Yanlord to raise $346 million in sale of shares, bonds 18 Jun 2009 08:51

SINGAPORE, June 18 (Reuters) - Singapore-listed property firm Yanlord <YNLG.SI> said on Thursday it is aiming to raise about S$503 million ($346 million) through the sale of shares and convertible bonds.

The proceeds will be used for investments, acquisitions and strategic alliances, the company said in a statement to the Singapore stock exchange.

Yanlord said it would sell 110 million shares at S$2.08 each, or at the lower end of an indicative price of S$2.08-S$2.16 a share, a range disclosed by sources to Reuters late on Wednesday.

The company also plans to sell S$275 million in five-year convertible bonds at 5.85 percent, with an option to upsize the deal by another S$100 million.

There will be a put option at the end of the third year.

JP Morgan <JPM.N> and RBS <RBS.L> are handling the deal.

The company also said a controlling shareholder is separately selling 10 million shares at S$2.08, raising S$20.8 million shares. ($1=1.455 Singapore Dollar) (Reporting by Harry Suhartono, editing by Dhara Ranasinghe) ((harry.suhartono@thomsonreuters.com; +65 6403 5658; Reuters Messaging: harry.suhartono.reuters.com@reuters.net)

Blogged with the Flock Browser

Chaoda Modern sells $228 mln shares 18 Jun 2009 09:03

HONG KONG, June 18 (Reuters) - Chaoda Modern Agriculture <0682.HK> said on Thursday it planned to sell up to $228 million shares at a discount, raising capital to repay outstanding debt.

The Chinese agricultural products producer and distributor said it would sell up to 388 million shares, or 12.8 percent of its enlarged share capital, to professional and institutional investors at HK$4.60 each, raising HK$1.78 billion ($228 million).

Trading in the company's shares, which was suspended on Wednesday afternoon, will resume on Thursday. The stock last traded at HK$5.35.

Blogged with the Flock Browser

Zhojin Mining 1818

Economist Andy Xie thinks gold can reach US$2,000 an ounce in two to three years. Currently it is trading around US$955 an ounce.

Zhaojin Mining (1818) is worth considering. The gold miner listed in December 2006 at an IPO price of HK$12.68. It issued a bonus share at a ratio of one for one in April last year.

If you have been holding this stock since it listed, your cost would be HK$6.34. Besides, you would have received a dividend of 80 HK cents. At its close yesterday of HK$13.46, Zhaojin has had a 24 percent return in the last 2 years. During the same period, gold surged 47 percent from US$650 per ounce.

Zhaojin is an alternative to buying gold, offering you higher positive gearing. Dr Check and/or The Standard bear no responsibility for any investment decision made based on the views expressed in this column.

Blogged with the Flock Browser

Huiyuan Juice 1886

* China Huiyuan Juice Group <1886.HK> said late on Wednesday 
Warburg Pincus had disposed of 98.98 million shares of the 
company but still had interest in 3.54 million shares. It said 
chairman and controlling shareholder Zhu Xinli had confirmed that 
he had no intention to reduce his shareholdings in the company. 

Blogged with the Flock Browser

Haier to Take 20% Stake in New Zealand Company

• Article
• Comments

more in Business »

• Email
• Printer
  Friendly
• Share:

  Yahoo Buzz ↓ More

  • facebook
  • MySpace
  • LinkedIn
  • Digg
  • del.icio.us
  • NewsVine
  • StumbleUpon
  • Mixx

• Save This ↓ More
• Text

By REBECCA HOWARD

WELLINGTON, New Zealand -- Haier Group will purchase a 20% stake in Fisher & Paykel Appliances Ltd. in a roughly US$50 million deal that will help raise Haier's profile in the global home appliances market and bolster both companies' ambitions to grow outside of their home countries.

The companies said the deal will give Haier exclusive rights to sell Fisher & Paykel appliances in China, while its New Zealand counterpart can exclusively sell Haier's products in Australia and New Zealand.

The deal also allows Fisher & Paykel to avoid a potential call on funds from its bankers.

