Market News In 2 Minutes @ 2nd April 2015 (Cityneon, CNA Group, Japfa, Noble Group, Rex)

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. Cityneon (5HJ) - Entered a sales and purchase (S&P) agreement to acquire 100 percent of the issued share capital of exhibition producer, Victory Hill Exhibitions, proposing a one for one non-underwritten renounceable rights issue of 88 million new shares to partially fund the acquisition. The purchase consideration consists $10 million in cash and issuance of 45 million new shares from the company upon completion of purchase. A deferred payment of $2 million and a variable incentive payment will be paid upon achieving certain profit targets by 30 June 2016, followed by two further incentive payments if profit targets are met by 30 June 2017 and 30 June 2018. Upon completion, Victory Hill becomes a wholly-owned subsidiary of the company, with its primary business being developing and producing exhibitions. (source : Shares Investment)

2. CNA Group (5GC) - Announced that its wholly-owned subsidiary, CNA-HTE Vietnam has signed a Letter of Intent (LOI) with Vietstar Airlines Multirole Cor for a Mechanical, Electrical and Plumbing (MEP) contract for a Multirole Terminal Complex worth US$70 million (approximately $95.8 million). The Terminal is expected to be completed in approximately 18 to 20 months and to be operational by early 2017. (source : Shares Investment)

3. Japfa (UD2) - Announced that its Indonesia listed subsidiary, PT Japfa Comfeed Indonesia has acquired 70 percent of the issued share capital of PT Multi Makanan Permai (MMP) on 1 April 2015. MMP is in the business of trading of animal feed raw materials, a market segment that has not been tapped by PT Japfa. The acquisition hence provides PT Japfa with the opportunity to expand its customer portfolio, with the purchase price standing at IDR483 million, financed by internal resources. (source : Shares Investment)

4. Noble Group (N21) - Has repurchased US$20 million in aggregate principal amount of the 3.625 percent US dollar fixed rate Medium Term Notes due 2018, representing approximately 5 percent of the total aggregate principal amount. The repurchased Medium Term Notes have been cancelled on 1 April 2015, leaving US$380 million in aggregate principal amount of the Medium Term Notes outstanding. (source : Shares Investment)

5. Rex International (5WH) - Announced that its jointly-controlled entity, Lime Petroleum Norway AS, has signed an agreement with Skagen44 AS to acquire an additional 10 percent stake in license PL616 in the North Sea. Upon approval, Lime Norway’s stake will be increased to 15 percent. The license is operated by Edison Norge AS and the Haribo prospect is scheduled to be drilled in June 2015. Furthermore, two new small gas/oil discoveries are located in the northern part of the license, where reprocessing of 3D broadband seismic is currently ongoing for evaluation of this area. (source : Shares Investment)
 

Cheers!