ABN Newswire

Outrigger Laguna Phuket Appoints New General Manager

newsroom@abnnewswire.net — Wed, 29 Feb 2012 15:36:59 GMT

Outrigger Hotels and Resorts Asia Pacific has appointed Mr Apichart Asa as General Manager of the Outrigger Laguna Phuket Resort and Villas, effective immediately.

Khun Apichart has enjoyed an extensive hospitality career in Thailand that began as a receptionist. He has progressed through the ranks of rooms division to the position of General Manager, working at a number of popular resort destinations in Krabi, Koh Samui and Phuket in southern Thailand. Prior to joining Outrigger in 2011, Apichart was General Manager at the Metadee Resort in Phuket.

Community responsibilities have been a recurring theme of Apichart's hotel career. Apichart has been a committee member and registrar for the Patong Hotel Association and served on the sub-committee of the Phuket Tourist Association. He has also served on the executive committee of the Thai Hotels Association, Southern Thailand Chapter, and as a community committee member of the Chalong Police Station in Phuket.

He also enjoys networking with B2B peers at Pacific Asia Travel Association (PATA) events and has regularly attended the Asean Tourism Forum in Southeast Asia and the World Travel Market in London.

About Outrigger Enterprises Group

Outrigger Enterprises Group is one of the largest and fastest growing privately-held leisure lodging and hospitality companies in the Asia Pacific and Oceania regions and continues to expand its presence throughout the area. A family-owned company with more than 60 years of hospitality experience, Outrigger runs a highly-successful, multi-branded line of hotels, condominiums and vacation resort properties, including Outrigger® Hotels & Resorts, OHANA® Hotels & Resorts, Outrigger Condominium Collection®, Embassy Suites®, Best Western®, Courtyard® by Marriott, and Wyndham Vacation Ownership®. Currently, Outrigger operates and/or has under development 47 properties with more than 11,000 rooms located in Hawaii; Australia; Guam; Fiji; Bali; Thailand; Vietnam; and Hainan Island, China. Outrigger Enterprises Group also operates and develops hotel properties and hospitality-related retail and real estate opportunities for partners in Hawaii, the Pacific, the mainland USA and Asia. For on-line information, log on at www.outriggerenterprisesgroup.com and www.outrigger.com.

Outrigger Hotels and Resorts, Asia Pacific
Ste 105-108, Plaza Del Mar, No. 1 Pasak-Koktanod Rd
Cherngtalay Sub-Dist., Thalang District
Phuket Province, 83110 Thailand
Tel: (+66) 76 318 230
Fax: (+66) 76 318 232
Email:laguna@outrigger.co.th

Asian Activities Report for December 15, 2011: DeNA (TYO:2432) and Alibaba Cloud Computing to Form Strategic Alliance in China

newsroom@abnnewswire.net — Thu, 15 Dec 2011 11:00:46 GMT

DeNA Co., Ltd. (TYO:2432) has agreed to form a strategic alliance with Alibaba Cloud Computing ("AliCloud"), a subsidiary of China's Alibaba Group to provide DeNA's Mobage social gaming platform to consumers and developers in China. The two parties will work together to bring Mobage to Chinese consumers on Aliyun OS-based smartphones in early 2012. In addition, DeNA will make the company's proprietary ngCore game engine available and easily accessible to Chinese game developers through AliCloud's cloud services.

Marubeni Corporation (TYO:8002) has agreed to acquire a 40% equity interest in APT Allgas Energy Pty Ltd ("Allgas"), a wholly owned subsidiary of APA Group (ASX:APA) in Australia. APA is a major energy company involved in the ownership, operation and management of gas pipelines and gas distribution networks throughout Australia. Through its interest in Allgas, Marubeni will become the first Japanese corporation to participate in the gas distribution network business in Australia.

Japan Airlines and WestJet Airlines (TSE:WJA), a low-cost airline in Canada have signed a codeshare agreement which will place the "JL" flight indicator on WestJet-operated flights between Vancouver and six Canadian cities - Calgary, Edmonton, Kelowna, Montreal, Toronto and Winnipeg, from December 15, 2011. The agreement will expand the total number of Canadian cities in Japan Airlines' network from three to seven.

