RIO TINTO TO START BUILDING US$2 BLN NICKEL MINE IN SULAWESI
Jakarta (ANTARA News/Asia Pulse) - Rio Tinto (ASX:RIO) is expected to start work on a US$2 billion investment in a nickel mining project in Lasamphala, Central Sulawesi in the second half of this year.
Head of the Investment Coordinating Board (BKPM), Muhammad Lutfi, said the agency and the home affairs ministry wanted the mining giant to accelerate the implementation of its project.
Realization of the project has been long delayed since 2001, over conflicting regulations with the district administration issuing the mining license to the Bitangdelapan Group to operate in the same location.
BRIDGESTONE TO BUY 8PCT STAKE IN TOYO TIRE FOR ALLIANCE
Tokyo (ANTARA News/Asia Pulse) - Bridgestone Corp. (TSE:5108) and the Toyo Tire & Rubber Co. (TSE:5105) said Friday that they would form capital and business ties, paving the way for joint materials procurement and mutual consignment of production to reduce costs amid rising materials prices.
Under their agreement, Bridgestone will purchase an 8.72 per cent stake in Toyo Tire for 8.02 billion yen (US$77 million) via a new-share issuance to be carried out in October.
This will make the leading Japanese tire manufacturer the second-largest shareholder of Toyo Tire, the No. 4 player in the domestic market.
BURRUP HOLDINGS LAUNCHES $US477 MLN IPO
Melbourne (ANTARA News/Asia Pulse) - Burrup Holdings Ltd, which operates an ammonia plant in Western Australia, has launched a $A500 million ($US477.25 million) initial public offer (IPO) to list on the Australian Securities Exchange.
Burrup expects to raise between $390 million and $502 million through the sale of shares, based on the indicative price range of $1.75 to $2.25.
"The IPO will position Burrup to take advantage of its considerable growth opportunities and utilise its extensive skills in downstream industry to create further shareholder value," chairman and managing director Pankaj Oswal said in a statement.
MITSUBISHI INVESTS IN BRAZILIAN IT FIRM POLITEC, SETS UP JV
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Corp. (TSE:8058) has spent Y3 billion ($US28.84 million) to acquire a 10 per cent stake in major Brazilian information technology service provider Politec.
The two companies have also established a system development and maintenance service joint venture in Tokyo. Mitsubishi took a 60 per cent interest in the new firm, with Politec holding the rest.
These moves follow a business tie-up the Japanese trading house formed with Politec last year. Mitsubishi hopes to exploit the 12-hour time difference between Japan and Brazil.
FIRST PRIVATE FINANCIAL GROUP MAKES DEBUT IN VIETNAM
Hanoi (ANTARA News/Asia Pulse) - The Saigon Thuong Tin Commercial Bank (Sacombank) officially made its debut as the Sacombank Group on May 16, becoming the first private financial group in Vietnam.
The Sacombank Group, with 11 subsidiaries, operates on a charter capital of 5.2 trillion VND (US$324.56 million) and total assets of 79.9 trillion VND. It has a total staff of more than 6,500.
During the launch ceremony, the group signed memoranda of understandings with the Industrial Bank of Taiwan and Dragon Capital to jointly carry out financial projects and set up securities trading and brokerage channels.
POSCO MAY FORM CONSORTIUM TO ACQUIRE DAEWOO SHIPBUILDING
Seoul (ANTARA News/Asia Pulse) - The chairman of POSCO Co., (KSE:005490), South Korea's largest steelmaker, indicated Saturday that his company would probably form a consortium to buy a controlling stake in the Daewoo Shipbuilding & Marine Engineering Co. (KSE:42660), the world's third-largest shipbuilder.
Creditors, led by the state-run Korea Development Bank, plan to select a preferred bidder to sell their 50.4 per cent stake in Daewoo Shipbuilding as early as August.
The deal, if successful, may be valued at as much as 8 trillion won (US$7.7 billion), according to local media reports.
BOSCH TO FOUND R&D HEADQUARTERS IN SHANGHAI
Beijing (ANTARA News/Asia Pulse) - German electric appliances giant, Bosch is set to found a research and development (R&D) headquarters in east China's Shanghai at a cost of 1.3 billion yuan (US$186 million).
Construction of The R&D headquarters building in the Hongqiao Linkong Economic Park has already begun and is expected to be completed by 2010.
Covering an area of 80,000 square meters, the building will be used as a center of Bosch (China) for office use, R&D and training.
