China Steel, Hanwha, Linc, Niaga, SapuraCrest: Asia Ex-Japan Stock 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.
China Overseas Land & Investment Ltd. (688) (688 HK): The company that is controlled by the nation’s construction ministry said sales in July rose 63 percent to HK$8.1 billion ($1 billion) from a year earlier. The stock slid 0.9 percent to HK$16.42.
China Steel Corp. (2002) (2002 TT): Taiwan’s largest maker of the metal signed a strategic alliance agreement with Sinosteel Corp., the company said in an e-mailed statement. The two companies will strengthen cooperation in areas including production, trading, engineering and management, according to the statement. China Steel declined 0.9 percent to NT$28.95.
CJ CheilJedang Corp. (097950) (097950 KS): The South Korean food processing company will spend 485.5 billion won ($448 million) on a new research center, it said in an e-mailed statement. CJ CheilJedang declined 4 percent to 291,500 won.
Hanwha Chemical Corp. (009830 KS): The South Korean chemical manufacturer is considering a bid for an Indonesian petrochemical company, according to a regulatory filing. MoneyToday earlier reported Hanwha may bid for PT Sulfindo Adiusaha. Hanwha declined 4.3 percent to 38,100 won.
Linc Energy Ltd. (LNC) : The Australian company that converts coal into liquid fuels aims to complete the sale of the Teresa coal project in Queensland state within the next 90 days, Chief Executive Officer Peter Bond said in a phone interview. The company may sell two other assets after the Teresa sale, he said. Linc Energy fell 4.8 percent to A$2.
PT Bank CIMB Niaga (BNGA IJ): The Indonesian unit of Malaysia’s CIMB Group Holdings Bhd. may sell at least 1 trillion rupiah ($117 million) of subordinated bonds next year to support lending growth, Director Wan Razly Abdullah said in Jakarta. Bank CIMB rose 3.3 percent to 1,570 rupiah.
SapuraCrest Petroleum Bhd. (SCRES) : The Malaysian oil and gas services provider agreed to buy the marine construction business of Clough Ltd. (CLO) for A$127 million ($131 million) in cash, according to a company statement. The stock fell 3.9 percent to 4.24 ringgit before it was suspended. Clough fell 8.9 percent to 66.5 Australian cents.
TCL Communication Technology Holdings Ltd. (2618) (2618 HK): The Hong Kong handset manufacturer posted net income of HK$391.3 million for the first half of the year, according to a statement to the Hong Kong stock exchange. TCL Communication plunged 7.9 to HK$5.87.
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