Pressured by fierce competition and rising costs in the home market, Haier, China's biggest home appliance maker, has adopted a proactive approach on overseas expansion in recent years to drive future growth. But it has encountered stumbling blocks in penetrating the important U.S. market. It lost to Whirlpool Corp. in acquiring U.S. appliance maker Maytag Corp. in 2004 and last year it dropped a bid for General Electric Co.'s appliances unit due to the global economic slowdown.

In 2007, Haier made small acquisitions for individual factories in markets such as India and Thailand as part of its strategy to base production closer to its customers.

"The deal will allow Haier to share the marketing, and research and development resources of Fisher & Paykel in the high-end whiteware market," Haier said.

The Auckland-based appliance maker said it would raise a minimum of 189 million New Zealand dollars (US$118.2 million) through a NZ$46 million initial placement to Haier Group, and a fully underwritten NZ$143 million pro-rata renounceable rights issue. It will then carry out a top up placement to Haier of NZ$12 million to ensure a shareholding of 20%.

Haier's total investment in the company will be between NZ$80 million and NZ$82 million.

The partnership "gives us a unique opportunity to fully globalize Fisher & Paykel Appliances and really drive our global expansion into parts of the world that had previously been very difficult for us to penetrate," Fisher & Paykel Chief Executive John Bongard said in a conference call with analysts.

Blogged with the Flock Browser

Key Taiwan telcos may adopt China's TD-SCDMA - ITRI 08 Jun 2009 13:17

AIPEI, June 8 (Reuters) - Two of Taiwan's three biggest telecom operators are considering adopting China's homegrown TD-SCDMA 3G mobile network standard, a boost for the fledgling technology's bid for international acceptance.

Chunghwa Telecom <2412.TW> and Far EasTone <4904.TW> are in talks with Taiwan's Industrial Technology Research Institute (ITRI), which signed a deal with China's Datang Telecom <600198.SS> to set up a trial TD-SCDMA network on the island, an ITRI spokeswoman said.

This would make it one of the first publicly announced cases of a company outside of China setting up a TD-SCDMA network.

South Korea's SK Telecom <017670.KS> and France Telecom <FTE.PA> have previously expressed interest in the Chinese technology, although nothing concrete has been done on a commercial basis.

"Chunghwa and Far EasTone are talking to us about their interest in the technology," said ITRI spokeswoman Canny Jiang, adding that unlisted VIBO Telecom and Tatung Telecom were also talking to them about using the TD-SCDMA standard.

"They haven't said they'll set up a network in Taiwan, and there are no concrete plans right now, but we're in talks about it," Jiang said.

Chunghwa Telecom and Far EasTone officials were not immediately available for comment.

The move by Taiwan telecom companies is another sign of warming ties between the two sides, and comes about a month after China's top telecom operator China Mobile <0941.HK> said it wanted to buy a 12 percent stake in Far EasTone.

China Mobile is a a key player in promoting the TD-SCDMA standard as it is investing billions of dollars to set up a third-generation (3G) mobile network in the world's largest mobile phone market.

Smaller Chinese operators China Unicom <0762.HK> and China Telecom <0728.HK> have said they will use the WDCMA standard and CDMA2000 standard, respectively.

Blogged with the Flock Browser

CapitaLand gets $3.7 bln credit lines from China banks 08 Jun 2009 08:22

SINGAPORE, June 8 (Reuters) - CapitaLand <CATL.SI>, Southeast Asia's biggest developer, said on Monday it has arranged for credit lines of up to 25 billion yuan ($3.7 billion) from two major Chinese banks to fund its China projects.

Bank of China <3988.HK> <601988.SS> and Industrial and Commercial Bank of China <1398.HK> <601398.SS> will provide the loans to the Singapore developer.

CapitaLand also said on Monday it "soft launched" a retail mall in Beijing on June 5 and that it will build a integrated development in Ningbo City called Raffles City Ningo that will comprise a mall, offices and serviced residences.

Blogged with the Flock Browser