Dalian Port, HTC, KT Corp., Manila Electric: Asia Ex-Japan Equity 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.
Dalian Port (PDA) Co. (2880 HK): The Chinese operator of crude-oil terminals said the China Securities Regulatory Commission has approved its plan to sell up to 2.65 billion yuan of bonds, according to a statement to the Hong Kong stock exchange. Dalian Port fell 2.6 percent to HK$2.22.
HTC Corp. (2498) (2498 TT): HTC agreed to buy 100 percent of Dashwire Inc. for $18.5 million through its U.S. unit, the Taoyuan, Taiwan-based company said in an exchange statement. Dashwire, based in Seattle, provides mobile software services and is backed by investors including Microsoft Corp., Best Buy Capital and McCaw Cellular Communications, according to its website. HTC dropped 6.3 percent to NT$798.
KT Corp. (030200) (030200 KS): South Korea’s largest phone and Internet company is in talks with the South Korean regulator on lowering mobile-phone rates, Chief Financial Officer Kim Yeon Hak said on a conference call. KT Corp. lost 3.5 percent to 38,800 won.
Manila Electric Co. (MER) : The nation’s largest power retailer’s plan to build power generation capacity of about 1,500 megawatts will likely be achieved in five years, Chief Operating Officer Oscar Reyes said. The company may spend 37 billion pesos ($869 million) for its power distribution business and 64 billion pesos to build power plants in the next four years, said David Nicol, chief financial officer of Metro Pacific Investments Corp. (MPI) , a Manila Electric shareholder. Metro Pacific expects to spend 189.6 billion pesos in capital expenditure in the next four to five years and has sufficient cash flow to support its funding requirements, Nicol also said. Manila Electric declined 2.6 percent to 265 pesos. Metro Pacific dropped 2.5 percent to 3.47 pesos.
SK Innovation Co. (096770 KS): SK and JX Nippon Oil & Energy Corp. agreed to jointly invest 1.35 trillion won in petrochemical and lubricant businesses, according to an e-mailed statement by SK. The venture will build a plant to produce 1 million metric tons of paraxylene a year in Ulsan, South Korea, according to the statement. SK slumped 5.6 percent to 185,000 won.
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