The insurer plans to sell as many as 5.9 billion shares of AIA Group at a price of HK$18.38 ($3.11) to HK$19.68, said the people, who declined to be identified because the plan is private. New York-based AIG may keep a stake of about 50% of AIA.
The rigs will be refurbshed for Italy’s Saipem SpA (SPMI.MI) and U.S. oil drilling contractor Ensco Plc (ESV.N).
Mainboard-listed logistics player, Sinwa, says the Court of Appeal has allowed an appeal by its subsidiary, Sinwa SS (HK) Co, and granted leave for the latter to start a derivative action in the name of Nordic International Limited (NIL) against Morten Innhaug (Morten) for breaches of fiduciary duties.
NIL is a joint venture between Sinwa and Morten. The breaches of fiduciary duties arose from a purported assignment of a 2D seismic survey vessel to an entity controlled by Morten.
Nera Telecommunications says the company’s associated company, Nera (Malaysia) Sdn Bhd, has received RM3.1 million ($1.4 million) in purchase orders from a mobile operator in Asia for the supply, delivery, installation and commissioning of Microwave Radio Equipment. The purchase orders are not expected to have a significant impact on the performance of the group for the current financial year.
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Singapore Technologies Engineering said its ST Aerospace unit received a contract to acquire aircraft and a training system for the Republic of Singapore Air Force worth $543 million. Delivery of the first of 12 M346 jet trainers is expected in 2012, the company said in a statement to Singapore’s stock exchange today.
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Otto Marine says its subsidiary, Singapore-based Reflect Geophysical had secured a contract valued at about US$9 million ($11.9 million) with Niko Resources Trinidad & Tobago Ltd., to perform 3D seismic data acquisition in Trinidad. The contract is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ending 31 December 2010.
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Asiatic Group (Holdings) says subsidiary Colben Energy Holdings (Vietnam), through its 51%-owned subsidiary, Colben Energy (Vietnam) Joint Stock Company, has been granted a VND366,000 million ($26.4 million) loan facility to finance the 44MW hydropower power plants project in Vietnam.
ComfortDelGro says its wholly-owned subsidiary, ComfortDelGro (China), is in the process of divesting its 51% interest in the registered capital of its subsidiary, Sichuan ComfortDelGro Car Servicing Co., for RMB10.455 million ($2.07 million) through a tender exercise based on the net assets of the subsidiary.
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Portek International says its subsidiary, Europort International has signed two separate MOUs to explore the feasibility of developing and operating container and multi-purpose terminals in Russia.
The first MOU was signed by Europort International, ME Projects (a wholly-owned subsidiary of Singapore-based integrated logistics service provider CWT) and JSC Vladmorrybport.
The first half of 2010 is the first time when digital downloads made up the majority of total PC game sales, NPD reports. – While revenue from in-store purchases continues to trump revenue from
digital downloads, according to NPD Group’s quot;PC Games Digital Downloads:
Analyst Report, quot; during the first six months of 2010, more PC full-game
digital downloads were purchased than physical units.
The first half of…
Best World International says unit Best World (Qingdao) Health Sciences Company has entered into an equity transfer agreement and joint venture agreement with Daeha Trading Co. to acquire 70% equity interest in Weihai Leempia Household Chemicals Co.
Dahae Co. is a trading company incorporated in South Korea. China-incorporated Leempia Co. is a wholly-owned subsidiary of Dahae Co. Its principal activities include the manufacturing, production and processing of cosmetics and marketing of the skincare and toiletries product.
Sinomem Technology says wholly-owned subsidiary, Suntar Investment, has entered into a joint venture agreement with Tacama Holdings, a company incorporated in Singapore and Sheridan Environment Protection, a company incorporated in India.
Under the Joint Venture, Suntar and Tacama will incorporate a joint venture company in Singapore.
DBS Group Holdings, Southeast Asia’s biggest bank, plans to spend $250 million over the next five years to expand its treasury and markets business in the region with a focus on China and India.
DBS, which plans to boost the unit’s workforce by about 50% to 600 employees over the same period, will build operations offering yuan-denominated foreign exchange, bonds and client advisory services, Andrew Ng, head of treasury and markets, said in an interview today. The bank also plans to set up debt capital markets operations in India, he said.
Adventus Holdings says Adventus NZ, its wholly-owned subsidiary incorporated in New Zealand, has agreed to buy the coal-mining permits, land, plant and equipment located at Boatmans’ Creek, Town of Capleston, New Zealand, from Medha International for US$8.6 million ($11.4 million).
Adventus says the proposed acquisition will allow the company to pursue the mandate given by its shareholders on 20 November 2009 to pursue the business of commodities and mineral resources management, ownership, exploration, mining and development activities.
Koon Holdings says wholly-owned subsidiary, Koon Construction and Transport Co., has been awarded the following new projects worth a total of $16.9 million.
One is a $12.1 million contract from Zhen Hua (Singapore) Engineering to supply, install and extract temporary FSP4 steel sheet piles used as cut-off wall and temporary cofferdam installation works for 8 to 33 months.
The other is a $4.8 million contract from the Housing and Development Board for the coastal protection and restoration of mangrove biodiversity at Pulau Tekong. The project will last 10 months.
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SingTel’s Innov8 will focus its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices and digital content services, CEO Chua Sock Koong said at an event.
