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Hutchison Port IPO may eclipse Singaporeâ€™s 2010 deals: Update

January 19th, 2011 | No Comments

Hutchison Whampoa Ltd.’s sale of Chinese port assets may raise more than Singapore’s combined 31 initial public offerings last year, boosting the city’s efforts to compete as a financial center.

Hutchison, controlled by Hong Kong billionaire Li Ka-shing, said yesterday it will sell a stake in a trust holding container ports in Hong Kong, Macau and Guangdong province, along with associated businesses and some Chinese river ports. The sale may raise US$6 billion ($7.7 billion), the IFR news service reported yesterday.

Hutchison plans to sell shares in China ports unit: Update 3

January 18th, 2011 | No Comments

Li Ka-Shing’s Hutchison Whampoa, the world’s biggest container-terminal operator, will sell deep-water port holdings in Hong Kong and southern China, hubs of record global trade, in what may be Singapore’s largest-ever initial public offering.

The company will retain a stake of about 25% in the trust that will own terminals in Hong Kong and neighboring Guangdong province, port operations along the Pearl River and shipping-support businesses, it said in a statement today.

Singapore Exchange profit rises 3.3% on stock trading: Update

January 18th, 2011 | No Comments

Singapore Exchange, the operator of the city’s securities market, said fiscal second- quarter profit rose 3.3% on increased stock trading.

Net income climbed to $74.2 million in the three months ended December from $71.8 million a year earlier, the company said in a statement today. Excluding $7.5 million of costs for the pending takeover of ASX, Australia’s main bourse, profit increased to $81.7 million. Analysts had expected US$85 million ($109.5 million), based on the median of five estimates compiled by Bloomberg News.

Hutchison to hold IPO for Hong Kong, China Ports Unit: Update

January 18th, 2011 | No Comments

Li Ka-Shing’s Hutchison Whampoa, the world’s largest container-terminal operator, will sell Hong Kong and south China port operations in a Singapore initial public offering to raise funds for expansion plans.

The company will retain a stake of about 25% in the trust that will hold deepwater container port operations in Hong Kong and Guangdong province, along with associated businesses and some Chinese river ports, it said in a statement today.

Hutchison port unit plans $7.7b Singapore listing: Update

January 18th, 2011 | No Comments

Hutchison Whampoa (0013.HK) plans to spin off a port unit and raise US$6 billion ($7.7 billion) via a listing in Singapore, the biggest ever in the city-state, to expand its port facilities and infrastructure, IFR and the firm said on

Tuesday.

Hutchison, owned by tycoon Li Ka-shing, is proposing to spin off Hutchison Port Holdings Trust in a separate listing in Singapore, it said in a filing to the Hong Kong stock exchange.

Singapore Exchange 2Q net misses forecasts, eyes ASX merger: Update

January 18th, 2011 | No Comments

Singapore Exchange (SGX) (SGXL.SI) said it was on track to complete a $7.8 billion ($10.1 billion) takeover of Australian bourse operator ASX (ASX.AX) in 2011, but political obstacles to Asia-Pacific’s first major merger of exchanges remain a challenge.

The comments on Tuesday came after SGX missed expectations for its second-quarter profit on higher costs for technology and transactions linked to the bid for ASX.

Singaporeâ€™s bankruptcies fall to lowest since 1996: Update 1

January 17th, 2011 | No Comments

Singapore’s bankruptcy applications last year fell to the lowest level since 1996 as the city- state’s economy rebounded, posting the world’s fastest growth after Qatar.

The number of bankruptcy filings dropped 20% to 2,202 in 2010 from a year earlier, according to data on the Ministry of Law’s website. Bankruptcy applications last year were less than half of the 5,404 cases at the peak in 2003.

Singapore export growth slows, 2011 outlook moderate: Update

January 17th, 2011 | No Comments

Singapore’s non-oil export growth slowed to a 13-month low in December as shipments of key electronics products and pharmaceuticals declined, signaling more moderate growth in 2011.

Exports rose 9.4% on-year after growing a downwardly revised 9.9% in November, trade promotion agency International Enterprise Singapore said Monday. The pace was slower than the median 10.5% expansion forecast by 10 economists in a Dow Jones Newswires poll.

Singapore extends housing measures; developers drop: Update

January 14th, 2011 | No Comments

Singapore raised down payment requirements for second mortgages and boosted sales taxes to curb property speculation, sending shares of the city’s biggest developers down the most in 11 months.

Individuals with more than one mortgage can borrow up to 60% of a property’s value, down from 70%, while the stamp duty on homes and land sold within one year will rise more than fivefold, the government said in a statement yesterday.