ASAHI TO BUY SHARES IN LCD SUBSTRATE POLISHER
Tokyo (ANTARA News/Asia Pulse) - The Asahi Glass Co. (TSE:5201) has said it intends to purchase all the shares in LCD glass substrate polisher Schott Processing Korea Co., a wholly owned subsidiary of leading German glassmaker Schott AG. Following approval by the Korea Fair Trade Commission, Asahi Glass will begin steps to buy the shares.
The acquisition is estimated to cost about 5 billion yen (US$48 million).
Asahi Glass is currently capable of churning out 5 million sq. meters of LCD glass substrates a year in South Korea.
Its second plant in that nation is set to come onstream soon, with a third to follow in spring 2009.
INDIAN IRON ORE MINER TO RAISE STAKE IN FLAGSHIP SA PROJECT
Melbourne (ANTARA News/Asia Pulse) - Lincoln Minerals Ltd (ASX:LML) says Indian iron ore miner Mineral Enterprises Ltd plans to increase its stake in the junior explorer and its flagship Gum Flat project in South Australia.
Mineral Enterprises, which holds 4.7 per cent of the junior, plans to lift its stake in the company to 19.99 per cent by partially underwriting a proposed $A4.9 million ($US4.68 million) capital raising.
In addition, Mineral Enterprises will increase its interest in Lincoln's Gum Flat iron ore project to 50 per cent by providing a further $2 million in project finance.
INDONESIA'S PAMAPERSADA TO DEVELOP COAL MINES
Jakarta (ANTARA News/Asia Pulse) - Indonesia's PT Pamapersada Nusantara said it has won a contract worth US$1 billion to develop coal mines for PT Jembayan Muarabara.
The subsidiary of heavy equipment company PT United Tractors (JSX:UNTR) will help in digging and removing soil in a coal mine with an estimated capacity to produce 10 million tons of coal a year.
The contract is an extension of a previous contract for another five years, United Tractors President Djoko Pranoto said. Pamapersada is the largest contractor in coal mining development and has been the main contributor to the income of United Tractors.
Last year, United Tractors reported sales in worth Rp18.2 trillion (US$1.983 billion) with contribution from the contracting division accounting for 43 per cent.
Source:
Business in Asia Today - MAY 19, 2008
published by Asia Pulse
COPYRIGHT © 2008
Jakarta (ANTARA News/Asia Pulse) - Rio Tinto (ASX:RIO) is expected to start work on a US$2 billion investment in a nickel mining project in Lasamphala, Central Sulawesi in the second half of this year.
Head of the Investment Coordinating Board (BKPM), Muhammad Lutfi, said the agency and the home affairs ministry wanted the mining giant to accelerate the implementation of its project.
Realization of the project has been long delayed since 2001, over conflicting regulations with the district administration issuing the mining license to the Bitangdelapan Group to operate in the same location.
BRIDGESTONE TO BUY 8PCT STAKE IN TOYO TIRE FOR ALLIANCE
Tokyo (ANTARA News/Asia Pulse) - Bridgestone Corp. (TSE:5108) and the Toyo Tire & Rubber Co. (TSE:5105) said Friday that they would form capital and business ties, paving the way for joint materials procurement and mutual consignment of production to reduce costs amid rising materials prices.
Under their agreement, Bridgestone will purchase an 8.72 per cent stake in Toyo Tire for 8.02 billion yen (US$77 million) via a new-share issuance to be carried out in October.
This will make the leading Japanese tire manufacturer the second-largest shareholder of Toyo Tire, the No. 4 player in the domestic market.
BURRUP HOLDINGS LAUNCHES $US477 MLN IPO
Melbourne (ANTARA News/Asia Pulse) - Burrup Holdings Ltd, which operates an ammonia plant in Western Australia, has launched a $A500 million ($US477.25 million) initial public offer (IPO) to list on the Australian Securities Exchange.
Burrup expects to raise between $390 million and $502 million through the sale of shares, based on the indicative price range of $1.75 to $2.25.
"The IPO will position Burrup to take advantage of its considerable growth opportunities and utilise its extensive skills in downstream industry to create further shareholder value," chairman and managing director Pankaj Oswal said in a statement.
MITSUBISHI INVESTS IN BRAZILIAN IT FIRM POLITEC, SETS UP JV
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Corp. (TSE:8058) has spent Y3 billion ($US28.84 million) to acquire a 10 per cent stake in major Brazilian information technology service provider Politec.
