Wednesday, March 25, 2015

Market News In 2 Minutes @ 25th March 2015

As 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. DMX Technologies Group (5CH) - Has suspended its stocks trading after an investigation by legal counsel revealed irregular accounting practices at two of the IT solutions provider’s subsidiaries in 2008 and 2009. Previously announced on 9 February 2015, chief executive Jismyl Teo and chief financial officer Skip Tang were arrested on 3 February 2015 by the Hong Kong police’s Commercial Crime Bureau then released on bail. The trading of stocks have stopped since 20 March 2015. (source : Shares Investment)

2. SIIC Environment Holdings (5GB) - Has entered into a sale and purchase agreement to acquire the entire stake in Global Envirotech Investment (in turn holds a 92.2 percent stake in Fudan Water Engineering and Technology Co) in a deal valued at Rmb1.5 billion, which includes Rmb479.2 million for the payment of outstanding debt. The consideration will be paid via Rmb151.7 million in cash and the issuance of 1.6 billion new shares in SIIC (representing 16.3 percent of existing shares) at $0.132 per share, a 12.2 percent discount to the volume-weighted average price on 24 March. The acquisition is a strategic addition to the group’s existing business, expanding its geographical coverage. (source : Shares Investment)
3. United Overseas Bank (U11) - Is looking to take subsidiary, Far Eastern Bank, private by offering $3.51 per share for the remaining 21.1 percent stake, which could cost up to $74.2 million. The deal is conditional on UOB receiving valid acceptances of at least 90 percent of the offer shares at the close of the offer. The offer will provide minority shareholders the opportunity to realise their investment by unlocking the value of their unlisted and illiquid shares, where privatising the company provides UOB with greater control and management flexibility to integrate the company’s operations in hopes for increased efficiencies. (source : Shares Investment)

4. WE Holdings (5RJ) - Has refuted an article in The Edge, announcing that there are no concrete plans at the moment to engage in the sale of Jubilee’s entire business to any party and no concrete information was provided by Mr. Terence Tea, executive chairman and managing director of the group with regards to any suggested sale. The Group will make necessary announcements if any exploration of merger and acquisition opportunities and strategic alliances succeeds. (source : Shares Investment)


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