Aboitiz Power, Indika, Jollibee, LG Chem: Asia Ex-Japan Equities Preview
The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
Aboitiz Power Corp. (AP) : A venture of Aboitiz and Oslo- based SN Power said its Ambuklao hydroelectric plant in northern Philippines has started producing electricity after being shut for more than a decade. SN Aboitiz said Ambuklao now has 35 megawatts of capacity and will be increased to 105 megawatts once its repair is completed in the third quarter of this year. The stock gained 0.5 percent to 30 pesos.
PT Bakrie Sumatera Plantations (UNSP IJ): The Indonesian palm oil and rubber producer’s first-quarter net income rose to 229.62 billion rupiah ($26.9 million) from 64.41 billion rupiah a year earlier, the company said in a statement to the stock exchange. Bakrie Sumatera rose 3.4 percent to 460 rupiah.
PT Bank Mandiri (BMRI IJ): The Indonesian company’s net income may increase more than 20 percent this year, President Director Zulkifli Zaini said. Mandiri, the nation’s largest bank by assets, fell 0.7 percent to 7,150 rupiah.
PT Indika Energy (INDY IJ): The controlling shareholder of Indonesia’s third-biggest coal producer plans to sell a minimum 16.6 percent stake in mining services company PT Petrosea (PTRO IJ) this year, said Azis Armand, a director at Indika. Indika fell 1.7 percent to 4,225 rupiah and Petrosea jumped 5.6 percent to 42,750 rupiah.
Jollibee Foods Corp. (JFC) : The largest Philippine restaurant operator will complete by the third quarter an agreement to invest in a venture with Viet Thai International Joint Stock Co. in Vietnam, a stock exchange filing showed. The transaction will have no “significant impact” on operating profit in 2011, it said. The stock gained 1.2 percent to 88 pesos.
LG Chem Ltd. (051910) (051910 KS): South Korea’s biggest chemicals maker plans to spend 491 billion won ($455 million) to build its first polysilicon plant to move into the world’s “fast- growing” solar energy market, the company said in a regulatory filing. The stock fell 2.3 percent to 519,000 won.
Taiwan Glass Industrial Corp. (1802) (1802 TT): The glassmaker plans to sell as much as $300 million of overseas convertible bonds to help fund raw material purchases and investment abroad, the company said in a statement. The stock fell 1 percent to NT$48.55.
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