The Seoul-based company will pay a 6.8% coupon on the notes, said the people, who asked not to be identified.
DBS Vickers Securities in a Feb 24 research report says: “Pan-United’s FY2009 net profit dipped 31% y-o-y to $34.7 million on a 15% drop in revenue, in line with our expectations. The poorer earnings were attributed to lower revenue and profitability of ready-mix concrete (RMC), which saw a c. 20% y-o-y decline in ASP.
Singapore’s Straits Times Index declined 0.9% to 2,769.19 at the close yesterday, the biggest drop in the Asia-Pacific region. Genting Singapore Plc., a casino operator, led the fall. Thirteen stocks fell for each that rose on the 30-member gauge.
US stocks rose for a third straight day last night as investors viewed company results and manufacturing data as evidence the economic rebound will continue. But stock index futures dropped steeply after the closing bell when the Federal Reserve announced it was raising the discount rate that it charges banks for emergency loans.
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Pan Hong Property Group, the Hong Kong-based property developer that focuses primarily on developing properties in the second and third-tier cities in China, has chalked up RMB57.3 million ($11.9 million) in net profit for the third quarter ended 31 December 2009 (3Q2010), reversing the loss of RMB3.6 million in the previous corresponding period (3Q2009).
STX Pan Ocean Co., South Korea’s biggest bulk-shipping line, said today that Chief Executive Dae Yoo Kim resigned with immediate effect. The two other chief executives will remain in their positions.
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Pan Hong Property Group says it has agreed to sell the commercial units in its Nanchang Honggu Kaixuan property to the Agricultural Bank of China, Jiangxi Province branch office for RMB 24.7 million ($5.1 million) or an average of RMB 16,700 per square metre (sqm) based on the total gross floor area (GFA) of 1,479 sq m (first level: 527 sq m; second level: 952 sq m).
STX Pan Ocean Co. and Korea Line Corp. rose in Seoul trading after an index of freight rates advanced for the first time in a month.
STX Pan Ocean, South Korea’s biggest bulk carrier, gained 4.4% to 11,800 won ($14.36) as of 10:48 a.m. on the Korea Exchange, heading for the biggest gain since Nov 16. Korea Line, the second-biggest, gained 3.4% to 41,600 won, while the benchmark Kospi stock index rose 0.1%.
The Baltic Dry Index, a measure of shipping costs for commodities, rose 4.5% to 3,140 points yesterday, the first increase since Dec 4, according to the Baltic Exchange.
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Pan Hong Property Group and Shenghua Group Holdings today signed a Letter of Intent (LOI) with the government of Deqing County in Zhejiang province, China. Shenghua Group is a state-owned enterprise with businesses in building and finishing materials as well as property development and investments.
Under the LOI, the Deqing County municipal government will collaborate with Pan Hong and Shenghua to improve and develop land parcels located on the west of the planned Hangzhou-Nanjing intercity light rail transportation system.
Pan Hong Property Group says that about $2.1 million of the $11.76 million in net proceeds from the recent placement of 23.8 million shares at 50 cents each has been used as part payment of the land parcel in Fuzhou city, Jiangxi province, China.
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Pan Hong Property Group is undertaking a renounceable non-underwritten warrants issue of up to 172,831,342 free warrants on the basis of one free warrant for every three existing ordinary shares held by shareholders. Each warrant will carry the right to subscribe for one new ordinary share at an exercise price of 66 cents, a premium of 3.1% to the closing price of 64 cents each on 4 September 2009.
Assuming that the warrants are fully exercised and new shares are issued, the estimated gross proceeds will amount to about $114 million. Pan Hong says it intends to use the proceeds to expand its property portfolio and for general working capital purposes.
US stocks finished higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller than expected job cuts in August, although unemployment rate hit a 26-year high. The Dow Jones industrial Average (.DJI) rose 1.03% to 9,441.27, while the Nasdaq Composite Index (.IXIC) rose 1.79% to 2,018.78.
Srbijagas General Director DuÅ¡an Bajatović stated Monday that production in PanÄevo-based fertilizer producer HIP Azotara is on a trial run. He explained that production at the factory will be restarted in phases so as to have a completed technological process by the end of the week and the first amounts of ammonia produced.
The city of PanÄevo, just north of Belgrade, will be giving champion swimmer NaÄ‘a Higl an apartment, according to city officials. The two-bedroom apartment will be furnished with the money set aside by the Vojvodina Executive Council, reports said.
Mainboard-listed Pan Hong Property Group, a Hong Kong-based property developer that focuses primarily on developing properties in the second and third-tier cities in China, has successfully won the tender for a land parcel in Huzhou city (Zhejiang Province) for RMB 221.3 million ($46.7 million). The acquired land parcel will be used for the development of residential and commercial properties.
STX Pan Ocean Co. has expressed interest in joining the construction of an estimated US$4 billion ($5.77 billion) oil refinery in the Indonesian province of Banten, Kontan reported.
STX may join the Banten Bay Refinery group which will build the refinery, the report said, citing Rukmi Hadihartini, processing director at state oil company PT Pertamina.