Singapore, Malaysia lead cuts in mobile roaming fees : Update

January 14th, 2011 | No Comments

Southeast Asian ministers will study ways of lowering roaming mobile phone and text messaging charges across the region starting with Singapore and Malaysia, a minister said.

The neighbors will kick off with new telecommunications rates between their countries to be announced in two months, Rais Yatim, Malaysia’s minister of information, communications and culture told reporters in Kuala Lumpur. A letter of undertaking from Malaysian companies agreeing to the new roaming charges will be presented to Singapore next week, he said.

Investor sells 24 million shares in Raffles Medical: Update

January 14th, 2011 | No Comments

An undisclosed investor is selling about 24 million shares, or about a 4.7% stake, in Singapore medical services provider Raffles Medical (RAFG.SI) for $2.26 per share, sources familiar with the matter said.

Raffles Medical shares fell as much as 6.2% on Friday. At midday, the stock was down 4.5% at $2.32 on a volume of 26.4 million shares.

Microsoft’s Windows Phone 7 Update Will Close Unlocking Loophole

January 13th, 2011 | No Comments

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Singapore announces new measures to cool property market: Update

January 13th, 2011 | No Comments

Singapore on Thursday introduced new measures to cool home prices that have continued to rise despite earlier efforts to put a lid on a red-hot property market.

Effective Friday, those who buy and sell residential properties within four years will have to pay a stamp duty, up from the current requirement of three years.

Sri Trang said to seek $361m in Singapore sale: Update 2

January 13th, 2011 | No Comments

Sri Trang Agro-Industry Pcl, the best performer on Thailand’s benchmark stock index last year, wants to raise about $280 million ($361 million) from a share sale in Singapore, according to a term sheet obtained by Bloomberg News.

Sri Trang, Thailand’s biggest publicly traded rubber producer, will sell as many as 280 million shares to individual and institutional investors, according to a prospectus sent to the Monetary Authority of Singapore today. The company in August delayed the sale, citing “volatility” in global equity markets.

Sri Trang said to seek $361m in Singapore sale: Update

January 13th, 2011 | No Comments

Sri Trang Agro-Industry Pcl, Thailand’s biggest publicly traded rubber producer, wants to raise about $280 million ($361 million) from a share sale in Singapore, according to the term sheet obtained by Bloomberg News.

Singapore casinos add $420m to state coffers: Update

January 11th, 2011 | No Comments

Singapore’s two casino resorts, run by Genting Singapore Plc and Las Vegas Sands Corp., contributed $420 million in net revenue to the city-state in the April to November 2010 period.

The governments’ revenue from the two casinos will be placed in a consolidated fund, Second Finance Minister Lim Hwee Hua said in Parliament today.

Singapore watchful of inflation, overheating risks: Update

January 10th, 2011 | No Comments

Singapore’s policy makers need to be watchful of escalating prices and overheating risks in the economy after last year’s “exceptional” expansion, Senior Minister of State for Trade and Industry S. Iswaran said.

“There is no need for stimulus measures” even as growth slows this year, Iswaran told parliament in Singapore today. “If anything, we need to be watchful of overheating risks and rising inflationary pressures as the labor market tightens and capacity constraints become more binding.”

Singapore government bonds to trade on SGX by mid-2011- Update

January 10th, 2011 | No Comments

Singapore government bonds will begin trading on the Singapore Exchange (SGXL.SI) by the middle of this year, providing retail investors with a safe but higher-yielding alternative to bank deposits, Finance Minister Tharman Shanmugaratnam said on Monday.

He said retail investors concerned about the low savings rates can also participate in government bond auctions or buy high-quality corporate bonds that are now traded in smaller lot sizes on the exchange.

Kim Eng rises to record after Maybank makes buyout bid: Update

January 7th, 2011 | No Comments

Kim Eng Holdings, a Singaporean brokerage, surged to a record after Malayan Banking, Malaysia’s biggest lender, offered to buy the company for $1.79 billion to speed up expansion in Southeast Asia.

Shares of Kim Eng jumped 13% to $3.05 at the 5 p.m. close in Singapore trading, an all-time high, making it the best performer on Singapore’s stock exchange. Maybank, as the Kuala Lumpur-based company is known, slipped 0.1% to 9 ringgit, snapping a three-day gain.

Singaporeâ€™s container traffic increases 9.9% in 2010: Update 1

January 6th, 2011 | No Comments

Singapore’s container traffic rose 9.9% in 2010, reversing the previous year’s slump, as the island-state vies with Shanghai to be the world’s busiest port.

Traffic last year rose to 28.4 million 20-foot equivalent units from 25.9 million TEUs in 2009, the Maritime and Port Authority of Singapore said in an e-mailed statement today. Total cargo handled climbed 6.4% to 502.5 million metric tons.