MALAYSIAN TYCOON LAUNCHES CHINESE-LANGUAGE MEDIA POWERHOUSE
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysian tycoon Tiong Hiew King beat the gong at the Malaysia Stock Exchange on Wednesday, announcing that his Chinese-language media powerhouse, Media Chinese International Limited (MCI) (KLSE:5090), is formally up and running.
Tiong's long-awaited new entity came into being from the merger of his Ming Pao Enterprise Corporation Limited in Hong Kong, China, and his Sin Chew Media Corporation Berhad and Nanyang Press Holdings Berhad in Malaysia.
The birth of MCI will open the door to numerous growth opportunities in media-related businesses by targeting Chinese-speaking communities around the world, Tiong said at a ceremony to unveil MCI's dual listing on the main boards of the Hong Kong Stock Exchange and the Malaysia Stock Exchange.
AUSTRALIA'S ALLCO FINANCE PREDICTS BIG LOSS IN FY 08
Sydney (ANTARA News/Asia Pulse) - Troubled Allco Finance Group Ltd (ASX:AFG) says it expects to post a significant loss in fiscal 2008, possibly more than $A1.5 billion ($US1.4 billion).
The company said that write-downs and impairments, together with anticipated restructuring costs and the potential sale of assets at less than carrying values, "may result in a loss in excess of $1.5 billion" for the year ending June 30, 2008.
It had noted in its interim report that while it was difficult to quantify at that point, it was likely that these goodwill and intangible management rights balances had suffered material impairment.
SAMSUNG HEAVY WINS US$942 MLN ORDER FOR DRILL SHIP
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipyard, said today that it has won a US$942 million deal to build a drill ship.
The deal with Sweden-based Stena Line Co. calls on Samsung Heavy to deliver the vessel, used for deep-water oil exploration, by December 2011, the company said in a statement.
The company has obtained contracts to build 23 drill ships since 2000, accounting for 72 per cent of all global orders for such vessels.
INDIA'S STRIDES TO BUY 55% OF AUSTRALIA'S GENEPHARM
Mumbai (ANTARA News/Asia Pulse) - Pharmaceutical firm Strides Arcolab (BSE:532531) on Wednesday said it will acquire a majority stake of 55 per cent in ASX listed Genepharm Australasia (ASX:GAA) for A$61 million (US$57.6511 million) in an exchange for its Asian and Australian businesses.
Strides Arcolab has signed definitive agreements with Genepharm Australasia to this effect, the company said in a filing to the Bombay Stock Exchange.
"On successful completion of the Genepharm transaction, Strides may emerge with a shareholding of approximately 55 per cent of the expanded capital base of Genepharm," the company added.
BHP APPROVES US$1.9 BLN EXPANSION OF WEST AUSTRALIAN ALUMINA PROJECT
Sydney (ANTARA News/Asia Pulse) - BHP Billiton Ltd (ASX:BHP) has approved US$1.9 billion (A$2.04 billion) of spending to expand the the Worsley Alumina project in Western Australia.
BHP Billiton will provide 86 per cent of the funds to lift capacity of the Worsley refinery from 3.5 million tonnes per annum (Mtpa) of alumina to 4.6 Mtpa through expanded mining operations, additional refinery capacity and upgraded port facilities.
"This decision to invest in further production capacity underlines our confidence in the future of the alumina market," BHP Billiton aluminium president Jon Dudas said.
INVESTORS EYE STAKE IN PHILIPPINES POWER CO RED VULCAN
Manila (ANTARA News/Asia Pulse) - Potential investors have already approached the First Philippine Holdings Corp. with its planned disposal of a portion of Red Vulcan Holdings Corp. Elpidio Ibanez, president and chief operating officer of FPHC, said they are looking at closing the sale within the third quarter of this year.
"There are several groups that are interested and they're going into their own due diligence process and they would go into their own fund-raising program and that really is what is going to take time," Ibaez told reporters.
JAPAN'S J-POWER OPPOSES ALL 5 OF TOP SHAREHOLDER'S PROPOSALS
Tokyo (ANTARA News/Asia Pulse) - Electric Power Development Co. (TSE:9513), or J-Power, said Wednesday that its board has decided to oppose all five proposals put forward by its top shareholder, The Children's Investment Fund.