Sumitomo Chemical Co., Ltd. (TYO:4005) and Nabaltec AG (ETR:NTG) of Germany have been in discussions about collaborating on their Alumina and Aluminum Trihydroxide businesses. The companies have agreed to start collaborating first in the commercial area. Beginning December 1, 2011, Nabaltec will be supplying Sumitomo Chemical an exclusive grade of fine precipitated Aluminum Trihydroxide for sale in East Asia.

Qiubei Fu
Asia Business News
Tel: +61-2-9247-4344
http://www.abnnewswire.net

Courtyard By Marriott Chooses Bali, Indonesia to Open 900th Hotel in the World

newsroom@abnnewswire.net — Sun, 24 Apr 2011 09:41:58 GMT

Courtyard by Marriott (NYSE:MAR) has chosen Bali as its first location in Indonesia for its 900th hotel in the world, which opened recently in the famous Nusa Dua resort area of the renowned tropical island destination.

Courtyard by Marriott Bali Nusa Dua is owned by PT Peninsula Bali Resort and will operate under a long-term management agreement with Marriott International (NYSE:MAR) with Nicolas Reschke as Director of Sales and Marketing.

"We are very excited about entering the Indonesian market," said Janis Milham, vice president and global brand manager for Courtyard by Marriott. "This fabulous new hotel allows Courtyard the opportunity to provide leisure guests with a breathtaking destination highlighting our open design layout and popular MoMo Café coupled with additional services such as a Kids Club and spa."

Situated minutes away from Bali's popular 18-hole championship golf course and local attractions, offering a variety of entertainment and restaurants, the new hotel is situated in a prime location for travelers. Bali offers a wide selection of goods to take home as souvenirs, from sculpture, traditional and modern paintings to ceramics and fashion. All of them are available in shops and galleries throughout the island.

The 250 deluxe guestrooms at the Courtyard by Marriott Bali are filled with local charm, featuring unique paintings by I Gede Putra Udiyana, a recognized Balinese artist from Denpasar. Each spacious room offers, either a private balcony, a garden terrace or a terrace with close to pool access that allows guests to enjoy the fresh air and soak in the natural beauty that surrounds them. Deluxe bedding, with minimum 32-inch LCD panel TVs and satellite channels ensure that guests are able to enjoy, relax and unwind. Six suites with oversized accommodations and double-sized balconies are available for honeymooners.

MoMo Café, Courtyard's Asian culinary innovation, presents a menu that blends western dishes with local favorites. Fresh local ingredients blended with the chef's creativity makes the quality food a delight for guests. The open kitchen and wood-fire oven produce delightful aromas that create a warm home-like ambiance. MoMo 2 Go is providing "on the run" guests with a "grab and go" kiosk filled with sandwiches, pastries and a wide variety of beverages. The pool-side bar allows guests to treat themselves to cold drinks and tasty snacks while lounging in the sun.

A picture-perfect setting for destination weddings and gatherings, the Courtyard by Marriott Bali has two ballrooms with the largest one accommodating up to 180 persons for a sit down dinner or up to 324 theater style. Both rooms are versatile and can be divided into smaller meeting space. A stunning landscaped courtyard separates the two function rooms and makes for excellent breakout space or cocktail receptions al fresco.

Exercising outdoors is a must in Bali and an ideal track for runners is the idyllic paved surroundings of Nusa Dua, where they can work out and explore at the same time. A wide variety of water sports are available in Bali including scuba diving, parasailing, jet skiing and surfing at the local beach ten minutes from the resort. For those interested in strength and cardio training, the fully equipped gym at the hotel offers personal trainers and state of the art machines.

Recharging before going out to enjoy the nightlife of Bali is important and the Courtyard by Marriott Bali offers six individual massage and treatment rooms for guests to get pampered and relax. Three massage rooms for two, are great for couples. A wide variety of treatments are available including traditional Balinese massage performed by trained therapists. The Spa will open at the beginning of May.

