ABN Newswire

Asian Activities Report for January 3, 2012: C C Land Holdings Limited (HKG:1224) Seeks Spin-off and Hong Kong Listing of Packaging Business

newsroom@abnnewswire.net — Tue, 3 Jan 2012 12:41:47 GMT

C C Land Holdings Limited (HKG:1224) is seeking spin-off and separate listing of its packaging business on the Main Board of the Hong Kong Stock Exchange. A spin-off proposal has been submitted to the Hong Kong Stock Exchange for approval. C C Land Holdings Limited is one of the leading property developers in Western China. It also operates a successful business in the manufacturing and sales of packaging and luggage.

Australian exploration and development company KBL Mining Limited (ASX:KBL) has signed a Memorandum of Framework Cooperation with Guangdong Guangxin Mining Resource Group Co. Ltd ("GMR"), whereby GMR will acquire a 25% interest in KBL's wholly-owned Mineral Hill copper/gold/silver/lead/zinc mine and Iron Duke copper-gold project in central New South Wales for A$80 million, and a 15% shareholding in KBL. GMR will also be entitled to the purchase of cooper concentrates from the Mineral Hill mine at a discounted rate. KBL will use the funds provided by this transaction to further develop the Mineral Hill mine, advance the Iron Duke project, and develop the Sorby Hills silver-lead-zinc project in Western Australia.

SOHO China Limited (HKG:0410) has signed an agreement to purchase the Bund 8-1 Land in Shanghai. The Bund 8-1 Land is ideally located on the bank of the Huangpu River, facing Pudong's Global Financial Centre and Jinmao Tower across the river. The Land covers 45,472 square metres and is planned for mixed office, retail, financial, art and culture spaces.

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

Asian Activities Report for December 21, 2011: Shandong Zhongrun (SHE:000506) to Invest in Canadian Zinc Corporation (TSE:CZN)

newsroom@abnnewswire.net — Wed, 21 Dec 2011 12:41:47 GMT

Shandong Zhongrun Investment Holding Group Co. Ltd (SHE:000506) says today that its wholly-owned subsidiary Zhongrun International Mining Co. Ltd has signed a private placement agreement with Canadian Zinc Corporation (TSE:CZN), whereby Zhongrun International Mining will acquire 22.50 million shares and options in Canadian Zinc Corporation for a total consideration of C$16.80 million. The placement agreement will allow Shandong Zhongrun to participate in Canadian Zinc Corporation's Prairie Creek project, a partially developed mine with an existing 1,000 tonne per day mill and related infrastructure.

Toray Industries, Inc. (TYO:3402) has developed four new home water purifier products specifically for the Chinese market. The products can eliminate 99.99% residual chlorine, turbidity, rust, general bacteria and other micro-contamination to significantly improve water quality. Product sales will kick off in Beijing, Shanghai and Guangzhou in late December 2011.

Hitachi Chemical Co., Ltd. (TYO:4217) has decided to form a new company, named Hitachi Chemical Electronic Materials (Taiwan) Co., Ltd. in Taiwan, with an investment of 2 billion yen. Production is planned to commence in April 2013, with an aim to boost the Company's current capacity for producing chemical mechanical planarization by 50% by financial year 2015.

NTT Data (TYO:9613) has signed an agreement with Korean IT giant LG CNS regarding data centre cooperation. According to the agreement, both parties will work together to create new IT solutions and develop data centres in Japan and Korea. They will also organise promotion activities together to explore new data centre market.

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

Frontier Securities To Hold "Mongolia: Capital Raising And Investment" Conference On June 6-10 In Ulaanbaatar

newsroom@abnnewswire.net — Tue, 17 May 2011 14:05:44 GMT

Frontier Securities is cordially inviting you to join its annual conference "Mongolia: Capital Raising and Investment", on June 6th-10th, 2011 in Ulaanbaatar, Mongolia.

The conference provides a perfect opportunity for those who are interested in exploring the latest developments in Mongolia's business environment from key direct sources. Investors will be able to discover lucrative investment opportunities and Mongolian companies will benefit, learning various methods of raising capital from abroad.

At this year's conference senior managers from Korea Stock Exchange, Hong Kong Stock Exchange, Australian Securities Exchange (ASX:ASX), Deutsche Börse AG and Tokyo AIM will share their knowledge and insights regarding capital raising with the audience.

