AKEBONO BRAKE PLANS US$502 MLN INVESTMENT TO BOOST OP PROFIT
TOKYO (ANTARA News/Asia Pulse) - Japan's Akebono Brake Industry Co. (TSE:7238) plans to invest 50 billion yen (US$502.35 million) over the next three fiscal years as part of a newly developed management plan aimed at boosting operating profit 29 per cent to 20 billion yen in fiscal 2010.
The company aims to expand its core brake business, particularly in Asia, and to expand earnings in nonautomotive segments such as industrial machinery and rolling stock.
It intends to invest over 6 billion yen to expand production capacity in Asia, including placing new sites in China, Thailand and Indonesia into service. Under the new plan, Akebono Brake aims to boost group sales to 200 billion yen in fiscal 2010, 9 per cent more than sales projections for the current fiscal year.
JAPAN'S AEL SEEKS BANKRUPTCY PROTECTION WITH US$232 MLN OF DEBT
TOKYO (ANTARA News/Asia Pulse) - Japanese consumer lender Ael Co. on Monday filed with the Tokyo District Court for bankruptcy protection from creditors under the Civil Rehabilitation Law.
The company's liabilities total around 23.1 billion yen (US$232 million).
Ael, which filed for protection under the Corporate Rehabilitation Law in September 2003, completed its rehabilitation proceedings last August, but with operations deteriorating due to stricter industry regulations, the company determined that it would not be able to keep its current operations afloat without filing for bankruptcy again.
WORK STARTS ON US$220 MLN HABICO TOWER IN HANOI
HANOI (ANTARA News/Asia Pulse) - A ground-breaking ceremony kicked off construction on the 36-storey HABICO Tower on March 22 at 288 Pham Van Dong Street, Tu Liem District, Hanoi. The US$220 million project covers an area of 4,490sq.m.
The project was financed by the Hai Binh Joint Stock Company. It will be managed by the South Korean Group Dongriwon Development Inc.
The 180m-high tower was designed as a luxury complex for trade and services, offices, apartments and hotels. HABICO tower is expected to take 30 months to complete.
INDONESIA'S SEMEN GRESIK POSTS 2007 NET PROFIT OF US$196 MLN
JAKARTA (ANTARA News/Asia Pulse) - Cement maker PT Semen Gresik Tbk (JSX:SMGR) said on Monday its net profit in 2007 rose 37.04 per cent to Rp1.8 trillion (US$196 million) from a year earlier on higher demand for its product.
Sales rose 10 per cent to Rp9.601 trillion, PT Semen Gresik President Director Dwi Soetjipto said. He said Semen Gresik had set itself the target of raising its domestic sales by 6 per cent this year.
The company now holds a 44.2 per cent share of the national cement market.
MALAYSIA'S BERJAYA LAND POSTS 9-MTH PRE-TAX PROFIT OF US$152 MLN
KUALA LUMPUR (ANTARA News/Asia Pulse) - Berjaya Land Berhad (KLSE:4219) has recorded nine-month pre-tax profit of RM484.769 million (US$152.2 million), substantially higher than RM35.659 million previously due to brisk property sales and exceptional gains.
The profit was struck on a 33.1 per cent jump in revenue to RM506.864 million for the nine months ended 31 January 2008 compared with RM380.917 million for the previous corresponding period.
Earnings per share surged to 51.06 sen from 4.47 sen a year ago. The company is proposing a third interim dividend of 5 per
cent per share less 26 per cent income tax for the financial year ending 30 April 2008.
S KOREA'S GLOVIS TO BUY THREE AUTO CARRIERS FOR US$101.6 MLN
SEOUL (ANTARA News/Asia Pulse) - Glovis Co. (KSE:086280), a logistics affiliate of Hyundai Motor Co., (KSE:05380) said today it has signed a contract to buy three automobile carriers, as the company plans to transport cars built by the automaker and its affiliate Kia Motors Corp.
Under the contract, Glovis will buy three auto carriers from Eukor Car Carriers Inc. for US$101.6 million, the South Korean company said in a statement.
Glovis, South Korea's third-largest freight company, generates most of its sales from transactions with Hyundai Motor and Kia Motors, the nation's two largest carmakers.
AUSTRALIA'S ARROW ENERGY TO INVEST IN CBM IN XINJIANG, CHINA
URUMUQI (ANTARA News/Asia Pulse) - Arrow Energy (ASX:AOE), one of Australia's leading producers of coal bed methane, has recently signed a US$100 million contract with a prospecting team of the Xinjiang Geology and Mining Bureau on jointly prospecting and exploiting coal bed methane resources in southern and northern Juggar Basin, Xinjiang, northwest China.
Both sides will set up a coal bed methane cooperative company and an initial investment of three million yuan (US$425,253) will be spent on an experimental exploitation of a well in southern Juggar coalfield.