Courtyard by Marriott along with more than 3,100 Marriott-affiliated hotels worldwide, participate in Marriott Rewards, the guest reward program that allows its over 30 million members to earn points or airline miles for each dollar spent during each stay.

Fretty Widya Zahfithri
Marketing Communication Manager
Courtyard by Marriott Bali Nusa Dua
Tel: +62 361 300 3888
Fax: +62 361 300 3999
E-mail: fretty.zahfithri@courtyard.com 
www.courtyard.com 

David Johnson
Director
Delivering Asia Communications
Tel: +662 246 1159
Mobile: +6689 170 9866
E-mail: dj@deliveringasia.com
www.deliveringcommunications.com

Australian Market Report of November 9, 2010: Auckland International Airport Limited (NZE:AIA) Announces New Asia Air-Services

newsroom@abnnewswire.net — Tue, 9 Nov 2010 13:30:00 GMT

Auckland International Airport Limited (NZE:AIA) is gaining further momentum from its increased focus on key Asian growth markets, with China Airlines announcing that it will commence air-services to Taipei in January 2011, and Malaysia Airlines announcing an additional service to Kuala Lumpur starting in March 2011. These services are in addition to the new Jetstar Auckland to Singapore services starting in March 2011, and the additional Asian capacity from Auckland added over the last 6 months by other airlines including Air New Zealand (NZE:AIR), Thai Airways (BAK:THAI), Korean Air (SEO:003490) and the recent decision of Air Asia X to commence services to Christchurch.

Coalworks Limited (ASX:CWK) said today that its wholly owned subsidiary, Coalworks (Vickery South) Pty Ltd (CVS), has received its Preliminary Feasibility Study (PFS) to develop the Vickery South Coal Mine, coal handling and preparation plant and mine infrastructure. According to the PFS, the mine project is expected to have a mine life of 18 years and produce an annual average of 1.41 million tonnes of semi soft coking coal and 0.28 Mt of export quality thermal coal, at full production.

Spitfire Resources Limited (ASX:SPI) has discovered a significant new zone of near-surface manganese mineralisation at its South Woodie Woodie Project in the East Pilbara region of Western Australia. The zone has been shown over an area approximately 220 metres long and 130 metres wide, with the mineralisation appearing to extend in an easterly direction. Survey is to commence shortly to define potential extensions to the mineralisation and follow-up drill targets. Further drill program is planned for early 2011.

Centrebet International Limited (ASX:CIL), already one of Australia's top tier corporate bookmakers, today released a Strategic Plan aimed at doubling its share of the bookmaking market to approximately 20% by FY15. The Strategic Plan is predicated on significantly increased brand marketing investment, a change in advertising spend and mix, and a step up in new product development in Australia. There will be a particular focus on new racing products, some of which are already in development. Centrebet's European operations will be focused on maximising investment program.

Asia Business News
Tel: +61-2-9247-4344
http://www.abnnewswire.net

Egyptian Resorts Company (CAI:EGTS) Announces Consolidated Results for Second Quarter 2010

newsroom@abnnewswire.net — Wed, 18 Aug 2010 10:45:08 GMT

Egyptian Resorts Company (CAI:EGTS), Egypt's leading master developer of mega communities, announced today its consolidated results for the second quarter of 2010, reporting a net profit of EGP 2.98 million on revenues of EGP 2.85 million. Profits were supported by EGP 14.36 million in foreign exchange gains and interest income.

Results for the quarter include EGP 7 million in community management fees absorbed by ERC and not billed to existing sub-developers, a practice that has been ongoing since the global financial crisis first spilled into the local market. ERC defrayed EGP 10.96 million in community management expenses for sub-developers in 1H10 and estimates it will absorb a further EGP 14.54 million in the second half, compared with EGP 18.26 million in all of FY09.

Commenting on the company's 2Q10 results, Chief Executive Officer Mohamed Kamel said:

Throughout the quarter just past, we continued to build upon the comprehensive program of transformation on which we embarked at the beginning of the year. As in the first quarter, we have resisted the temptation to prematurely boost quarterly revenues by selling land at price points that would have threatened the value of our land bank and the investments of our shareholders and sub-developers.