The board did not take up the shareholder proposals by the British hedge fund because they would prevent J-Power from maximizing its corporate value and mutual benefits with shareholders, according to the power utility.
SPANISH COMPANY TO INVEST IN TOURISM SECTOR IN BALI
Denpasar (ANTARA News/Asia Pulse) - Jardines de Bali, a Spanish company, plans to develop villas on Bali Island with an initial investment of Rp362 billion (US$39.1 million).
Chief executive of Jardines de Bali Group, Vernando Alonso Varea, said Wednesday the villas would be intended to attract up-scale tourists coming to Bali.
The company had conducted a study and analysis of villa development which showed that Indonesia was among the best investment destinations because the country's economy was growing.
KOREA'S HANA FINANCIAL GROUP JOINS HANDS WITH SANTANDER BANK
Seoul (ANTARA News/Asia Pulse) - Hana Financial Group Inc. (KSE:086790), South Korea's No. 3 financial services company, said today it has signed a preliminary deal to cooperate in investment banking with Spain's biggest lender, Santander Bank.
The deal calls for the two sides to cooperate on mergers and acquisitions, project financing and real estate in Europe, Central and South America and Asia, Hana Financial Group said.
In the corporate banking sector, Hana Financial Group and Santander Bank agreed to introduce their corporate customers to each other to provide better financial services to them in Europe, Central and South America and South Korea, the South Korean financial company said.
INDIA'S RELIANCE INDUSTRIES TAKES 90% STAKE IN PERUVIAN OIL BLOCK
New Delhi (ANTARA News/Asia Pulse) - Reliance Industries (BSE:500325) has signed an agreement to take a 90 per cent stake in an oil block in Peru.
Reliance bought the stake in Block 141 in the high plateau of Peru from Pan Andean Resources Plc, company CEO and President
(Oil & Gas) P M S Prasad said on Thursday. Pan Andean will hold the remaining 10 per cent stake. As part of the deal, Reliance will incur all exploration costs through commercial discovery.
Source:
Business in Asia Today - MAY 01, 2008
published by Asia Pulse
COPYRIGHT © 2008
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysian tycoon Tiong Hiew King beat the gong at the Malaysia Stock Exchange on Wednesday, announcing that his Chinese-language media powerhouse, Media Chinese International Limited (MCI) (KLSE:5090), is formally up and running.
Tiong's long-awaited new entity came into being from the merger of his Ming Pao Enterprise Corporation Limited in Hong Kong, China, and his Sin Chew Media Corporation Berhad and Nanyang Press Holdings Berhad in Malaysia.
The birth of MCI will open the door to numerous growth opportunities in media-related businesses by targeting Chinese-speaking communities around the world, Tiong said at a ceremony to unveil MCI's dual listing on the main boards of the Hong Kong Stock Exchange and the Malaysia Stock Exchange.
AUSTRALIA'S ALLCO FINANCE PREDICTS BIG LOSS IN FY 08
Sydney (ANTARA News/Asia Pulse) - Troubled Allco Finance Group Ltd (ASX:AFG) says it expects to post a significant loss in fiscal 2008, possibly more than $A1.5 billion ($US1.4 billion).
The company said that write-downs and impairments, together with anticipated restructuring costs and the potential sale of assets at less than carrying values, "may result in a loss in excess of $1.5 billion" for the year ending June 30, 2008.
It had noted in its interim report that while it was difficult to quantify at that point, it was likely that these goodwill and intangible management rights balances had suffered material impairment.
SAMSUNG HEAVY WINS US$942 MLN ORDER FOR DRILL SHIP
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipyard, said today that it has won a US$942 million deal to build a drill ship.
The deal with Sweden-based Stena Line Co. calls on Samsung Heavy to deliver the vessel, used for deep-water oil exploration, by December 2011, the company said in a statement.
The company has obtained contracts to build 23 drill ships since 2000, accounting for 72 per cent of all global orders for such vessels.
