Malaysian Islamic insurer Great Eastern Takaful will expand to Indonesia and Brunei to tap the Muslim market for sharia-compliant products, its chief executive officer said on Monday.
The company, which is owned by a subsidiary of Singapore’s Great Eastern Holdings (GELA.SI) and Malaysia’s armed forces cooperative, also has Singapore and China on its radar for expansion.
US private equity firm Texas Pacific Capital (TPG.UL) and Singapore sovereign wealth fund GIC (GIC.UL) invested 2.99 trillion rupiah ($435 million) for a stake in an Indonesia coal contractor, two sources with knowledge of the deal said on Sunday.
TPG and GIC have bought non-voting shares in Northstar Tambang Persada, a special purpose vehicle which owns 40% in PT Delta Dunia Makmur (DOID.JK), according to a statement to Indonesia’s stock exchange, following a report in the Financial Times on Dec 18 about the deal.
Forests are not the only habitat whose conservation matters to the climate
RUSSIA does not normally spring to mind as being in the forefront of the fight against climate change. The citizens of Moscow, however, need no explanation of one aspect of the problem—the importance of wetlands. Earlier this year they had an abrupt and lethal lesson on the dangers of peat-bog fires. An unusually hot summer set such fires across the country and the peatlands around Moscow generated a smog that blanketed the city with carbon monoxide and soot. By August 9th the daily death rate had climbed to 700, twice the normal level for that time of the year.
Whether peat-bog fires are being encouraged by climate change is debatable. But it is clear that they release prodigious quantities of climate-changing carbon dioxide when they happen. And even in the absence of fire, draining peatlands—for example, for agriculture—liberates a lot of carbon dioxide. In Russia such drainage is reckoned to free 160m tonnes of the gas every year. In Indonesia the figure is 508m tonnes. All told, the global total is about 1.3 billion tonnes—6% of man-made carbon-dioxide emissions even without the effect of fire. That is far more than the contribution made by aviation, for example. …
OCBC upgrades Golden Agri-Resources (E5H.SG) to Buy from Hold as house raises its fair value estimate to $0.91 from $0.78, which now provides upside of over 10%.
Says Golden Agri “is likely to see further boost from the continued run-up in CPO prices over the next six months, underpinned by supply-side issues” brought on by weather conditions in Indonesia. House again revises its CPO base assumption, in view of the current supply issues, to US$950/tonne from US$900/tonne.
Shares of Singapore-listed Conscience Food <CSHL.SI>, a manufacturer and seller of instant and snack noodles in Indonesia, rose as much as 8% on Friday after DBS Vickers initiated a “buy” on the firm with a target price of $0.38.
At 10:16 a.m., Conscience Food shares were up 6% at $0.265 on a volume of 25.7 million shares.
Philip Kunz has been appointed MD/Regional Market Head South Asia 1 wef Nov 25
Work experience: Regional head, wealth management, HSBC Private Bank; head, Indonesia market, Clariden Leu
Wilmar will pay MYR378.1 million ($156.8 million) for stake in FFM, which operates 4 flour mills in Malaysia, 1 each in Vietnam, Thailand, Indonesia.
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has opened its first Citadines serviced residence in Indonesia.
The new 135-unit Citadines Quartier Jakarta is part of an integrated development that includes an office tower. Situated in the heart of the central business district bordering the quiet Dutch colonial enclave of Menteng, the serviced residence‟s strategic location provides easy access to embassies and government offices as well as landmarks such as the Presidential Place and the National Monument. Museums, shopping malls, supermarkets, dining and entertainment outlets are also conveniently located within the vicinity.
Ramba Energy’s (R14.SG) plans to commence drilling work next year on 2 exploration wells in Indonesia’s Lemang oil & gas block fails to generate investor interest, with shares not yet traded.
Mercator Lines (Singapore), the international dry bulk shipping company focused on markets such as India, Indonesia and China, has taken delivery of a gearless panamax bulk carrier.
Singapore shares may see a weak start on Monday after Wall Street fell on Friday, but news of an 85 billion euro ($148.6 billion) rescue package for Ireland may lend some support. Singapore’s benchmark Straits Times Index <.FTSTI> fell 0.04% on Friday to 3,158.08 points, say Bloomberg and Thomson Reuters.
Palm-oil producers: Crude palm oil for February delivery slipped 0.1% in Kuala Lumpur on Nov. 26, snapping its two-day 5.1% advance. Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer, dropped 0.7% to 73.5 cents. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s largest noodle maker, declined 3.3% to $2.66. Wilmar International (WIL SP), the world’s No. 1 palm-oil trader, was unchanged at $6.08.
CIMB in a Nov 26 research report says: “CWT will be acquiring a 60% equity stake in South African freight forwarder, Aquarius Shipping International (ASI). We expect earnings accretion from FY2011 onwards. CWT has also been pursuing organic growth in its commodities logistics business in Turkey and Indonesia.
CIMB raises CWT (C14.SG) target to $1.72 from $1.12, maintains Outperform.
CIMB notes CWT will be acquiring 60% equity stake in South African freight forwarder, Aquarius Shipping International (ASI).
“We expect earnings accretion from FY11 onwards. CWT has also been pursuing organic growth in its commodities logistics business in Turkey and Indonesia.”
