 60% of the space was under committed leases or leases being documented.
Keppel will provide guaranteed monthly income of S$2.23 million for up to five years.
Funding will come from a mix of bank loans, perpetual securities, internal cash and/or equity, taking aggregate leverage to 39.2%.
Jefferies kept its “hold” rating and S$0.85 target price.
It flagged a possible overhang from equity fundraising and questions about the asset’s underlying yield before stabilisation.
Unitholders will vote on the deal in the fourth quarter of 2026 (4Q2026), with completion expected in 2Q2027.
iFAST enters ETF issuance with four SGX listings
iFAST Corporation (SGX: AIY) listed its first four exchange-traded funds (ETFs) on SGX on 22 October 2026, in partnership with DWS Group’s Xtrackers brand.
The suite comprises:
- iFAST Xtrackers Artificial Intelligence & Big Data UCITS Index ETF (SGX: XBG)
- iFAST Xtrackers Nikkei 225 UCITS Index ETF (SGX: JPY)
- iFAST Xtrackers MSCI Korea UCITS Index ETF (SGX: KOR)
- iFAST Xtrackers MSCI Taiwan UCITS Index ETF (SGX: TWD)
Each fund invests in an existing Xtrackers UCITS ETF.
Investors can trade the funds in Singapore dollars during local market hours, and eligible investors may use Supplementary Retirement Scheme (SRS) funds.
Depending on individual circumstances, the UCITS structure may also give Singapore investors different tax and estate-planning outcomes compared with holding overseas-listed securities directly.
Group CEO Lim Chung Chun called the listing “a new chapter for iFAST” as the group moves further up the investment value chain.
iFAST had S$36.13 billion in assets under administration as at 30 June 2026.
ETF issuance adds a potential new revenue stream, though its contribution will depend on how much in assets the funds gather.
Getty Images files for Chapter 11 to go private
Getty Images (NYSE: GETY) said on 21 October 2026 that it had started voluntary Chapter 11 proceedings for some of its US subsidiaries in the US Bankruptcy Court for the District of Delaware.
The filing is part of a pre-packaged plan to restructure its debt.
Members of the Getty family and affiliates of Koch Equity Development will invest up to US$533 million (around S$681 million) to pay down debt.
Koch will also provide up to US$143 million in financing, which, together with cash from its ongoing operations, will let Getty operate normally during the process.
Getty expects to complete the restructuring by year-end, subject to regulatory approvals.
It will then become a private company owned by the equity investors.
The filing follows a difficult period.
Getty reported a loss of US$206.1 million in 2025 and was recently told its shares faced delisting from the New York Stock Exchange after falling below US$1.
The case shows how heavy debt can wipe out shareholder value when earnings weaken.
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