The event's other main discussion theme will gravitate around investment opportunities in Mongolian Mining, Real Estate and other booming industries. Confirmed participants of the conference so far include investment banks and investors such as BOCI, CICC, Citigroup (NYSE:C), J.P. Morgan, Quam Asset Management Fund, as well as professional entities such as Hogan Lowells, American Appraisal, Moody's Investors Service and CRU International.

Frontier Securities is confident that this event will add genuine value to your investment decisions by providing the necessary information and venue for networking. Hope to see you at the conference!

If you want to attend the conference, please fill in the registration form and send it to Frontier Securities. Registration is free. Also you can choose attendance "Smart" package to secure all your lunch, dinner and seat for site trips.

For more detailed information, please contact Frontier Securities at staff@frontier.mn or +976-7011-9999

Conference Website: http://www.frontier-annual-conference.com/

Frontier Securities 
Email: staff@frontier.mn 
Tel: +976-7011-9999 
Web: http://www.frontier-annual-conference.com/

Australian Market Report of August 24, 2010: Oil Search (ASX:OSH) Profit Up on Firmer Oil Prices

newsroom@abnnewswire.net — Tue, 24 Aug 2010 13:30:30 GMT

Australian market this morning opened in red led by consumer staples, which lost 2 per cent. Both materials sector and metals and mining sector dropped 1.1 per cent in early trade. The benchmark S&P/ASX200 Index was down 0.67 per cent, while the broader All Ordinaries Index fell 0.59 per cent.

The Australian dollar opened slightly lower as uncertainty remains over the federal election result. The Aussie dollar was trading at 89.12 US cents, down from yesterday's close of 89.2 US cents.

Company News

Sphere Minerals Limited (ASX:SPH) has entered into an offer implementation agreement with a wholly owned subsidiary of Xstrata plc (LON:XTA) for an all-cash offer by Xstrata to acquire all of the issued and outstanding shares of Sphere. Xstrata has offered A$2.50 per share, valuing Sphere at approximately A$428 million. This represents a 61 per cent premium over the closing price of A$1.55 per Sphere share on 23 August 2010. The Sphere board concluded the offer the best opportunity for shareholders to maximise the value of their investment. Sphere said each of the directors had agreed sell all of their Sphere shares and options to Xstrata.

Oil Search (ASX:OSH) reported that profit after tax for the half year to 30 June 2010 rose 49 per cent to US$52.9 million, up from US$35.6 million in the corresponding period of 2009. The increase was driven by firmer realised oil prices and an increase in oil sales volumes. The board has approved the payment of an unfranked interim dividend for 2010 of two US cents per ordinary share. The company reiterated its guidance of 2010 full year production to be between 7.2 - 7.4 million barrels of oil equivalent (mmboe). Oil Search also expects to spend approximately US$480 million on the PNG LNG project during the second half of 2010.

GPT Group's (ASX:GPT) operating profit for the six months to June 30 was A$205.8 million, representing an increase of 12.5 per cent over the previous corresponding period. GPT says it demonstrates growth from all core businesses and the benefit of divesting non-core assets to focus on the stable, high quality Australian business which will deliver stable earnings and consistent growth. The property trust paid a distribution of 7.6 cents per security in the six months ended June 30. GPT upgraded full-year guidance of a final distribution totalling more than 15 cents per security. In a separate statement, GPT today said it had secured commitments for three new bank bi-lateral facilities, totalling up to A$800 million.

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

Australian Market Report of August 23, 2010: NIB Holdings (ASX:NHF) Net Profit Up 158%

newsroom@abnnewswire.net — Mon, 23 Aug 2010 13:30:59 GMT

Australian shares opened marginally lower following Wall Street's weak lead. Investors continued to place focus on the local news while the earnings season entered the final stage. The Australian dollar also opened lower on Monday over the federal election uncertainty. The local unit was trading at 88.63 US cents, down 0.44 per cent from Friday's close of 89.03 US cents.

The benchmark S&P/ASX200 index moved back to the positive territory soon after the market opened this morning. The broader All Ordinaries Index also seesawed around flat in early trade.

Company News

Health insurer NIB Holdings (ASX:NHF) has increased full year net profit by 158 per cent to A$61.5 million, compared to A$23.8 million in FY09. The company said progress had been made during the year to develop new revenue streams in cover for overseas students and workers. The outlook for FY11 is positive, with the challenge of maintaining NIB's record of strong earnings growth. The company also expects a policyholder growth between five and six per cent in 2010-11.