By doing this, we are building a sales pipeline that will begin delivering results in the coming quarters while simultaneously protecting the investments of our sub-developers and shareholders.

As I have emphasized before, ERC will only sell land to fully qualified sub-developers with strong visions and bankable business plans - and only when the price, plan and use for the land are a strong fit with our master plans for Sahl Hasheesh. Having diligently reviewed the qualifications of a select group of developers and the compatibility of their proposals, we look forward to reporting a significant land sale before the end of the year.

While our primary focus in the first half has been on operational progress at Sahl Hasheesh to deliver long-term profitability on recurring revenue streams including the development of the Old Town, the Phase III master plan and the Marina, the period just ended has also been characterized by an unwavering focus on the development of a sales pipeline to deliver not just full-year profitability but long-term results.

Much of this progress has previously been reported, and I will briefly recap it below. One piece of news, however, will have an immediate impact on our use of cash when it becomes effective in 2011: I am delighted to report that ERC has signed all major sub-developers to its utilities supply and community services and management scheme. Throughout the global financial crisis, ERC has provided as much as EGP 7 million in quarterly services to our sub-developers, from security, road cleaning and waste management to maintenance of community infrastructure and the upkeep of public areas. In the new year, all key sub-developers will begin contributing their share of use of community resources delivering a substantial boost to one of our important sources of recurring revenues - and eliminating an expense of the same magnitude. This development is vital in its short-term impact on our financials and signals critical future expansion of this revenue stream, but more importantly frees cash that targets community resource expansion and thus adds further value to Sahl Hasheesh and its sub-developers.

Other recent and upcoming corporate developments:

- Management reports considerable collection of receivables after the end of the current disclosure period. To date, collections have topped EGP 125 million, with EGP 85 million having been inflows recorded after 30 June 2010 (particularly from the larger balances owing). Sub-developers are reporting improved cash positions, leading management to forecast no need for impairments of any receivables.

- An extraordinary general meeting is scheduled on 26 August 2010 to modify ERC's articles of incorporation to allow the company to generate and sell electricity within its master planned development communities, clearing the final regulatory hurdle to the conclusion of our electricity distribution license.

- Old Town, 97,000 square meters of prime waterfront retail and commercial space, is set to officially open mid-November. With a diverse base of tenants already signed to long-term leases, management continues to drive negotiations forward with a number of promising retail and commercial partners.

- ERC has signed a number of sub-consultants to support WATG, the world-class master planners of the Phase III stage of development in the resort community, in transforming Sahl Hasheesh from a vacation destination into a thriving year-round municipality, bringing online a 28 million-square-meter area, including hospitals, schools, office buildings and SMEs.

- ERC and Orascom management have been working diligently with WATG on the master plan for the Marina development. The two parties are now working on both the business and marketing plans for this keystone project. Management expects to unveil designs and launch the marketing campaign for the Marina in 1Q11.

- Final stages of renovation on the Old Palace Hotel are underway to re-launch as the Sahl Hasheesh Marriott Beach Resort in June of 2011.

- In response to demand from sub-developers, a full-fledged developer and consumer-facing marketing campaign for Sahl Hasheesh is under design as part of management's drive to promote Sahl Hasheesh as the top choice for both national and global holiday makers and seekers of second homes.

- The appointment of our new Chairman of the Board, Dr. Samir Makary: A member of ERC's Board of Directors since 2008, Dr. Makary has served as Chairman of ERC's Technical Committee and a member of the Executive and Human Resources committees. He has over 20 years of experience in market and financial analysis and economic policy issues, with a proven track record of consulting on tourism development policies and projects. In the 1990s, Dr. Makary was an author of one of the first studies to examine the feasibility of Sahl Hasheesh as a major tourism destination.

