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.
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.
SINGAPORE, July 14 (Reuters) – Noble Group Ltd’s
hiring of a second auditor to review its accounts marked a
change of heart for a company that has defended its accounting
practices for months, but its top brass felt compelled to draw a
line under the problem, according to a person with direct
knowledge of the matter.
Hit by a critical report in February from little known
Iceberg Research and later echoed by short-seller Muddy Waters
and others, the board of Asia’s biggest commodity trader became
convinced that detailed rebuttals and reassuring words were not
enough to soothe market qualms.
SINGAPORE, July 7 (Reuters) – Singapore state investor
Temasek Holdings said the value of its portfolio jumped by
almost a fifth to a record S$266 billion ($197 billion) on the
back of a surge in Chinese bank stocks and added it was
confident in China’s long-term economic outlook.
The 19 percent gain was Temasek’s largest in five
years and reflects its investments in lenders such as China
Construction Bank and Industrial and Commercial Bank
of China as well as holdings in leading Singapore
firms. The previous year, its portfolio grew just 3.7 percent.
SINGAPORE, July 7 (Reuters) – Noble Group Ltd,
Asia’s biggest commodities trader, said it has hired
PricewaterhouseCoopers (PwC) to review the way it values some of
its assets – its biggest move yet to boost transparency after an
attack on its accounting practices.
Allegations by little known Iceberg Research in February
that Noble was inflating its assets by billions of dollars have
wiped 40 percent off the Singapore-listed firm’s market value. A
cut by Standard & Poor’s to Noble’s credit rating outlook last
month that cited concerns about the valuations of long-term
supply contracts has also hurt.
SINGAPORE, July 6 (Reuters) – Canada’s Manulife Financial
Corp shelved its S$569 million ($420 million) IPO of a
real estate investment trust in Singapore on Monday, the first
major Asian offering outside China to be pulled due to
deteriorating global markets.
The postponement of the IPO, which had been slated to be
Singapore’s biggest in a year, came as Greeks overwhelmingly
rejected conditions of a rescue package from creditors on Sunday
and as China rolled out an unprecedented series of steps to
prevent a full-blown stock market crash.
SINGAPORE/HONG KONG, June 30 (Reuters) – The volume of Asia
ex-Japan mergers and acquisitions surged to a record $640
billion in the first half, preliminary data released by Thomson
Reuters showed, driven by the deal-making spree of Hong Kong
tycoon Li Ka-shing.
Bankers said a spate of potential consumer retail deals and
the delisting of more Chinese companies from U.S. stock markets
were likely to keep them busy in the second-half.
SINGAPORE, June 29 (Reuters) – Short-sellers are targetting
AirAsia Bhd amid accounting worries at Asia’s biggest
budget carrier, with its shares among the most borrowed
securities in Southeast Asia in recent weeks, data shows.
Loaned stock for Malaysia’s AirAsia rose to a high of 47
million shares on June 23 from 7 million two weeks prior to
that, according to data from financial software company SunGard
SINGAPORE/MUMBAI (Reuters) – India’s biggest airline IndiGo is set to file a prospectus next week for a domestic stock market listing, which is expected to raise as much as $400 million, according to three sources with knowledge of the matter.
IndiGo, owned by hospitality and travel company InterGlobe Enterprises, is aiming to win approval from India’s market regulator in August, before hitting the market later in the year, one of the sources said.
SINGAPORE/MUMBAI, June 26 (Reuters) – India’s biggest
airline IndiGo is set to file a prospectus next week for a
domestic stock market listing, which is expected to raise as
much as $400 million, according to three sources with knowledge
of the matter.
IndiGo, owned by hospitality and travel company InterGlobe
Enterprises, is aiming to win approval from India’s market
regulator in August, before hitting the market later in the
year, one of the sources said.