The Star Online: Business
The Star Online: Business |
- General Electric sells $466 mln stake in Thailand's Bank of Ayudhya
- IJM Corp falls to 1-yr low, concerns over Scomi stake
- Sharp to win banks’ nod for US$2.7bil bailout
| General Electric sells $466 mln stake in Thailand's Bank of Ayudhya Posted: 25 Sep 2012 06:51 PM PDT HONG KONG: US conglomerate General Electric Co (GE) has sold about a $466 million stake in Thailand's Bank of Ayudhya in a block trade, a source with direct knowledge of the matter told Reuters on Wednesday. GE sold the shares at 31.30 Thai baht per share, the source added, representing a 5.9 percent discount to the firm's Tuesday closing price. GE had hired Morgan Stanley for a strategic review of its 32.9 percent holding in Bank of Ayudhya, sources told Reuters last week. GE and Bank of Ayudhya could not be reached for comments immediately. The source declined to be identified as the details of the sale were not public yet. - Reuters |
| IJM Corp falls to 1-yr low, concerns over Scomi stake Posted: 25 Sep 2012 06:40 PM PDT KUALA LUMPUR: Shares of IJM Corporation Bhd fell to RM4.56 in early trade on Wednesday, the lowest in one year on investors' concerns over its purchase of a 25.08% stake in Scomi Group for RM149.3mil cash. At 9.23am, it was down 13 sen to RM4.62. There were 5.27 million shares done. The FBM KLCI fell 2.47 points to 1,616.11. Turnover was 63.79 million shares valued at RM66.87mil. There were 86 gainers, 142 losers and 122 counters unchanged. RHB Research Institute reducing IJM Corp's fair value by 6% from RM5.05 to RM4.73 after lowering its one-year forward target price-to-earnings ratio for its construction business to 11 times from 13 times. The research house said on Wednesday this was to reflect a higher risk premium following the acquisition of up to a 25.08% stake in Scomi Group for RM149.3mil cash. Meanwhile. TA Securities has a Hold on IJM with a target price of RM5.77 and Hong Leong Investment Research has a Trading Buy with a TP of RM5.48. On Tuesday, before the details of the acquisition were released, Credit Suisse Research had an Outperform with a TP of RM7.10 |
| Sharp to win banks’ nod for US$2.7bil bailout Posted: 25 Sep 2012 06:32 PM PDT TOKYO: Cash-strapped Sharp Corp will win approval from its banks as early as tomorrow to secure as much as 210 billion yen (US$2.7bil) in fresh loans with a plan that commits the loss-making company to return to profit, a source at one of its main lenders said yesterday. Sharp has already submitted its proposed revival plan which must outline how it would make a profit in the six months starting Oct 1 and beyond, the source told Reuters on condition he isn't identified. The banks may yet seek revisions to that plan before agreeing to new lending, but ultimately are expected to approve new loans that Sharp needs to stay in business because by refusing to do so they risk having to write off Sharp's existing debts. Sharp has to repay as much as 360 billion yen of short-term commercial paper loans and needs to secure financing from lenders led by Mizuho Financial Group and Mitsubishi UFJ Financial Group. The maker of Aquos TVs has already mortgaged nearly all of its domestic offices and factories, including one that makes screens for Apple Inc's iPhone 5, to secure up to 150 billion yen of loans. Sharp is predicting a net income of 15 billion yen in the 12 months to March 31, 2014, compared with a net loss of 250 billion yen projected for this year, Kyodo news reported on Tuesday. Sharp and the two banks declined to comment. The company's shares ended up 0.5% yesterday against the broader market's 0.25% rise. Sharp's shares are down nearly 70% so far this year, the biggest loser among constituents of the benchmark Nikkei index, which is up 7.5% . Sharp, which has already committed to trimming 5,000 people worldwide, or about a tenth of its workforce, will raise job losses to around 11,000 while consolidating its domestic sales network and shrinking its solar panel business in a fresh bid to save money, Kyodo said. The Japanese company earlier had said it was considering selling two of its overseas assembly plants, one in Mexico and one in China to fellow Apple Inc supplier Hon Hai Precision Industry Co. The remaining two could be shuttered or also sold, analysts say. The four factories employ a total of 6,800 people. Other planned assets sales include its Tokyo headquarters. As it scrambles for cost savings, the company is also asking its remaining workers to accept pay cuts of as much as a tenth of their salary. Reuters |
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