Laox Co. (TYO:8202) unveiled its three-year business plan for annual sales of about 70 billion yen in the year ending in March 2013, an 600% increase from the projected figure for this fiscal year. Laox plans to open stores in China through its partnership with China's Suning Appliance (SHE:002024), a major shareholder in Laox. The Japanese electronics retailer expects to generate 250 million yen in annual sales at each location when it set up shop inside Suning's stores.
Sydney, Nov 17, 2009 AEST (ABN Newswire) - Asian markets received a strong lead from Wall Street and mostly opened higher this morning. But gains were trimmed in Tokyo share market after a stronger yen weighed on Japanese exporters. Meanwhile, concerns over companies' massive capital raising plans continue to dent the local sentiment.
Seoul shares also erased early gains on Tuesday. The won rose to a near 14-month high against the US dollar weighed on exporters. Companies related to the emissions reduction business or related technologies fell after the government set its emissions target, as many investors booked profits on recent gains.
Hong Kong and China stocks were higher yesterday on the visit of U.S. President Barack Obama to the mainland. Hong Kong's Hang Seng Index, which closed at a 16 month high yesterday, pared its gains while most Asian markets were lower on Tuesday.
Company News
Laox Co. (TYO:8202) unveiled its three-year business plan for annual sales of about 70 billion yen in the year ending in March 2013, an 600% increase from the projected figure for this fiscal year. Laox plans to open stores in China through its partnership with China's Suning Appliance (SHE:002024), a major shareholder in Laox. The Japanese electronics retailer expects to generate 250 million yen in annual sales at each location when it set up shop inside Suning's stores.
Sharp Corp. (TYO:6753) will start supplying LED backlights for LCD televisions to Sony Corp. (TYO:6758). With the market for LED-backlit LCD TVs expected to show ongoing growth, Sharp and Sony also plan to jointly develop technology for next-generation backlights.
CapitaMalls Asia Ltd., CapitaLand Ltd.'s (SIN:C31) Asian shopping mall unit, plans to raise S$2.76 billion in an initial public offering in Singapore. CapitaLand would retain a 70% stake in the company if the over-allotment option for the IPO is not exercised. CapitaLand said the fund raised in the offering will be used for expansion and investments in countries like China, Vietnam and Australia.
Canon's (TYO:7751) shares rise after it said it had sealed an agreement to acquire Oce, the Netherlands-based maker of copiers and printers, for 730 million euros, or 8.6 euros per share. The bid is supported by Oce's management and supervisory board. Canon said a takeover of Oce would help the Japanese company expand its product lineup and sales networks amid weak corporate spending.
Aquila Resources Ltd. (ASX:AQA) said Tuesday that China's Baosteel Group has won Chinese regulatory approval for a deal that will see it pay A$285.6 million for a stake of up to 15% in the iron ore and coal company. Perth-based Aquila said settlement of the deal is now expected within the next five business days.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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