AgBank (1288 HK) reportedly plans to issue HK$300 million CDs due 2011 in HK, bearing interest of 0.8 per cent. It is said that the bank has already hired HSBC as the underwriter. (Hong Kong Economic Times A8)
Agritrade Resources (1131 HK) announced yesterday that Li Man-ching and Li Mei-lin resigned as chairman and deputy chairman respectively with immediate effect, but both will remain as executive director. The company has appointed Rashid Bin Maidin as chief executive officer and Ng Xin-wei as chief operating officer. (SingTao Daily B4)
Arnhold Holdings’ (102 HK) subsidiary ACL has acquired three bond funds through HSBC (0005) for a total consideration of US$3 million. The three bond funds were HSBC Asian Bond Fund, PIMCO Global Investment Grade Credit Fund and TEMPLETON Global Bond Fund. (SingTao Daily B4)
C Y Foundation Group (1182 HK) has been notified by its chairman Cheng Chee Tock Theodore that he and his spouse Leonora Yung, vice president of HR & Admin Dept of the company, are under investigation by ICAC for an alleged corruption and use of false documents to deceive the board and shareholders of the company regarding certain property transactions but no charges have been laid against them. (Hong Kong Economic Times A8)
China Environmental Resources (1130 HK) announced yesterday that Shinewing (HK) CPA resigned as auditor with immediate effect. It also announced that Zhonglei (HK) CPA has been appointed as auditor to fill the casual vacancy following the resignation of Shinewing and to hold office until the conclusion of the next AGM. (SingTao Daily B4)
China Post e-Commerce (8041 HK) is planning to sell 180 million shares, representing about 8.8 per cent of the issued share capital as enlarged, at a price of HK$0.20 per share. The net proceeds of around HK$35.85 million will be used for general operating capital. (SingTao Daily B4)
It is said that China Suntien Green Energy (956 HK) has fixed its offer price at HK$2.66 to raise HK$2.87 billion. It will list on 13 Oct. (Hong Kong Economic Journal P6)
GR Vietnam (139 HK) expects the results for the six months’ period ended 30 September 2010 to record a material loss over the corresponding period last year. The said loss is mainly attributable to the realized loss on the fair value changes on the listed securities investment. (SingTao Daily B4)
ICBC (1398 HK) and ICBC (Asia) (0349) issued a notice in relation to a proposed privatization yesterday. According to the notice, court meeting and EGM will be held on 9 Nov. If approved, the latter will withdraw from listing on 21 Dec. (Hong Kong Economic Times A8)
The proposed acquisition by Li & Fung (494 HK) of Integrated Distribution Services (2387) by way of privatization was passed at the SGM of the latter yesterday. Li & Fung says even if other shareholders choose to receive cash, future acquisition projects will not be affected, with the amount of cash the group holds and with the share conversion plan chosen by substantial shareholder Fung family. (Hong Kong Economic Times A8)
Sandmartin International (482 HK) saw net profit surge almost 1.85 times to around HK$91.7 million for the year ended June 30. A final dividend of 3 HK cents was recommended. (SingTao Daily B4)
Shangdong Molong (568 HK) plans to issue 70 million A shares at a price of 18 yuan for the first time to raise 1.26 billion yuan. The placing price is close to the upper range of market expectations. The placing shares represent not more than 17.55 per cent of the issued share capital. Shares of Shangdong Molong closed at HK$10.92 yesterday, down 1.62 per cent. (SingTao Daily B4)
Springland International (1700 HK) kicks off IPO today and will list on 21 Oct. The maximum offer price is HK$5989.83 per board lot of 1000 shares. The company is issuing 625 million shares at offer price of HK$4.85-5.93 a share to raise up to HK$3.71 billion. (Hong Kong Economic Times A8)
TLT Lottotainment (8022 HK) is aiming to acquire 51 per cent equity interest in Fountain City Holdings Limited at a consideration of HK$34.5 million. The consideration will be satisfied in cash and by issuing consideration shares. Fountain City is engaged in business of entertainment programme production, events organization, TV-series production and operation of an artist training school in Macau and Southeast Asia. (SingTao Daily B4)
Zijin Mining (2899 HK) has received from Fujian provincial department an administrative punishment in relation to a series of water pollution incidents. The company has been fined for 9.56 million yuan for the July incident this year. Zijin is estimated to have a loss of around 41 million yuan in total including a direct economic loss of 31.87 million yuan from the leakage saga. (Hong Kong Economic Journal P10)
Sources: Sing Tao Finance, Hong Kong Economic Journal, Hong Kong Economic Times, The Standard
