26/09/2025

BIZ & FINANCE FRIDAY | SEPT 26, 2025

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Centurion REIT jumps 11% on Singapore Exchange debut

Eli Lilly to bring experimental weight-loss pill to India

MUMBAI: Eli Lilly plans to launch its experimental oral weight-loss drug orforglipron in India, a senior executive said yesterday, offering an alternative to injectables that many patients in the world’s most populous nation resist. Orforglipron is part of a new class of GLP-1 drugs that suppress appetite and follow the same pathway targeted by Eli Lilly’s blockbuster tirzepatide, sold globally as the blockbuster Mounjaro for diabetes and Zepbound for weight loss. The drug has not been launched anywhere globally but Lilly plans to file for approval of orforglipron with regulators in the United States, Britain, European Union, Japan and China. It was not immediately clear if the drugmaker has started approval procedure for orforglipron in India. Latest trial data showed Eli Lilly’s experimental pill orforglipron lowered blood sugar and weight more effectively than Novo Nordisk’s older GLP-1 drug Rybelsus in adults with type-2 diabetes. “There is promise for products like that in India, if it gets approved,” Lilly India president Winselow Tucker said at an industry conference panel in Mumbai. He did not give a launch timeline. People in India would take their tablets rather than inject, Novo Nordisk India head Vikrant Shrotriya said. Tucker added that stigma and logistical hurdles also weigh on injectables. Still, both companies remain upbeat on the market. Novo’s Wegovy and Lilly’s Mounjaro, launched earlier this year, have seen demand surge, with sales doubling within months. – Reuters

The benchmark Straits Times Index was down 0.2%. “The successful REIT IPO, as the second-largest listing of 2025 to date, signals the return of REIT IPOs to the market and is expected to boost sponsor confidence in tapping SGX to realise capital gains and expand portfolios,” said Tay Hwee Ling, Deloitte’s Southeast Asia transactions accounting support leader. The IPO follows July’s listing of NTT DC REIT, which raised about US$773 million, Singapore’s biggest IPO in four years. Singapore leads Southeast Asia’s IPO market this year with a total of US$1.46 billion IPO proceeds raised year-to-date, ahead of Indonesia at US$1.24 billion and Malaysia at US$982.7 million, LSEG data showed.

The Singapore Exchange has seen renewed interest from issuers after the country introduced measures in February to boost its equities market, including a 20% tax rebate for primary listings. Recent listings include US cybersecurity firm AvePoint , which became the first company to be listed on both Nasdaq and SGX on Sept 19. Upcoming IPOs include UI Boustead REIT and Foundation Healthcare Holdings. Backed by Singapore-based Centurion Corp, Centurion Accommodation REIT owns 14 assets across Singapore, the UK and Australia, with an appraised value of about S$1.8 billion, according to its prospectus. Cornerstone investors include abrdn Asia, Amova Asset Management Asia and Value Partners Hong Kong. – Reuters

o Real estate trust raises S$771 million in Singapore’s second-biggest IPO of 2025 SINGAPORE: Centurion Accommodation REIT rose on its Singapore debut yesterday after raising S$771.1 million (RM2.5 billion) in the city-state’s second-largest IPO this year. Units of the real estate investment trust opened at S$0.98 on the Singapore Exchange, up 11.4% from the IPO price of S$0.88 per unit. As at 2.10pm, the units traded as high as S$0.98 and as low as S$0.955 before last changing hands at S$0.975.

Taiwan bicycle maker to challenge US ban over alleged forced labour TAIPEI: Taiwan’s leading bicycle manufacturer Giant said yesterday it will petition against a US customs decision to bar its bicycles, parts and accessories over the alleged use of forced labour. value and undercutting American businesses by millions of dollars in unjustly earned profits,” it added. mechanisms and third-party audits, and “continues to conduct due diligence to ensure compliance with international standards”.

Giant said it would file a petition with the agency seeking revocation of the order, and would explain that it had taken “appropriate measures”. “Giant Group is firmly committed to upholding human rights and labour protections,” it said, adding it had adopted actions including fully covering recruitment and government fees for new migrant hires and upgrading employee housing. The company said it had also implemented internal supervision

Shares in Giant fell nearly 9% at one point yesterday after the US order was announced. Taiwan’s Economic Ministry said it would assist Giant in resolving any forced labour issues so the US order could be lifted as soon as possible. “As a responsible member of the global supply chain, Taiwan has always attached great importance to improving labour conditions,” it said in a statement. – AFP

The US Customs and Border Protection announced on Wednesday it had issued a Withhold Release Order (WRO) against the Taiwanese company, effective immediately. The order “was issued due to violations of US law prohibiting goods made with forced labour from entering the United States”, the agency said in a statement. “Giant profited by imposing such abuse, resulting in goods produced below market

Nickel mining threatens Indonesia coral haven: NGOs JAKARTA: Nickel mining threatens one of the world’s most important marine biodiversity and coral hotspots in Indonesia, despite the government revoking several But NGOs say serious damage has already been done, and there is little sign of clean-up.

Images captured by the groups in the region show sediment run-off turning otherwise emerald waters murky brown, downhill from stripped hilltops. They also documented bleached and damaged coral at current and former mining sites, near jetties and areas affected by sediment run-off. While warmer waters caused by climate change have caused coral bleaching in many parts of the world, Timer said coral just 50m-100m away from the surveyed areas remained healthy. The groups also fear mining could restart in the region, noting no formal revocation letter has been published by the government so far. “Even though there is no active mining operation on sites, the staff of the companies and its heavy machinery are still there,” said Timer. Until earlier this year, nickel mining concessions covered 22,000 hectares of the Raja Ampat region’s 3.66 million hectares, much of it inside a designated Unesco Global Geopark. These areas are recognised by the UN body for their “international geological significance” and are meant to be “managed with a holistic concept of protection,

permits, a report warned yesterday. Analysis of recent and historic mining in the region showed a “domino effect of destruction”, ranging from deforestation on land to sediment run-off smothering coral reefs, the report by NGOs Auriga Nusantara and Earth Insight said. “Post-mining rehabilitation is very poor,” said Auriga Nusantara executive director Timer Manurung . “We worry that the current nickel mining will impact Raja Ampat for decades to come.” Raja Ampat is part of the famed Coral Triangle, beloved by divers for its marine riches. In June, Indonesia’s government revoked permits for four of the five nickel mining companies operating in the cluster of islands and shoals in Southwest Papua Province. That followed an outcry from activists and residents over the impact of mining for the metal used in everything from stainless steel to electric vehicles. In September, the government allowed one company – PT Gag Nikel – to restart operations, arguing the impact “can be properly mitigated”.

A aerial picture released by Auriga Nusantara shows a pier built for a nickel mining site on Kawei Island in Raja Ampat. – AFPPIC/AURIGA NUSANTARA

education

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the Geopark. Indonesia has the world’s largest nickel reserves and has sought to

spur domestic processing to capture more of the value chain. – AFP

development”, Unesco said. Gag Nikel’s operations lie outside