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Singapore Stocks: ARA Asset, Otto Marine, ST Engineering

March 21 (Bloomberg) -- Singapore’s Straits Times Index rose 0.1 percent to 3,005.63 at the close after swinging between gains and losses. Almost three shares advanced for every two that fell in the 30-member gauge.

The following were among the most active shares in the market. Stock symbols are in parentheses after company names.

ARA Asset Management Ltd. (ARA SP), the manager of property trusts backed by Li Ka-shing, jumped 5.6 percent to S$1.51. The company is planning Singapore’s first yuan-denominated initial public offering, people with knowledge of the matter said yesterday. After the close of market, ARA said it’s also considering setting up a yuan-denominated real estate investment trust.

Otto Marine Ltd. (OTML SP) rose 2.7 percent to 15 Singapore cents after the shipbuilder won a $36.5 million contract to charter a vessel to U.K.-based Seahold Geoships Ltd. for five years.

Singapore Technologies Engineering Ltd. (STE SP), Asia’s biggest aircraft maintenance company, added 1.3 percent to S$3.17. The company said its ST Kinetics unit raised its stake in Timoney Holdings Ltd., an Ireland-based maker of heavy-duty suspension systems used in commercial and military vehicles.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net

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