Prime Infrastructure (ASX:PIH) and Brookfield Infrastructure (NYSE:BIP) (TSE:BIP.UN) have entered into a definitive merger agreement to create a leading global infrastructure company, in a transaction with an implied value of A$1.6 billion for the Prime Infrastructure. Prime security holders will receive 0.24 Brookfield units for each Prime stapled security held, representing a price of A$4.6 per Prime Security.

Westpac Banking Corporation (ASX:WBC) today said its business had performed solidly over the June quarter. The bank reported cash earnings of A$1.4 billion in the quarter. Asset quality had continued to stabilise with impairment charges for the quarter declining to about A$300 million, from an average of about A$440 million in the preceding two quarters and A$800 million per quarter during fiscal 2009. But CEO Mrs Gail Kelly said that the operating environment remained challenging as conditions in Europe and signs of slowing growth in the US continue to create global uncertainty.

RCG Corporation Limited (ASX:RCG) has reported a record full year profit and final dividend for the year ended 27 June 2010 on the back of continued strong trading by its operating businesses. RCG has lifted consolidated net profit after tax by 30.6 per cent from A$5.3 million to A$6.9 million for the 2010 financial year. The company said strong sales have continued in chain-store in the new financial year with like-for-like growth across all states and territories.

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

Australian Market Report of July 29, 2010

newsroom@abnnewswire.net — Thu, 29 July 2010 13:30:27 GMT

The Australian shares dropped this morning after Wall Street ended its four straight day rises. US shares fell on news that orders for big-ticket items sank in June on weaker demand for airplanes and electronic goods.

The benchmark S&P/ASX200 index lost 0.56 per cent in early trade while the broader All Ordinaries index dropped 0.38 per cent. There were losses across most sectors on the local market, led by financial stocks.

Company News

Tower Australia (ASX:TAL) said today that its inforce premium exceeded the A$1 billion mark for the first time during the June 2010 quarter, up 40.5 per cent from a year earlier. Inforce premiums are initial premiums on all insurance policies that have not been cancelled or expired. New business premiums more than doubled to A$127.3 million from A$58.1 million. Individual new business growth was flat year on year. But the new business growth of 207 per cent in Group Risk mainly reflected the inclusion of new income protection benefits to 700,000 AustralianSuper members, increasing premiums by A$80 million a year, Tower said.

Centro Properties Group (ASX:CNP) said it has completed a number of financing achievements across its US business and continues to progress its assessment of restructure options. Centro has completed financing arrangements for about US$2.7 billion of the US$3.2 billion of debt within Super LLC (a joint venture of CNP, Centro Retail Trust (CER) and Centro MCS 40), which was due to expire on or before December 31, 2010. The US$2.7 billion financing arrangements include an extension of about US$2.3 billion and a refinancing of over US$400 million, the company said. A number of options to address the balance of US$440m are being considered and Centro is confident these will be resolved in due course.

Goodman Group (ASX:GMG) confirms today that it has interest in becoming the manager of ING Industrial Fund (ASX:IIF), ING's Australian real estate platform, to retain it as a standalone listed vehicle. Goodman currently owns 4.4 per cent of the IIF. Goodman believes that this would be a prudent expansion of its fund management business. Detailed discussions have not taken place, and there is no certainty that any transaction will proceed, Goodman said.

Subscription television services Austar United Communications Ltd (ASX:AUN) said its net profit fell 42 per cent to A$20.69 million in the six months ended June 30 from A$$35.5 million for the first half of last year. Revenue was up 6.3 per cent to A$351.86 million. Chief executive Mr John Porter said the company is seeing positive signs that momentum has returned, and its product is better than ever with the launch of download and streaming product, Austar AnyWhere, in early July.

Kingsgate Consolidated Limited (ASX:KCN) (PINK:KSKGF) has substantially increased its interim Mineral Resources and Ore Reserve estimates for 2010 at the Chatree Gold Mine in central Thailand. Interim Ore Reserves increased to 1.9 million ounces of gold in 61.7 million tonnes of ore at a grade of 1.0 gram/tonne gold as at the 30th June 2010. This represents a 41% increase in Ore Reserves. Contained within the Ore Reserve estimate is 19 million ounces of silver at a grade of 9.4 g/t silver.

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

Australian Market Report of July 27, 2010

newsroom@abnnewswire.net — Tue, 27 July 2010 13:30:16 GMT

The Australian stocks market on Tuesday extended gains as Dow Jones index hit a two-month high due to strong US new home sales and corporate earnings.
Shortly after the opening bell, the S&P/ASX200 Index rose 0.74 per cent, and the broader All Ordinaries Index was up 0.7 per cent.

