Home THE DAILY EDGE Business Dec 15: Chemoil, Cosco, Sinomem, Genting, Yanlord Land
Dec 15: Chemoil, Cosco, Sinomem, Genting, Yanlord Land
Written by The Edge   
Tuesday, 15 December 2009 08:52
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The following companies may have unusual price changes in trading today, say Bloomberg and Thomson Reuters. Share prices are from the previous close. Singapore’s Straits Times Index was little changed at 2,799.54.

Asian stocks are set to climb today, as the helping hand extended to debt-laden Dubai proved a confidence booster for world markets. Wall Street stocks closed at 14-month highs as the Dubai optimism was reinforced by Citigroup (C.N) unveiling a plan to pay back the US$20 billion ($27.8 billion) it owes the US Government. Bank of America (BAC.N) paid off its US$45 billion loan last week.

Chemoil Energy (CHEME SP): Glencore International AG’s (1696Z SW) unit agreed to buy 50.8% of Chemoil Energy for US$233 million and is making a cash offer for the rest of the shares it does not already own, according to a regulatory statement. Chemoil slumped 3.3% to 43.5 cents.

Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, declined 1.4% in London yesterday, taking losses in the past six days to 14%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dropped 1.9% to $1.06. Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, fell 1.6% to 30 cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, gained 1.3% to $13.98.

Palm oil suppliers: Crude palm oil for February delivery dropped 0.7% in Kuala Lumpur yesterday. Golden Agri-Resources (GGR SP), the world’s second-biggest palm oil producer, slipped 2% 48 cents. Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, fell 1% to $2. Wilmar International (WIL SP), the world’s biggest palm oil trader, slipped 0.6% to $6.32.

Armstrong Industrial Corp. (ARMS SP): The maker of precision die-cut foam and rubber molded components said a unit has signed a memorandum of understanding with Indica Chemical Industries Private, a company incorporated in India, to set up a venture in the country. Armstrong was unchanged at 24.5 cents.

Genting Singapore Plc (GENS SP): The operator of casinos in London said a unit  had won a 10-year concession to operate a casino at the Nile Ritz Carlton Hotel, in Cairo, Egypt. The stock was unchanged at $1.08.

Passion Holdings (PART SP): The handicraft and furnishing maker said a unit agreed a deal with Jisheng Huicheng to exclusively distribute the products in Beijing. Passion declined 2.2% to 22 cents.

PNE Micron Holdings (PNEM SP): The perforated materials maker proposed a 1-for-1 rights offer to raise net $1.97 million, PNE Micron said in a statement. The stock was unchanged at 5.5 cents.

Sinomem Technology (SINO SP): The maker of membranes used in pharmaceutical, food and water treatment said it will redeem $50 million face value of convertible bonds for $58.6 million that includes interest. The stock advanced 0.9% to 59 cents.

Yanlord Land Group (YLLG SP): The property developer said it bought Shanghai Zhongting Property Development Co., a China subsidiary, for 25 million yuan ($34.8 million). Yanlord added 0.4% to $2.28.

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Last Updated on Tuesday, 15 December 2009 09:01