The Star Online: Business
The Star Online: Business |
- AIM-listed Biofutures takes over Platinum Nanochem in £80.8m deal
- Renesas gets a lifeline
- Japanese sign of mild recession
| AIM-listed Biofutures takes over Platinum Nanochem in £80.8m deal Posted: 10 Dec 2012 06:01 PM PST Published: Tuesday December 11, 2012 MYT 10:02:00 AMKUALA LUMPUR: Biofutures International Plc, which is listed on Alternative Investment Market of the London Stock Exchange, is taking over Platinum Nanochem Sdn Bhd in an all-share deal valued at £80.8mil (RM391.50mil). Biofutures is acquiring all the shares of Platinum Nanochem -- which uses nanotehnology to make speciality chemicals and materials from renewable sources -- from several shareholders and Asia BioEnergy Technologies Bhd (ABT). ABT said on Tuesday Biofutures was acquiring the entire issued share capital of Platinum Nanochem, comprising of 73.48 million shares; 4.0 million redeemable convertible cumulative preference shares of 10 sen each and 15 million redeemable convertible cumulative preference shares of RM1 for £80.81mil to satisfied by 1.154 billion new Biofutures shares. Biofutures reported a net loss of £13.93mil for the year ended Dec 31, 2011 with net assets of £21.38mil. Platinum Nanochem recorded net loss of RM32.02mil for the year ended Dec 31, 2011 with net assets of RM1.438mil. Upon completion of the share sale agreement, Platinum Nanochem will be a unit of Biofutures. ABT owns 1.56% or 1.14 million Platinum Nanochem shares of RM1 each. Once the deal is completed, ABT shall own 14.27 million shares or 1.08% of the enmlarged share capital, valued at £999,107 (RM4.84mil).
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| Posted: 10 Dec 2012 05:45 PM PST TOKYO: Japan's Renesas Electronics Corp, the world's biggest maker of micro-controller chips, was thrown a lifeline after gaining 150 billion yen (US$1.8bil) in a government-led bailout. Slumping orders and relentless competition from South Korean rivals like Samsung Electronics Co Ltd have battered Japanese chipmakers. Renesas is trying to avoid the fate of Elpida Memory Inc, Japan's last maker of dynamic random access memory chips, which filed for bankruptcy protection this year. The government fund, the Innovation Network Corp of Japan, will provide most of the aid while eight key manufacturing clients including Toyota Motor Corp and Panasonic Corp will provide roughly 12 billion yen. Renesas also said it was requesting a further 50 billion yen in support from the government fund. Renesas also lowered its sales forecast for the year to March to 820 billion yen from a previous outlook of 868 billion yen. The latest bailout comes on top of 161 billion yen in syndicated loans from four Japanese banks in September, and before that a separate 97 billion yen that Renesas received from the banks and its major shareholders. In return for the support, Renesas, has slashed more than 7,000 jobs this year and vowed to sell or shutter eight out of its 18 Japan plants within three years. The government-led bailout was put together to counter an earlier bid by US private equity firm KKR & Co LP amid worries that the firm's technology could fall into foreign hands, media reports said. Renesas shares ended up 3% ahead of the announcement yesterday, but have lost close to half their value since the start of April, the beginning of Japan's fiscal year. - Reuters
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| Japanese sign of mild recession Posted: 10 Dec 2012 05:44 PM PST Tuesday December 11, 2012TOKYO: Japan's economy contracted for a second straight quarter in July-September, revised government data showed yesterday, indicating that weak global demand nudged the export-reliant economy into a mild recession. Analysts expect another quarter of contraction in the final three months of this year due to sluggish exports to China, keeping the Bank of Japan under pressure to loosen monetary policy as early as this month. "There have been some positive indicators out in October but there is still a good chance that Japan's economy will suffer another contraction in the October-December quarter," said Takeshi Minami, chief economist at Norinchukin Research Institute in Tokyo. Japan's gross domestic product shrank 0.9% in July-September from the previous quarter, revised government figures showed. Reuters
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