Singapore shares may open higher today after Wall Street rallied overnight, as investors put aside worries about swirling global problems and focused on an improvement in the labour market and consumer sentiment. The following companies may have unusual price changes in Singapore trading today, say Bloomberg and Thomson Reuters. Share prices are from the previous close. Singapore’s Straits Times Index gained 0.3% to 3,137.01.
Palm-oil producers: Crude palm oil for February delivery rose 1.7% in Kuala Lumpur yesterday, snapping its two-day drop of 6.3%. Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer, advanced 3.7% to 71 cents. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, jumped 4.7% to $2.65. Wilmar International (WIL SP), the world’s largest palm-oil trader, rose 0.2% to $6.03.
Shares on the measure trade at an average 15.3 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Palm-oil producers: Crude palm oil for February delivery advanced for the first time in three days in Kuala Lumpur today.
Shares on the measure trade at an average 15.3 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
Palm-oil producers: Crude palm oil for February delivery advanced for the first time in three days in Kuala Lumpur today.
Shares of palm oil refiner Mewah International <MEWI.SI> fell as much as 13% on their debut on jittery global markets, marking one of the weakest IPO performances in Singapore in recent months.
Mewah’s $277 million listing comes as an IPO boom sweeps across Asia, with more than two-thirds of the global volume in 2010 raised in the region, powered by strong economic growth.
Singapore expects a string of issues including a $1.3 billion listing of Mapletree Investments’s commercial trust and analysts said Mewah’s poor debut was unlikely to derail the rush of IPOs.
“Mewah’s IPO tanked. I think it’s somewhat sentiment-driven and also the fundamentals do play a part in it,” Terence Wong, co-head of research at DMG & Partners, said on Wednesday.
“I don’t see any broader impact on IPOs now but in times of either protracted weakness or bullishness, that would have an impact on the IPO,” Wong said.
IFR reported on Wednesday that Amtek Engineering had slashed the size of its Singapore IPO and will now raise a maximum of $299 million.
Singapore’s Straits Times Index <.FTSTI> has been a big underperformer in Southeast Asia this year, rising only about 8% versus a 45% surge in Indonesia <.JKSE> and a 34% jump in the Philippines market <.PSI>.
Asian shares fell on Wednesday and the euro hovered near a two-month low to the dollar as regional stocks caught up with a sharp sell-off after North Korea’s deadly shelling of a South Korean island and investors sought safety in the US currency.
By 9:50 a.m., Mewah shares traded at $1.0, 9.0% below their initial public offering price of S$1.10 in a market <.FTSTI> up 0.4%. More than 33 million shares were traded, making Mewah the fourth-most actively traded stock by volume on the Singapore exchange.
Mewah, which produces vegetable oil products for sale to wholesalers, retailers, and supermarkets such as Carrefour <CARR.PA>, plans to expand its refining capacities and boost its revenue by tapping fast-growing markets including China, where demand for edible oils and fats products is growing.
Shares in Wilmar <WLIL.SI>, the world’s biggest listed palm oil firm, and Golden Agri-Resources <GAGR.SI>, among the number of large palm oil firms listed in Singapore, traded higher.
With operations in Singapore and Malaysia, Mewa had priced its IPO below its indicative range of $1.25–$1.55.
“The subscription for the IPO wasn’t really fantastic and it was priced below its indicative range, which could also have acted against the stock too,” said Carey Wong, an investment analyst at OCBC Investment Research.
Shares of STX Offshore and Specialised Vessels (STX OSV) <STXO.SI>, a shipbuilder that is part of South Korea’s STX group, rose in its trading debut this month after raising $296 million.
Mewah says it is one of Asia’s biggest edible oils processing firms with a total refining capacity of 8,000 tonnes per day. The IPO was 1.9 times subscribed.
The palm oil processor, unlike plantation owners such as Golden Agri, may also see their margins squeezed by rising palm oil and input prices, Wong added. Mewah does not own plantations.
Credit Suisse was the sole global coordinator, bookrunner, underwriter and issue manager for Mewah’s IPO.
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Singapore’s Straits Times Index declined 2% to 3,126.30 at the close, the biggest drop since May 25. Twenty-nine stocks fell in the benchmark equity index of 30 companies.
Shares on the measure trade at an average 15.3 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Palm-oil producers: Crude palm oil for February delivery dropped as much as 2.5% in Kuala Lumpur today.
Golden Agri-Resources (GGR SP), the world’s second- biggest palm-oil producer, slumped 4.2% to 68.5 cents. Indofood Agri Resources (IFAR SP), the palm-oil unit of Indonesia’s biggest noodle maker, dropped 3.8% to $2.53.
Wilmar International (WIL SP), the world’s biggest palm oil trader, declined 2.1% to $6.02. Deutsche Bank AG lowered its rating to “hold” from “buy”.
Olam International (OLAM SP), one of the world’s three biggest cotton traders, sank 3.1% to $3.10. Cotton declined to a four-week low as China, the world’s biggest consumer, took steps to curb speculative trading and cool its economy, eroding demand from textile producers.
StarHub (STH SP), Singapore’s second-biggest phone company, fell 0.8% to $2.66. Citigroup Inc. lowered its rating on the stock to “sell” from “hold”.
STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slipped 1.4% to $13.90 after North Korea fired artillery shells into South Korea, injuring 14 soldiers.
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By the break, the Straits Times Index (STI) <.FTSTI> was down 35.15 points at 3,155.77. Total market volume was 840 million shares.
Shares on the measure trade at an average 15.4 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to data compiled by Bloomberg. The following shares were among the most active in the market.
