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Aug 15, 2015

China Minsheng Investment aims to double planned SEA investment to $10 billion

SINGAPORE (Reuters) – China Minsheng Investment Corp (CMI), the country’s biggest private investment group, and partners aim to double planned investment in Southeast Asian infrastructure to $10 billion, a senior executive said on Friday.

Beijing-based CMI said in March it and 10 partners would invest $5 billion to develop an industrial park in Indonesia. It is now seeking similar deals in Thailand and other countries, said Chief Executive Laurence Liao of CM International Holding, CMI’s overseas arm.

Aug 11, 2015

Exclusive: Noble Group mulls raising funds from strategic investor – source

SINGAPORE (Reuters) – Noble Group (NOBG.SI: Quote, Profile, Research, Stock Buzz) is considering issuing a convertible note to a strategic investor, one of several steps the commodities trader is assessing to revive investor confidence after a damaging accounting dispute, a person with direct knowledge of the situation told Reuters.

The source, who spoke on condition of anonymity because of the sensitivity of the matter, said Noble’s shareholders and partners have urged the Singapore-listed company to make a deal that would strengthen its ties with a credible partner, a move that could possibly bring in new business.

Aug 11, 2015

Noble Group mulls raising funds from strategic investor – source

SINGAPORE, Aug 11 (Reuters) – Noble Group is
considering issuing a convertible note to a strategic investor,
one of several steps the commodities trader is assessing to
revive investor confidence after a damaging accounting dispute,
a person with direct knowledge of the situation told Reuters.

The source, who spoke on condition of anonymity because of
the sensitivity of the matter, said Noble’s shareholders and
partners have urged the Singapore-listed company to make a deal
that would strengthen its ties with a credible partner, a move
that could possibly bring in new business.

Aug 10, 2015

PwC says Noble Group’s accounting practices comply with rules

SINGAPORE (Reuters) – PricewaterhouseCoopers (PwC) said on Monday Noble Group acted within relevant rules in valuing contracts, and did not identify any major shortcomings in the accounting methods of Asia’s biggest commodities trader.

Singapore-listed Noble, whose shares have taken a pounding and bonds have weakened after it was first accused in February of poor accounting practices by blogger Iceberg Research, had hired PwC to review its accounting methods to help draw a line under the matter.

Aug 10, 2015

Noble Group faces crunch time in reputational battle over accounts

SINGAPORE, Aug 10 (Reuters) – Noble Group’s
investment grade credit rating is at stake when Asia’s biggest
commodities trader, which has been accused of poor accounting
practices, releases the findings of an external report later on
Monday on how it values some assets.

Singapore-listed Noble’s shares have lost half their value
and its bonds have weakened after Iceberg Research in
mid-February first accused the company of inflating its assets
by billions of dollars by using accounting techniques to mislead
markets. Noble has rejected the claims.

Aug 5, 2015

Private equity firms keen on Singapore’s CWT in logistics boom-sources

SINGAPORE/HONG KONG, Aug 5 (Reuters) – Private equity firms
KKR, Blackstone and Bain Capital have made informal approaches
for buying CWT Ltd, people familiar with the matter
said, in a deal estimated to value Singapore’s largest logistics
company at up to S$1.6 billion ($1.2 billion).

The talk of private equity’s interest comes as CWT’s
controlling shareholder flagged a potential sale of the
business. Shareholders of C&P Holdings Pte, which has a 32
percent stake in CWT, were considering a strategic review of
C&P’s business and assets, CWT said on Monday.

Aug 4, 2015

Amid scandal, suitors cautiously eye Malaysia’s 1MDB power assets – sources

KUALA LUMPUR/SINGAPORE, Aug 4 (Reuters) – At least half a
dozen suitors have bid for energy assets of Malaysia’s
debt-laden state fund 1Malaysia Development Bhd (1MDB), despite
it being at the centre of the country’s ongoing political
crisis, according to four people familiar with the matter.

Infrastructure companies in Malaysia and the Middle East are
among those interested in assets in 1MDB’s unit Edra Global
Energy Bhd, as the fund tries to raise funds to pay down some of
the $11 billion debt it has accumulated since its formation in
2009.

Aug 3, 2015

Embattled Noble Group flags potential suitors; says has ample funds on hand

SINGAPORE, Aug 3 (Reuters) – Noble Group, Asia’s
biggest commodity trader, flagged potential support from
strategic investors as it stepped up its campaign to reverse a
dramatic plunge in its share price on concerns about its
accounting practices.

The Singapore-listed company said it had enough funds on
hand to finance its operations, refuting rumours it would be
unable to fund the redemption of a $735 million bond due this
week. It will also bring forward the release of its
second-quarter results and a PwC review of its accounting
practices to next Monday.

Jul 31, 2015

Neptune Orient’s new fleet may lure buyers despite shipping slump

SINGAPORE, July 31 (Reuters) – Singapore state investor
Temasek Holdings’ planned sale of shipper Neptune Orient Lines
(NOL) offers potential buyers a modern fleet at a
comparative bargain price expected to be around $2 billion,
industry and banking sources said.

The catch? The asset has lost more than $1 billion in four
years and may be on the block at a time when the global
container shipping industry is in the grip of a severe prolonged
downturn. The global sector’s debt has nearly doubled to $86
billion over the past decade, said Rahul Kapoor, Singapore
director of Drewry Equity Research, with spot Asia to Europe and
transpacific container freight rates near six-year lows.

Jul 28, 2015

AirAsia hires C.Suisse, CIMB for bond issue at associates -sources

SINGAPORE/KUALA LUMPUR, July 28 (Reuters) – AirAsia Bhd
has hired investment banks Credit Suisse and CIMB to
help the Malaysia-based budget airline raise at least $200
million in convertible bonds at its Indonesian and Philippine
associates, people familiar with the deal said.

AirAsia’s finances have come under scrutiny as amounts owed
to it by its lossmaking associates in Indonesia and Philippines
have steadily risen, burdening AirAsia’s balance sheet.

    • About Anshuman

      "Anshuman Daga has been with Reuters since 13 years, most of that tracking companies and equity markets. After joining in Mumbai, Anshuman did a stint in India's technology hub of Bangalore and then spent a few years covering European stock markets in London. He moved to Singapore in 2008, with a focus on news coverage of Southeast Asia and technology stories from Asia."
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