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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

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.

Jul 13, 2015

With new auditor, Noble seeks to move on from attacks on accounting practices

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.

Jul 7, 2015

Temasek’s portfolio jumps by a fifth to record; confident on China

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.

Jul 7, 2015

Noble Group hires PwC for new audit after attack on accounting practices

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.

Jul 6, 2015

Manulife shelves $420 mln Singapore REIT IPO as markets swoon

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.

Jun 30, 2015

Asia ex-Japan H1 deals hit record high on Li Ka-shing M&A spree

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.

    • 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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