Acer, AutoV, Cebu Air, Shenhua, Sino-Ocean: Asia Ex-Japan Equity Preview
The following companies may have unusual price changes in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Philippine carriers: AirAsia Bhd. has agreed to form a Philippine venture that will start operations in August, Chief Executive Officer Tony Fernandes said. PAL Holdings Inc. (PAL PM), owner of the nation’s biggest carrier, was unchanged at 4 pesos. Cebu Air Inc. (CEB PM), the nation’s No.2 carrier, fell 3 percent to 110 pesos.
Acer Inc. (2353 TT): The company said President of Pan America Operations Rudi Schmidleithner resigned from the company to be replaced by Emmanuel Fromont from Jan. 1. Acer, the world’s second-largest computer maker, dropped 3.2 percent to NT$92.60.
AutoV Corp. (AVB MK): The Malaysian auto-parts maker said it signed a preliminary agreement with Continental Automotive Systems (Shanghai) Co. and ArvinMeritor LVS Co. to develop and supply automotive components. AutoV was unchanged at 1.16 ringgit.
China Shenhua Energy Co. (1088 HK): The company, a unit of the nation’s largest coal producer, said November coal sales rose 32 percent to 27.8 million metric tons from a year earlier. The stock declined 1.1 percent to HK$30.85.
Energy Development Corp. (EDC PM): The largest Philippine power producer using geothermal energy plans to sell more than $200 million of bonds next year in part to fund an 86 megawatt wind-power project in northern Philippines, Francis Giles Puno, president of parent company First Gen Corp. (FGEN PM), said. First Gen is studying the construction of three mini-hydro power plants next year, Puno also said. Energy gained 0.3 percent to 5.98 pesos. First Gen declined 1.3 percent to 11.82 pesos.
MAA Holdings Bhd. (MAA MK): The Malaysian insurer said it’s in talks to sell a stake in its general insurance unit to Zurich Insurance Co. after ending negotiations with AmG Insurance Bhd. MAA signed an agreement with Zurich Insurance to evaluate and negotiate for the possibility of the latter buying a stake in Malaysian Assurance Alliance Bhd., MAA said in a statement. MAA was unchanged at 62.5 sen.
Sino-Ocean Land Holdings Ltd. (3377 HK): A unit of Cosco International Holdings Ltd. (517 HK) is selling HK$5.32 billion ($684 million) worth of shares in Sino-Ocean Land, according to terms sent to investors.
Sino-Ocean Land, a real-estate developer, slid 1.9 percent to HK$5.08. Cosco International, a shipper and property developer, gained 4.9 percent to HK$4.69.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.