Wednesday, April 1, 2015

Market News In 2 Minutes @ 1st April 2015 (Keppel Corp, Matex, Wee Hur, Cosco)

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. Keppel Corp (BN4) - Failed to meet the compulsory acquisition threshold required its Keppel Land buyout, an unexpected result as the market was confident of reaching the threshold, especially after the second offer extension. As of 31 March 2015, Keppel Corp owned 95.1 percent of Keppel Land, 0.4 percent short of the 95.5 percent threshold despite the offer being opened for 47 days. (source : Shares Investment)

2. Matex International (M15) - Has announced its plans to buy Blackgold Holdings Hong Kong in a $475 million reverse takeover, which will see the company become an operator of four underground thermal coal mines in Chongqing, China. Matex will also own four mines, which is 100.7 million tonnes worth of combined ore reserves, proved and probable. The proposed acquisition will provide an opportunity for the group to venture into the energy sector, and participate in coal mining and trading in the PRC. (source : Shares Investment)

3. Wee Hur Holdings (E3B) - Reported that the three wholly-owned subsidiaries (Wee Hur Buranda 1, Wee Hur Buranda 3 and Wee Hur Australia) will be acquiring the three plots of land located at Woolloongabba, Brisbane, Australia for a total purchase consideration of AUD51.3 million ($55 million), wholly satisfied in cash and funded by internal resources. The plots of land are expected to develop into a mixed development with predominantly residential components, complemented with retail and commercial components, in line with the company’s strategy to venture into overseas property development. (source : Shares Investment)

4. COSCO Corps (F83) - Announced that COSCO (Dalian) Shipyard, a 51 percent owned subsidiary of the company’s subsidiary COSCO Shipyard has agreed to reschedule to the delivery dates of two LeTourneau Super 116E jackup drilling rigs. The delivery dates will take place in December 2016 and June 2017, nine months after their original delivery date following negotiations with the ship owner. source : Shares Investment)

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