Dai-ichi Mutual Life Insurance Co. have received approval Monday to list on the Tokyo Stock Exchange.
Sydney, Feb 23, 2010 AEST (ABN Newswire) - U.S. closed flat with the lowest daily volume so far this year, as investors were awaiting congressional testimony by Fed Chairman Ben Bernanke for clarity on the Fed's thinking on the surprising the discount rate hike last week.
Most Asian markets rallied with resources shares significantly higher on Monday. Japan's Nikkei jumped 2.7 per cent while exporters were encouraged by stronger US dollar against yen. Hong Kong's Hang Seng Index gained 2.4 per cent. The Shanghai bourse reopened for the first day after the Lunar New Year holiday, Shanghai Composite dropped 0.5 per cent as the market was still impacted by the People's Bank of China's credit-tightening measures unveiled before the long holiday.
Company News
Taiwan's Formosa Plastics Corp. (
TPE:1301) plans to spend US$2 billion on a 2 million-metric-ton-a-year stainless steel plant in Vietnam in a move to diversify into the steel industry from its core petrochemicals business. The refinery and petrochemicals conglomerate plans to start construction on the plant once it completes the first phase of its planned carbon steel mill in Vietnam, which gives Formosa Plastics an opportunities to access Southeast Asian markets.
China's securities regulator has approved a proposal by SAIC Motor Co.(SHA:600104) and General Motors Co. to restructure the shareholding of their joint venture. SAIC's stake in the joint venture will rise to 51% from 50%. The move could help SAIC to consolidate earnings from the Shanghai GM joint venture. It was previously barred from doing so as a 50-50 partner under local financial regulations. General Motors' ownership will drop to 49%, according to the plan.
Sembcorp Marine (SIN:S51) posted a quadrupling of year-on-year fourth-quarter net profit to S$297.2 million from S$69.4 million, driven by higher operating margins from rig building projects. Higher profit margins from rig-building projects withstood a 17 per cent decline in quarterly revenue to $1.34 billion. Net profit for the year ended Dec 31 rose 63 per cent to a new record high of S$700 million.
Plant engineering firm JGC Corp (TYO:1963) said it would likely have a record 1.02 trillion yen in contract backlogs at the fiscal year ending in March due to robust demand for developing resources in emerging markets.
Dai-ichi Mutual Life Insurance Co. have received approval Monday to list on the Tokyo Stock Exchange. The company is scheduled to list on the First Section on April 1, seeking US$11.8 billion in what would be the world's largest initial public offering in nearly two years. It will have 38 shareholders that are expected to become stable shareholders, such as Mizuho Financial Group Inc.(TYO:8411), Sompo Japan Insurance Inc.(TYO:8755), Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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