The cooperative company will focus on prospecting coal bed methane for coalmines of the eastern Juggar power, coal and chemical production base to ensure the safety of coal mining.
It will also prospect and develop coal bed methane resource in southern Juggar coal field.
AUSTRALIA'S AGL ENERGY TO SELL CHILEAN GAS DISTRIBUTION BUSINESS FOR US$90 MLN
MELBOURNE (ANTARA News/Asia Pulse) - AGL Energy Ltd (ASX:AGK), Australia's largest power retailer, has flagged the sale of its Chilean gas distribution business for US$90 million to a consortium of Australian superannuation funds.
The sale of GasValpo marks the first step of a planned A$2 billion (US$1.81 billion) asset sale program by AGL to fund the acquisition of energy assets in New South Wales which are being privatised by the state government.
INDIA'S AUROBINDO PHARMA TO ACQUIRE ITALIAN GENERIC FIRM TAD
MUMBAI (ANTARA News/Asia Pulse) - Aurobindo Pharma (BSE:524804) has said it will acquire the intellectual property and marketing authorisations of Italy-based generic firm TAD for an undisclosed amount.
The company has recently concluded a strategic deal that would give Aurobindo an access to over 70 ready-to-market products, the firm said in a filing to the Bombay Stock Exchange.
The acquisition would fast track the firm's entry into the Italian generic market, Aurobindo said. The drug firm has already filed to register 22 of its products in Italy.
NINE INVESTOR GROUPS SUBMIT BIDS FOR PHILIPPINES POWER PLANT
MANILA (ANTARA News/Asia Pulse) - Nine out of the 10 potential investor groups have submitted to the Power Sector Assets and Liabilities Management Corporation (PSALM) their respective expressions of interest for the slated June 4 bidding of the 747-megawatt (MW) Tiwi-MakBan geothermal power complex.
In a statement, PSALM said five of the nine investors group are from the Philippines, two from Europe, one from North America and one from the Asia Pacific region. The bid covers the generating assets, structures and improvements, spare parts and general plant equipment of the Tiwi and Makban power plants.
It also covers the steam field facilities and the Geothermal Resources Sales Contract between PSALM and the Philippine Geothermal, Inc. (now Chevron Geothermal Philippines Holdings, Inc.), the steam supplier for the two facilities.
Source:
Business in Asia Today - Mar. 25, 2008
published by Asia Pulse
COPYRIGHT © 2008
TOKYO (ANTARA News/Asia Pulse) - Japan's Akebono Brake Industry Co. (TSE:7238) plans to invest 50 billion yen (US$502.35 million) over the next three fiscal years as part of a newly developed management plan aimed at boosting operating profit 29 per cent to 20 billion yen in fiscal 2010.
The company aims to expand its core brake business, particularly in Asia, and to expand earnings in nonautomotive segments such as industrial machinery and rolling stock.
It intends to invest over 6 billion yen to expand production capacity in Asia, including placing new sites in China, Thailand and Indonesia into service. Under the new plan, Akebono Brake aims to boost group sales to 200 billion yen in fiscal 2010, 9 per cent more than sales projections for the current fiscal year.
JAPAN'S AEL SEEKS BANKRUPTCY PROTECTION WITH US$232 MLN OF DEBT
TOKYO (ANTARA News/Asia Pulse) - Japanese consumer lender Ael Co. on Monday filed with the Tokyo District Court for bankruptcy protection from creditors under the Civil Rehabilitation Law.
The company's liabilities total around 23.1 billion yen (US$232 million).
Ael, which filed for protection under the Corporate Rehabilitation Law in September 2003, completed its rehabilitation proceedings last August, but with operations deteriorating due to stricter industry regulations, the company determined that it would not be able to keep its current operations afloat without filing for bankruptcy again.
WORK STARTS ON US$220 MLN HABICO TOWER IN HANOI
HANOI (ANTARA News/Asia Pulse) - A ground-breaking ceremony kicked off construction on the 36-storey HABICO Tower on March 22 at 288 Pham Van Dong Street, Tu Liem District, Hanoi. The US$220 million project covers an area of 4,490sq.m.
The project was financed by the Hai Binh Joint Stock Company. It will be managed by the South Korean Group Dongriwon Development Inc.
The 180m-high tower was designed as a luxury complex for trade and services, offices, apartments and hotels. HABICO tower is expected to take 30 months to complete.
INDONESIA'S SEMEN GRESIK POSTS 2007 NET PROFIT OF US$196 MLN
JAKARTA (ANTARA News/Asia Pulse) - Cement maker PT Semen Gresik Tbk (JSX:SMGR) said on Monday its net profit in 2007 rose 37.04 per cent to Rp1.8 trillion (US$196 million) from a year earlier on higher demand for its product.
