Singapore shares closed higher yesterday with the blue-chip Straits Times Index up 48.14 points to 3,019.74. Volume was 2.56 billion shares worth $2.51 billion. Gainers led losers 438 to 175. Here are some stocks and factors to watch:
US stocks notched a fifth straight day of gains last night as stronger-than-expected corporate results and March retail sales pushed the S&P 500 past 1,200 for the first time in 18 months.
China Minzhong Food Corporation, the integrated vegetables processor based in Fujian province in China, says at the close of the public offer on April 13 at 12 noon, 3,859 valid applications were received for the 9,867,000 shares under the public offer.
In total, 102,427,000 shares were applied for with $123 million in application money received.
Singapore shares closed higher on Wednesday with the blue-chip Straits Times Index up 12.59 points to 2,988.10. Gainers led losers 349 to 207. US stocks fell in a broad late-day drop last night after a top Federal Reserve official said interest rates should not stay low for much longer, giving investors an excuse to take profits. Here are some stocks to watch:
China Minzhong Food Corp plans to raise up to US$186.6 million ($262.7 million) in an initial public offering of shares in Singapore, according to a term sheet.
The Fujian province-based food processor is offering 197.34 million shares, comprising 61% primary shares and 39% secondary shares, with an indicative price range of $1.07–$1.33 each. Trading is scheduled to start on April 8.
JPMorgan (JPM.N) is handling the deal, the term sheet obtained by Reuters today showed. In October last year, sources said Minzhong, backed by Singapore’s GIC and buyout fund Olympus Capital, had hired JP Morgan for its share offering.
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Minzhong, based in the southern Chinese province of Fujian near Taiwan, aims to raise between US$100 million ($140 million) and US$150 million through a Singapore listing by the end of 2009, said the sources who are familiar with the situation.
Minzhong, based in the southern Chinese province of Fujian near Taiwan, aims to raise between US$100 million ($140 million) and US$150 million through a Singapore listing by the end of 2009, said the sources who are familiar with the situation.