Mohamed Kamel
Chief Executive Officer

An Important Note:

Management encourages investors not to analyze Egyptian Resorts Company by scrutinizing quarterly sales figures as they would manufacturing or other real estate firms. ERC is a master developer of mega resort communities and unlike other developers, focuses on the macro development infrastructure and land plot sales. The timing of land sales (which tend to be large, strategic plots) to value-adding developers is a function of market conditions and management / board strategy at any given moment. ERC targets a healthy pace of land release from its bank so as to preserve both ERC valuations and the returns on investments of our sub-developers. A more traditional quarter-by-quarter analysis will be appropriate only for the analysis of recurring revenue streams as these mature in the years ahead.

Abu-Bakr Makhlouf
Investor Relations Manager
Egyptian Resorts Company
Tel: +20-2-2735-8427
Fax: +20-2-2735-2743
Email: abmakhlouf@erc-egypt.com

Google (NASDAQ:GOOG) Sponsors Team Trev Renewable Energy Vehicle In Its Zero Emissions Race Around The World

newsroom@abnnewswire.net — Sat, 31 July 2010 17:30:50 GMT

Google Inc. (NASDAQ:GOOG) Australia has become a sponsor of "Team Trev" as it prepares to race a unique electric vehicle around the world.

"Trev" (Two-seater Renewable Energy Vehicle) is Australia's competitor in Zero Race (www.zero-race.com) the first zero emission race around the world for electric vehicles powered by renewable energy.

Zero Race commences in Geneva on August 16th and will take competitors 30,000 km across 16 countries in 80 days of driving. A key highlight will be appearance of the electric vehicles at the United Nations Climate Change Conference in Cancun (Mexico) in November 2010.

Trev was designed and built by the University of South Australia. A team of volunteers called "Team Trev" (www.teamtrev.com) has upgraded Trev and is about to depart Adelaide for Geneva, in preparation for the race.

Team Director Andrew Dickson says that Google's sponsorship is a huge boost for the team, and is a vote of confidence in the vision behind the design of Trev.

"Trev is a potentially game changing vehicle. It is very lightweight at only 350kg, and it uses small amounts of energy to recharge. It is conceivable that urban commuting in Trev could be powered entirely from domestic photovoltaic panels. It is a 'power it yourself' car," he says.

"Trev is also an 'open source' car, with car plans and designs available for free on the internet. In the future Trev may be turned into a kit car, which people could build themselves. Trev would then be a 'build it yourself, power it yourself' car."

Google Australia's Engineering Director Alan Noble says that Trev caught his eye and appealed to his sense of innovation.

"This is a fantastic example of Australian technology - Trev is an open source electric vehicle designed and built here in Australia. We love the concept and we're proud to support Trev as it travels around the world."

With Google's support, Team Trev will compete against teams from Switzerland, South Korea, Spain, China and the USA.

Zero Race will be a high profile media event, with public appearances and press conferences in over 150 cities including Geneva, Brussels, Berlin, Kiev, Moscow, Shanghai, Vancouver, San Francisco, Los Angeles, Mexico and Lisbon. It will show the world that zero emission transport solutions are already a reality.

Supporters can follow Team Trev on its website (www.teamtrev.com) and on Twitter (www.twitter.com/teamtrev).

Interested volunteers and sponsors should contact Team Trev Director Andrew Dickson.

Andrew Dickson
Team Trev Director
Tel: +61-418-866-470
Email: andrewdickson2009@gmail.com
www.teamtrev.com

Team Trev Powered By The Wind Of TrustPower Limited (NZE:TPW)

newsroom@abnnewswire.net — Tue, 20 July 2010 10:30:09 GMT

Team Trev is a group of volunteers who will drive a small green electric car, Trev, around the world in the 2010 Zero Race.

A requirement of our participation in Zero Race is that we source 100% green power for our drive around the world. Being an electric car powered by renewable energy, our circumnavigation will effectively be emission free.

In reality, we will be charging from various electric grids along our circumnavigation route, and the energy we consume will be a mixture of coal, nuclear, hydroelectric, wind and solar generation. In effect we'll be consuming a mixture of renewable and non-renewable energy but offsetting that with 100% renewable energy.

Trev requires approximately 70 Wh/km, so a 30,000km trip will consume approximately 2100kWh (2.1MWh) of energy.

