Kirin Holdings Co. (TYO:2503) plans to invest roughly 23 billion yen to support beer production in Australia and New Zealand through Lion Nathan Ltd., which became Kirin's wholly own unit last month. Kirin is looking to upgrade production lines at breweries in Sydney and Brisbane, and build a new brewery equipped with a warehouse in New Zealand at a cost of 16 billion yen.
Sydney, Nov 25, 2009 AEST (ABN Newswire) - Asian markets were mixed on Wednesday with a flat lead from Wall Street. Tokyo stocks rebounded on upbeat trade figures and bargain hunting after the market opened lower in the morning. Hong Kong and Seoul share declined as investors the U.S. economy did not grow as quickly as previously forecast in the latest quarter.
The US dollar fell against the yen on Wednesday, as fragile Asian stocks prompted investors to buy the safe-haven yen. The greenback and the Euro are expected to widen their declines over the coming week if upcoming US data continues to show a sign of slow recovery.
Company News
Kyowa Hakko Kirin Co. (TYO:4151) will likely see its chemicals segment return to profitability on an operating basis in the October-December quarter as exports to China have recovered. This would be its first operating profit in four quarters, compared to the preceding quarter's 400 million yen loss. The improvement in the chemicals segment will likely help lift Kyowa Hakko Kirin's consolidated results next fiscal year, which starts this coming January.
Kirin Holdings Co. (TYO:2503) plans to invest roughly 23 billion yen to support beer production in Australia and New Zealand through Lion Nathan Ltd., which became Kirin's wholly own unit last month. Kirin is looking to upgrade production lines at breweries in Sydney and Brisbane, and build a new brewery equipped with a warehouse in New Zealand at a cost of 16 billion yen.
CapitaMalls Asia made a strong debut as investors bought into Singapore's biggest public offering for 16 years to gain exposure to China's fast-growing consumer market. Property group CapitaLand (SIN: C31) said that it raised S$2.8 billion by selling 34.5 per cent of its retail unit CapitaMalls Asia in its (IPO).
Taiwan's banking regulator rejected an application from Chinatrust Financial Holding Co. (TPE:2891) to privately place as many as 2.5 billion new shares, the financial services provider said. Chinatrust plans to resubmit the application. Chinatrust was seeking to buy Nan Shan Life Insurance Co. from American International Group Inc. (AIG).
South Korea's Samsung Electronics (SEO:005930) said on Wednesday market speculation that it may bid for German chipmaker Infineon (ETR:IFXA) was untrue and it has never studied the possibility. Shares in Infineon rose on Tuesday after speculation that Samsung may make a bid for the company. Samsung Electronics was forecast to hit above 200 million units in global handset sales this year for the first time. Global market research institute Strategy Analytics said Samsung Electronics has sold 60.2 million units of handset in the third quarter, capturing 20.7 percent of the global market share.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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