INDIA'S STRIDES TO BUY 55% OF AUSTRALIA'S GENEPHARM
Mumbai (ANTARA News/Asia Pulse) - Pharmaceutical firm Strides Arcolab (BSE:532531) on Wednesday said it will acquire a majority stake of 55 per cent in ASX listed Genepharm Australasia (ASX:GAA) for A$61 million (US$57.6511 million) in an exchange for its Asian and Australian businesses.
Strides Arcolab has signed definitive agreements with Genepharm Australasia to this effect, the company said in a filing to the Bombay Stock Exchange.
"On successful completion of the Genepharm transaction, Strides may emerge with a shareholding of approximately 55 per cent of the expanded capital base of Genepharm," the company added.
BHP APPROVES US$1.9 BLN EXPANSION OF WEST AUSTRALIAN ALUMINA PROJECT
Sydney (ANTARA News/Asia Pulse) - BHP Billiton Ltd (ASX:BHP) has approved US$1.9 billion (A$2.04 billion) of spending to expand the the Worsley Alumina project in Western Australia.
BHP Billiton will provide 86 per cent of the funds to lift capacity of the Worsley refinery from 3.5 million tonnes per annum (Mtpa) of alumina to 4.6 Mtpa through expanded mining operations, additional refinery capacity and upgraded port facilities.
"This decision to invest in further production capacity underlines our confidence in the future of the alumina market," BHP Billiton aluminium president Jon Dudas said.
INVESTORS EYE STAKE IN PHILIPPINES POWER CO RED VULCAN
Manila (ANTARA News/Asia Pulse) - Potential investors have already approached the First Philippine Holdings Corp. with its planned disposal of a portion of Red Vulcan Holdings Corp. Elpidio Ibanez, president and chief operating officer of FPHC, said they are looking at closing the sale within the third quarter of this year.
"There are several groups that are interested and they're going into their own due diligence process and they would go into their own fund-raising program and that really is what is going to take time," Ibaez told reporters.
JAPAN'S J-POWER OPPOSES ALL 5 OF TOP SHAREHOLDER'S PROPOSALS
Tokyo (ANTARA News/Asia Pulse) - Electric Power Development Co. (TSE:9513), or J-Power, said Wednesday that its board has decided to oppose all five proposals put forward by its top shareholder, The Children's Investment Fund.
The board did not take up the shareholder proposals by the British hedge fund because they would prevent J-Power from maximizing its corporate value and mutual benefits with shareholders, according to the power utility.
SPANISH COMPANY TO INVEST IN TOURISM SECTOR IN BALI
Denpasar (ANTARA News/Asia Pulse) - Jardines de Bali, a Spanish company, plans to develop villas on Bali Island with an initial investment of Rp362 billion (US$39.1 million).
Chief executive of Jardines de Bali Group, Vernando Alonso Varea, said Wednesday the villas would be intended to attract up-scale tourists coming to Bali.
The company had conducted a study and analysis of villa development which showed that Indonesia was among the best investment destinations because the country's economy was growing.
KOREA'S HANA FINANCIAL GROUP JOINS HANDS WITH SANTANDER BANK
Seoul (ANTARA News/Asia Pulse) - Hana Financial Group Inc. (KSE:086790), South Korea's No. 3 financial services company, said today it has signed a preliminary deal to cooperate in investment banking with Spain's biggest lender, Santander Bank.
The deal calls for the two sides to cooperate on mergers and acquisitions, project financing and real estate in Europe, Central and South America and Asia, Hana Financial Group said.
In the corporate banking sector, Hana Financial Group and Santander Bank agreed to introduce their corporate customers to each other to provide better financial services to them in Europe, Central and South America and South Korea, the South Korean financial company said.
INDIA'S RELIANCE INDUSTRIES TAKES 90% STAKE IN PERUVIAN OIL BLOCK
New Delhi (ANTARA News/Asia Pulse) - Reliance Industries (BSE:500325) has signed an agreement to take a 90 per cent stake in an oil block in Peru.
Reliance bought the stake in Block 141 in the high plateau of Peru from Pan Andean Resources Plc, company CEO and President
(Oil & Gas) P M S Prasad said on Thursday. Pan Andean will hold the remaining 10 per cent stake. As part of the deal, Reliance will incur all exploration costs through commercial discovery.
Source:
Business in Asia Today - MAY 01, 2008
published by Asia Pulse
COPYRIGHT © 2008
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