New Zealand based utility TrustPower Limited (NZE:TPW) (PINK:TRPWF) has kindly donated this amount of green power to Team Trev, in the form of Renewable Energy Certificates and a small cash donation. The energy will be sourced from TrustPower's 98.7MW Snowtown Wind Farm in South Australia. This wind farm consists of 2.1MW wind turbines, so the amount of energy required to drive Trev around the world is generated by a single turbine in just one hour (at full power).

Team Trev is very grateful for TrustPower for its contribution towards our Zero Race campaign.

About TrustPower Limited

Starting business in 1925, TrustPower has grown to be New Zealand's fourth largest electricity retailer, and fifth largest electricity generator.

In New Zealand, TrustPower owns 36 small to medium size Hydro Generating Stations and a large Wind Farm, with a further Wind Farm recently completed in South Australia. We produce electricity exclusively from renewable sources and our power stations produce enough electricity for around 220,000 Kiwi households!

With assets of over NZ$2 Billion, TrustPower is majority New Zealand owned and is listed on the New Zealand stock exchange.

For more information on the progress of Team Trev, please visit;
http://www.teamtrev.com

For more information on the Zero-Race, please visit;
http://www.zero-race.com

Media enquiries:
Heather Leggett
MOB: +61-450-587-732

Sponsorship enquiries:
Team Trev Director 
Andrew Dickson 
MOB: +61-418-866-470
EMAIL: andrewdickson2009@gmail.com

A Milestone For The Team Trev Logistics Team With The Arrival Of Batteries From Korea

newsroom@abnnewswire.net — Mon, 12 July 2010 14:00:00 GMT

Team Trev logistics team have completed their first major challenge, successfully importing our new batteries from Korea to the Team Trev workshop in Adelaide.

With no experience importing goods (especially dangerous and expensive goods!), we relied on the experts. We thank Chris Sergeant and Ben Poprawski from Customs Agency Services and Chris Donnelly from Donnellys Insurance Brokers for their great service in organising many aspects of the task and providing us with quick advice.

The arrival of the batteries was cause to stop and celebrate the progress of the team in preparing for Zero Race which starts in Geneva on 15 August, 2010.

If you look closely at the photo, you can see that work is still continuing on the car. Coordinating the arrival of the batteries is only one of the tasks which must be done to ensure that Trev will be ready for Zero Race in time. The technical team is working very hard and putting in an enormous effort.

Outside the workshop, there are still many logistical jobs to complete, including organising insurance, car registration, freighting the car to Europe, driver uniforms, driver rosters, visas, travel, and so on.

For more information on the progress of Team Trev, please refer to the company website link below:
http://www.teamtrev.com

Media enquiries:
Heather Leggett
MOB: +61-450-587-732

Sponsorship enquiries:
Team Trev Director 
Andrew Dickson 
MOB: +61-418-866-470
EMAIL: andrewdickson2009@gmail.com

Egyptian Resorts Company (CAI:EGTS) Appoints Dr. Samir Makary As New Chairman

newsroom@abnnewswire.net — Thu, 8 July 2010 18:05:26 GMT

Egyptian Resorts Company (ERC) (CAI:EGTS), Egypt's largest master developer of mega resort communities, announced today that its board of directors has appointed leading academic and industry expert Dr. Samir Makary as the company's chairman.

Dr. Makary succeeds Mr. Mahmoud Abdallah, who has agreed to continue to serve as an independent expert member of ERC's board of directors.

"It is well known that in addition to my duties at ERC, I am both chairman of the state's Insurance Holding Company and a strong advocate of best practices in corporate governance," said Mr. Abdallah. "I strongly believe in, and am voting for, a policy stating that no person can simultaneously be chairman of a state holding company while chairing another company with state ownership."

A member of ERC's Board of Directors since 2008, Dr. Makary has served as Chairman of ERC's Technical Committee and a member of the Executive and Human Resources committees. He has over 20 years of experience in market and financial analysis and economic policy issues with a proven track record of consulting on tourism development policies and projects. In the 1990s, Dr. Makary was an author of one the first studies to examine the feasibility of Sahl Hasheesh as a major tourism destination.