The two companies have also established a system development and maintenance service joint venture in Tokyo. Mitsubishi took a 60 per cent interest in the new firm, with Politec holding the rest.
These moves follow a business tie-up the Japanese trading house formed with Politec last year. Mitsubishi hopes to exploit the 12-hour time difference between Japan and Brazil.
FIRST PRIVATE FINANCIAL GROUP MAKES DEBUT IN VIETNAM
Hanoi (ANTARA News/Asia Pulse) - The Saigon Thuong Tin Commercial Bank (Sacombank) officially made its debut as the Sacombank Group on May 16, becoming the first private financial group in Vietnam.
The Sacombank Group, with 11 subsidiaries, operates on a charter capital of 5.2 trillion VND (US$324.56 million) and total assets of 79.9 trillion VND. It has a total staff of more than 6,500.
During the launch ceremony, the group signed memoranda of understandings with the Industrial Bank of Taiwan and Dragon Capital to jointly carry out financial projects and set up securities trading and brokerage channels.
POSCO MAY FORM CONSORTIUM TO ACQUIRE DAEWOO SHIPBUILDING
Seoul (ANTARA News/Asia Pulse) - The chairman of POSCO Co., (KSE:005490), South Korea's largest steelmaker, indicated Saturday that his company would probably form a consortium to buy a controlling stake in the Daewoo Shipbuilding & Marine Engineering Co. (KSE:42660), the world's third-largest shipbuilder.
Creditors, led by the state-run Korea Development Bank, plan to select a preferred bidder to sell their 50.4 per cent stake in Daewoo Shipbuilding as early as August.
The deal, if successful, may be valued at as much as 8 trillion won (US$7.7 billion), according to local media reports.
BOSCH TO FOUND R&D HEADQUARTERS IN SHANGHAI
Beijing (ANTARA News/Asia Pulse) - German electric appliances giant, Bosch is set to found a research and development (R&D) headquarters in east China's Shanghai at a cost of 1.3 billion yuan (US$186 million).
Construction of The R&D headquarters building in the Hongqiao Linkong Economic Park has already begun and is expected to be completed by 2010.
Covering an area of 80,000 square meters, the building will be used as a center of Bosch (China) for office use, R&D and training.
ASAHI TO BUY SHARES IN LCD SUBSTRATE POLISHER
Tokyo (ANTARA News/Asia Pulse) - The Asahi Glass Co. (TSE:5201) has said it intends to purchase all the shares in LCD glass substrate polisher Schott Processing Korea Co., a wholly owned subsidiary of leading German glassmaker Schott AG. Following approval by the Korea Fair Trade Commission, Asahi Glass will begin steps to buy the shares.
The acquisition is estimated to cost about 5 billion yen (US$48 million).
Asahi Glass is currently capable of churning out 5 million sq. meters of LCD glass substrates a year in South Korea.
Its second plant in that nation is set to come onstream soon, with a third to follow in spring 2009.
INDIAN IRON ORE MINER TO RAISE STAKE IN FLAGSHIP SA PROJECT
Melbourne (ANTARA News/Asia Pulse) - Lincoln Minerals Ltd (ASX:LML) says Indian iron ore miner Mineral Enterprises Ltd plans to increase its stake in the junior explorer and its flagship Gum Flat project in South Australia.
Mineral Enterprises, which holds 4.7 per cent of the junior, plans to lift its stake in the company to 19.99 per cent by partially underwriting a proposed $A4.9 million ($US4.68 million) capital raising.
In addition, Mineral Enterprises will increase its interest in Lincoln's Gum Flat iron ore project to 50 per cent by providing a further $2 million in project finance.
INDONESIA'S PAMAPERSADA TO DEVELOP COAL MINES
Jakarta (ANTARA News/Asia Pulse) - Indonesia's PT Pamapersada Nusantara said it has won a contract worth US$1 billion to develop coal mines for PT Jembayan Muarabara.
The subsidiary of heavy equipment company PT United Tractors (JSX:UNTR) will help in digging and removing soil in a coal mine with an estimated capacity to produce 10 million tons of coal a year.
The contract is an extension of a previous contract for another five years, United Tractors President Djoko Pranoto said. Pamapersada is the largest contractor in coal mining development and has been the main contributor to the income of United Tractors.
Last year, United Tractors reported sales in worth Rp18.2 trillion (US$1.983 billion) with contribution from the contracting division accounting for 43 per cent.
Source:
Business in Asia Today - MAY 19, 2008
published by Asia Pulse
COPYRIGHT © 2008
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