Tuesday, October 7, 2014

Market News In 2 Minutes @ 7th October 2014

Market News in 2 minutesAs stock investors (even though a small one), it is important to keep abreast with the latest financial and market news. Since I am in it, I thought it might be worthwhile to share it out with my readers too.

Hence, I started this "Market News In 2 Minutes" series.

Following are the "Market News In 2 Minutes" for today :

1. Yongnam Holdings (Y02) - Its Malaysian unit has agreed to sell its factory at Nusajaya, Johor, to Axis Real Estate Investment Trust before leasing it back from the REIT. Axis will pay RM153.5 million ($60.1 million) for the purchase. The property has been valued at RM167.5 million. Yongnam is expected to make a net book value gain of $9.5 million. (source : The Edge)

2. STATS ChipPAC (S24) - Says the company has been served a writ of summons by ERS Electronic GMBH alleging that it has infringed its patents relating to debonder machines used in wafer level package assembly process. (source : The Edge)

3. United Engineers Limited (U04) - On Oct 3 said it has agreed to sell its stake in UE E&C Ltd Southern Capital Group Private Limited for $230.2 million in cash. The Southern Capital Group will pay United Engineers $1.25 for each UE E&C share. United Engineers is expected to realise a net disposal gain of $59.2 million from the sale. (source : The Edge)

4. Hotel Properties Limited (H15) -Says its subsidiary, HPL Properties (SEA), has increased its stake in Laem Ka Properties Company to 90% for THB 90 million ($3.53 million). (source : The Edge)

5. Pacific Radiance (T8V) - Has entered into a 50:50 joint venture with Daiho Energy Services to co-own the share capital of SDM Marine. The principal activity of SDM is in the owning, chartering and leasing of specifically-designated offshore vessels. (source : Shares Investment)

6. Vard Holdings (MS7) -Secured a contract worth NOK300 million from Island Offshore for the construction of one offshore support vessel. (source : Shares Investment)

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