On Tuesday, Housing Industry Association releases its Trades Report for the June quarter.

Company News

Macarthur Coal Limited (ASX:MCC) has terminated a deal to acquire CITIC Resources Holdings Limited's (HKG:1205) ownership and marketing interests in the Coppabella and Moorvale joint venture. In the CITIC transaction, Macarthur was to issue CITIC with 11.3 million Macarthur shares at a fixed price of A$9.70 per share, for a total value of A$110 million. Macarthur said some minority participants in the joint venture have not waived the pre-emptive rights in relation to the transaction. The termination means that Macarthur's interest in the joint venture will remain at 73.3 per cent. The company says it is committed to review and assess similar opportunities should they arise in the future.

Newcrest Mining Limited (ASX:NCM) and Sumatra Copper & Gold plc have signed a Heads of Agreement involving an equity investment by Newcrest in Sumatra and a joint venture investment in two of Sumatra's gold projects in the southwest region of the Island of Sumatra, Indonesia. Newcrest would take an equity interest of up to 13.2 percent in Sumatra, earn a 70 per cent interest in Sumatra's Tandai project and take an option over a 25 percent stake in Sumatra's Tembang Project.

Australand Property Group (ASX:ALZ) said it achieved an operating profit after tax of A$60.4 million in the six months ended June 30, and confirmed it remains on track to achieve full year guidance. The property group posted half year net profit up 127 per cent to A$72.2 million. The fundamentals for the residential, commercial and industrial sectors remain positive, and the group is well positioned to achieve its 2010 earnings guidance and deliver growth in 2011. The company expects its operating profit will be similar in 2010 that achieved in 2009.

Insurance Australia Group Ltd (ASX:IAG) is expecting to report a net profit for the year ended June 30 of A$91 million, down from A$181 million for the 2009 year. But the company will pay a fully franked final dividend of A$0.045 a share, taking the full-year dividend to A$0.13, fully franked, up 30 per cent from last year's A$0.10. IAG has made changes to its executive team, and says it also expects an improved performance in fiscal 2011.

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

Australian Market Report of July 22, 2010

newsroom@abnnewswire.net — Thu, 22 July 2010 13:30:27 GMT

The Australian share market was lower in early trade as Wall Street plunged overnight on Federal Reserve chairman Ben Bernanke's comment that the economy was fragile. The US central bank is not prepared to consider further stimulus in the near term despite an "unusually uncertain" outlook.

Today Australia's benchmark S&P/ASX200 Index dropped 0.32 per cent while the broader All Ordinaries Index shed 0.3 per cent in early trade.

Company News

APN Property Group Limited (ASX:APD) has entered into a long term strategic partnership with ARA Asset Management Limited (SIN:D1R), an Asia-focused real estate funds management company. APN has issued 21 million new shares to ARA, representing approximately 15 per cent of APN's issued capital. APN will acquire ARA Strategic Capital, the manager of the ARA Asian Asset Income Fund, subject to customary conditions precedent being satisfied. ARA is an affiliate of Hong Kong-based conglomerate Cheung Kong Group, which is controlled by Hong Kong tycoon Li Ka Shing.

Santos (ASX:STO) today reported that its second quarter production in 2010 was 11.9 mmboe, down 11 per cent from a 13.4 mmboe in the corresponding period last year. Santos said major wet weather and flood events continued to significantly impact Cooper Basin activities in the June quarter, but recovery is well underway. Sales volume for the three months to June 30 rose two per cent and revenue increased 20 per cent on a year earlier as oil and gas prices were higher. Production guidance is maintained at 49 to 52 mmboe for 2010.

Newcrest Mining (ASX:NCM) said its production increased 26 per cent during the June quarter with higher production achieved at all sites. Newcrest's Telfer operation in Western Australia and Gosowong mine in Indonesia had record production in the third quarter. The company's full year gold production of 1,762,200 ounce was within the guidance range provided at the end of the March quarter, Newcrest said.

Gold and copper producer PanAust (ASX:PNA) produced around 32,000 tonnes of copper in the first half at Phu Kham, Laos. Gold concentrate produced in the June quarter was 12,211 ounces, up 46 per cent on the prior corresponding period. The company said Phu Kham is on track to achieve 2010 year production and operating cost guidance of 60,000 tonnes to 63,000 tonnes of copper in concentrate.