Sales rose 10 per cent to Rp9.601 trillion, PT Semen Gresik President Director Dwi Soetjipto said. He said Semen Gresik had set itself the target of raising its domestic sales by 6 per cent this year.
The company now holds a 44.2 per cent share of the national cement market.
MALAYSIA'S BERJAYA LAND POSTS 9-MTH PRE-TAX PROFIT OF US$152 MLN
KUALA LUMPUR (ANTARA News/Asia Pulse) - Berjaya Land Berhad (KLSE:4219) has recorded nine-month pre-tax profit of RM484.769 million (US$152.2 million), substantially higher than RM35.659 million previously due to brisk property sales and exceptional gains.
The profit was struck on a 33.1 per cent jump in revenue to RM506.864 million for the nine months ended 31 January 2008 compared with RM380.917 million for the previous corresponding period.
Earnings per share surged to 51.06 sen from 4.47 sen a year ago. The company is proposing a third interim dividend of 5 per
cent per share less 26 per cent income tax for the financial year ending 30 April 2008.
S KOREA'S GLOVIS TO BUY THREE AUTO CARRIERS FOR US$101.6 MLN
SEOUL (ANTARA News/Asia Pulse) - Glovis Co. (KSE:086280), a logistics affiliate of Hyundai Motor Co., (KSE:05380) said today it has signed a contract to buy three automobile carriers, as the company plans to transport cars built by the automaker and its affiliate Kia Motors Corp.
Under the contract, Glovis will buy three auto carriers from Eukor Car Carriers Inc. for US$101.6 million, the South Korean company said in a statement.
Glovis, South Korea's third-largest freight company, generates most of its sales from transactions with Hyundai Motor and Kia Motors, the nation's two largest carmakers.
AUSTRALIA'S ARROW ENERGY TO INVEST IN CBM IN XINJIANG, CHINA
URUMUQI (ANTARA News/Asia Pulse) - Arrow Energy (ASX:AOE), one of Australia's leading producers of coal bed methane, has recently signed a US$100 million contract with a prospecting team of the Xinjiang Geology and Mining Bureau on jointly prospecting and exploiting coal bed methane resources in southern and northern Juggar Basin, Xinjiang, northwest China.
Both sides will set up a coal bed methane cooperative company and an initial investment of three million yuan (US$425,253) will be spent on an experimental exploitation of a well in southern Juggar coalfield.
The cooperative company will focus on prospecting coal bed methane for coalmines of the eastern Juggar power, coal and chemical production base to ensure the safety of coal mining.
It will also prospect and develop coal bed methane resource in southern Juggar coal field.
AUSTRALIA'S AGL ENERGY TO SELL CHILEAN GAS DISTRIBUTION BUSINESS FOR US$90 MLN
MELBOURNE (ANTARA News/Asia Pulse) - AGL Energy Ltd (ASX:AGK), Australia's largest power retailer, has flagged the sale of its Chilean gas distribution business for US$90 million to a consortium of Australian superannuation funds.
The sale of GasValpo marks the first step of a planned A$2 billion (US$1.81 billion) asset sale program by AGL to fund the acquisition of energy assets in New South Wales which are being privatised by the state government.
INDIA'S AUROBINDO PHARMA TO ACQUIRE ITALIAN GENERIC FIRM TAD
MUMBAI (ANTARA News/Asia Pulse) - Aurobindo Pharma (BSE:524804) has said it will acquire the intellectual property and marketing authorisations of Italy-based generic firm TAD for an undisclosed amount.
The company has recently concluded a strategic deal that would give Aurobindo an access to over 70 ready-to-market products, the firm said in a filing to the Bombay Stock Exchange.
The acquisition would fast track the firm's entry into the Italian generic market, Aurobindo said. The drug firm has already filed to register 22 of its products in Italy.
NINE INVESTOR GROUPS SUBMIT BIDS FOR PHILIPPINES POWER PLANT
MANILA (ANTARA News/Asia Pulse) - Nine out of the 10 potential investor groups have submitted to the Power Sector Assets and Liabilities Management Corporation (PSALM) their respective expressions of interest for the slated June 4 bidding of the 747-megawatt (MW) Tiwi-MakBan geothermal power complex.
In a statement, PSALM said five of the nine investors group are from the Philippines, two from Europe, one from North America and one from the Asia Pacific region. The bid covers the generating assets, structures and improvements, spare parts and general plant equipment of the Tiwi and Makban power plants.
It also covers the steam field facilities and the Geothermal Resources Sales Contract between PSALM and the Philippine Geothermal, Inc. (now Chevron Geothermal Philippines Holdings, Inc.), the steam supplier for the two facilities.
Source:
Business in Asia Today - Mar. 25, 2008
published by Asia Pulse
COPYRIGHT © 2008
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