SINGAPORE/HONG KONG (Reuters) – A Temasek-led shareholders group has offered to pay $2.1 billion in cash for shares in Olam International Ltd (OLAM.SI: Quote, Profile, Research, Stock Buzz) they don’t already own, putting the heft of the Singaporean state investor behind the commodity trading firm’s weak balance sheet.
The proposal comes after a tumultuous stretch for Olam, one of the world’s leading traders in rice, coffee and cocoa, that saw it come under attack from short-seller Muddy Waters in late 2012 for its accounting practices.
HONG KONG (Reuters) – Government-owned State Grid Corp of China is coming in as the biggest cornerstone investor in a Hong Kong initial public offering (IPO) worth up to $5.7 billion by Li Ka-shing-backed HK Electric Investments, people familiar with the matter told Reuters.
Li’s Power Assets Holdings Ltd (0006.HK: Quote, Profile, Research, Stock Buzz) is planning to list its Hong Kong electricity business, HK Electric Investments, as it seeks funds for overseas expansion. The IPO is set to be launched on Monday, they added.
SYDNEY/HONG KONG (Reuters) – Australia’s Telstra Corp. has agreed to sell its Hong Kong mobile phone business to a company controlled by billionaire Richard Li in a deal worth $2.4 billion (1.4 billion pounds) that boosts the scion’s share of the city’s saturated mobile phone market.
Australia’s biggest phone company said in a filing that it had agreed to sell its 76.4 percent stake in its CSL New World to HKT (6823.HK: Quote, Profile, Research), a listed arm of Li’s PCCW Ltd (0008.HK: Quote, Profile, Research) media conglomerate, for A$2 billion.
HONG KONG (Reuters) – China Everbright Bank Co Ltd (601818.SS: Quote, Profile, Research, Stock Buzz) fell in its Hong Kong debut on Friday, as renewed cash crunch fears about China’s banking system exacerbated weak sentiment towards a mid-sized lender that has taken three attempts to come to market.
Everbright (6818.HK: Quote, Profile, Research, Stock Buzz), which raised $3 billion in its IPO, is the latest in a raft of banks rushing to tap investors to meet more stringent capital rules, and which have seen profits shrink and unpaid debts climb amid slower economic growth.
HONG KONG, Dec 20 (Reuters) – Hong Kong’s securities
regulator has set up an independent task force to detect fraud
by listed companies, extending its increasingly muscular
approach into an area traditionally overseen by the city’s stock
The power shift marks the latest step by the Securities and
Futures Commission (SFC) to try to tackle fraud in the Hong Kong
stock market, which is particularly tough to police given the
majority of its companies are based overseas.
SYDNEY/HONG KONG (Reuters) – Australia’s Telstra Corp. has agreed to sell its Hong Kong mobile phone business to a company controlled by billionaire Richard Li for A$2 billion ($1.8 billion), in a deal expanding the scion’s grip on the city’s telecom market.
Australia’s biggest phone company said in a filing that it had agreed to sell its 76.4 percent stake in its CSL business to HKT Ltd. (6823.HK: Quote, Profile, Research, Stock Buzz), a listed arm of Li’s PCCW (0008.HK: Quote, Profile, Research, Stock Buzz) media conglomerate.
HONG KONG (Reuters) – A recruitment firm looking to track down Asia’s most highly prized investment bankers would normally begin searching in their natural habitat – Hong Kong.
Now, a headhunter would more likely book a flight to Manila, home to one-man deal factory Lauro Baja of Swiss bank UBS.
HONG KONG, Nov 1 (Reuters) – A top Goldman Sachs banker in
Asia is relocating to the United States to take on a global
role, people familiar with the matter told Reuters, after
playing a key part in the firm’s efforts to broaden its business
amid a drop in equity offering volumes.
Dan Dees, Goldman’s co-head of investment banking for Asia,
is expected to move within the next few months, the sources
said. They could not confirm the exact title the American banker
will take on, but said it would be a global appointment.
HONG KONG, Oct 28 (Reuters) – Shares in Hong Kong’s Chong
Hing Bank Ltd slumped on Monday amid concerns a $1.5
billion offer for control of the bank may hit regulatory
hurdles, while some investors took profits after a steep run-up
in the company’s stock.
Chong Hing shares fell as much as 10 percent in its biggest
one-day percentage fall in five years and its busiest trading
day in a decade.
HONG KONG (Reuters) – Private equity firms in Asia Pacific are increasingly paying special dividends to themselves funded by refinancing debt of the businesses they own, a development that is being fuelled by frothy credit markets and sluggish prospects for “exit” sales.
So-called dividend recapitalisation loans have been popular for some years in North America and Europe. Their growth in Asia is a sign the region’s leveraged finance industry is evolving from its conservative past, with local banks fiercely competing to provide loans even if it means loosening credit standards.