Struggling companies lifted by tie-ups with new economy players

Singapore

SEVERAL locally listed companies that have seen better days are teaming up with startups and "new economy" players to launch initiatives providing entry point to untapped market opportunities. In some cases, their announcements have triggered big jumps in their deflated share prices.

Two months ago, fashion retailer FJ Benjamin (FJB) said it would form a partnership with Lazada that would boost the e-commerce performance of FJB's stable of brands in Singapore, Malaysia, and Indonesia, as well as to expand and incubate new FJB brands to eventually integrate brick-and-mortar and virtual stores. On the day of the announcement, shares of FJB closed 130 per cent higher. The last time the counter traded near such price levels had been in 2018.