"Having watched this very impressive company grow for more than a decade now, it is an honor to follow in Mr. Abdallah's footsteps," said Dr. Makary. "The change he has brought to this company from a corporate governance and board responsibility perspective has been remarkable. I look forward to both supporting Mohamed Kamel's (CEO) drive to deliver outstanding operational and financial results and to safeguarding the best interests of all of our shareholders over the long term."

A professor of Economics at the American University in Cairo, Dr. Makary has previously consulted with the Tourism Development Authority (TDA), the Holding Company for Housing, the Ministry of Industry, the Ministry of Tourism, and the Desert Development Center of AUC (DDC). Dr. Makary holds a B.Sc. and an M.Sc. in Economics from the University of Alexandria, earned a second M.Sc. in Economic Development from the University of Strathclyde, and holds a Ph.D. in Economics from the University of Leicester.

Sahl Hasheesh is ERC's flagship master planned resort community on the Red Sea coast. Just south of Hurghada, the resort features luxury accommodation and amenities, including over 1,500 currently operational hotel rooms and several residential communities targeting both residential tourists and second-home owners. Sahl Hasheesh, which is two-thirds the size of the island of Manhattan, boasts commanding sea views throughout the resort as well as the longest beach on the Red Sea.

Abu-Bakr Makhlouf
Investor Relations Manager 
Telephone: +202-2735-8427
Fax: +202-2735-2743
Email: abmakhlouf@erc-egypt.com

Australian Market Report of July 1, 2010

newsroom@abnnewswire.net — Thu, 1 July 2010 09:30:29 GMT

The Australian market Wednesday ended the last trading session of the 2010 financial year in a negative territory. The market clawed back some ground from the sharp loss in early trade. At the close, the benchmark S&P/ASX200 index fell 44.2 points, or 1.02 per cent, at 4,301.5 points, while the broader All Ordinaries index was down 45.8 points, or 1.05 per cent, at 4,324.8.

On Thursday, economic data to be released include Australian Industry Group performance of manufacturing index for June and the Reserve Bank of Australia's index of commodity prices. Australian Bureau of Statistics is due to release data of building approval and retail sales, both for May.

Company News

Atlantic Ltd (ASX:ATI) plans to raise over A$55 million to fund Windimurra vanadium project by issue of shares to strategic international investors and Australian and international institutional investors. Atlantic will use the funds raised to provide a loan to Midwest Vanadium Pty Ltd (MVPL), the company that holds 100 per cent of the project. The capital raising will allow construction and commissioning of the Windimurra project, the company said. A consortium of Atlantic and Mineral Resources Ltd (ASX:MIN) is currently working towards completion of the transaction to acquire an effective 90 per cent equity interest in MVPL.

Rio Tinto (ASX:RIO) has confirmed that it will exercise warrants to purchase shares of Ivanhoe Mines (NYSE:IVN) and increase Rio Tinto's ownership of Ivanhoe shares by 7.3 per cent to 29.6 per cent. The warrants entitle Rio Tinto to acquire 46 million shares at a subscription price of US$8.54 per share, for total consideration of approximately US$393 million. Rio Tinto and Ivanhoe are development partners for the Oyu Tolgoi copper and gold project in Mongolia. Rio Tinto says the exercising the warrants early ensures Ivanhoe has sufficient funds to meet the current Oyu Tolgoi development schedule.

Online travel service Webjet Limited (ASX:WEB) said the company has entered into a 50 per cent joint venture with Westminster Travel (SIN:5OF), a Hong Kong based travel agency, in a move to expand its operations into Asia. Webjet said it has successfully commenced business in North America in April and it sees Asia a significant international growth region. Webjet said that initial operations will focus on leisure and SME business in flights, and hotels through Stay n Pay.

Billabong International Limited (ASX:BBG) has entered into an agreement to acquire the Toronto listed West 49 Inc (TSE:WXX) for C$1.30 per share, for an enterprise value of approximately C$99 million. The acquisition of West 49, one of Billabong's existing retail partners in Canada, is expected to be EPS accretive in FY 2011 and will supplement Billabong's existing North American retail footprint.

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net