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

Australian Market Report of June 16, 2010: Guinness Peat Group (ASX:GPG) to Demerge Its Australia Business

newsroom@abnnewswire.net — Wed, 16 June 2010 13:30:52 GMT

The Australian share market delivered a strong opening on Wednesday as Wall Street's rally overnight boosted confidence in local market. S&P/ASX200 index rose 1.4 per cent in early trade, driven by resources, industrial and financial stocks. The Australian shares yesterday closed slightly lower with light volumes while Asia markets were mostly flat.

In economic data today, the Australian Bureau of Statistics is due to release dwelling unit commencements data for March, and Westpac and the Melbourne Institute release their Indexes of Economic Activity.

Company News

Investment company Guinness Peat Group (ASX:GPG)(LON:GPG) (NZE:GPG) said it will demerge its Australia business as its first step of a corporate restructure. GPG Australia will be listed on ASX and NZX and retain the group's traditional investment approach. In addition to the separation of the investment portfolios on a geographical basis, cash and liabilities will be allocated between the two entities prior to the demerger. GPG Plc intends to retain around 20 per cent of GPG Australia. GPG Plc will retain the UK and New Zealand investment portfolio and be listed on the LSE and NZX. Guinness Peat Group subsidiary Coates Group is also anticipated to be floated within the next two years.

Australia-based packaging company Amcor Limited (ASX:AMC) has reached an agreement to purchase the assets of Ball Plastics Packaging Americas from Ball Corporation (NYSE:BLL) for US$280 million. Ball Plastics has five plants in North America and sales of approximately US$600 million. Amcor said the acquisition, presenting a significant opportunity to improve operating efficiencies, will expand Amcor's diversified products business which targets the health care/pharmaceutical, personal care, food and liquor markets. The acquisition will be funded from existing undrawn facilities at an interest cost of approximately 5 per cent.

Rio Tinto Ltd (ASX:RIO) says it is to invest US$469m in building the Kennecott Eagle nickel and copper mine in Michigan's Upper Peninsula in the USA, following receipt of final environmental approvals. Construction of the mine and mill will begin this year and first production is expected in late 2013. The long-term demand outlook remains strong for both nickel and copper and bringing Eagle on stream will give the company greater benefit from that growth, said Chief Executive Copper, Andrew Harding. Eagle will produce separate nickel and copper concentrates containing an average of 17,300 and 13,200 tonnes per year of nickel and copper metal, respectively, over six years.

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

Australian Market Report of November 19: Looking For Renewed Direction

newsroom@abnnewswire.net — Thu, 19 Nov 2009 13:00:20 GMT

Wall Street broke its winning streak and closed lower overnight after a disappointing report showed US housing starts fell 10.6 per cent in October and permits fell 4.0 per cent. The tumble suggested that the real estate sector is still under pressure.

The Australian share market this morning delivered a good start supported by commodities, despite a negative lead from US stocks. Yesterday the local share market edged higher ahead of the release of some US economic data. The benchmark S&P/ASX200 index advanced 9.6 points, or 0.2 per cent, at 4739 points, while the broader All Ordinaries index gained 9.4 points, or 0.2 per cent, to 4759.6 points.

The Australian dollar was slightly down at the opening today as investors moved to less risky assets after the disappointing US economic data. At 7am, the Australian dollar was trading at 92.74 US cents, down from yesterday's close of 92.9 US cents.

Key Economic Facts and Figures

Australian Bureau of Statistics data showed the Australian's wage grew at an annual pace of 3.6 per cent in the year to September, the slowest pace since 2004. The increase was in line with market economists' expectations.
The Reserve Bank of Australia is to release its monthly bulletin today, and the Australian Bureau of Statistics releases average weekly earnings data for the third quarter.

M&A News

Mirvac Group (ASX:MGR) has increased its takeover offer by 10 per cent for the Mirvac Real Estate Investment Trust (MREIT)(ASX:MRZ) after some shareholders said its earlier bid was too low. The sweetened cash and scrip offer is valuing MREIT at A$362.3 million, at least A$30 million more than Mirvac's approach last month. Independent expert Deloitte Corporate Finance said the previous offer was "not fair but reasonable."

The Australian Foreign Investment Review Board has approved the investment by Baotou Iron & Steel (Group) Company Ltd to acquire up to 50 per cent of the proposed iron ore joint venture with Centrex Metals (ASX:CXM) on the Bungalow magnetite deposit. A total payment of up to A$40 million will be made into the Bungalow JV account by 3 stages.

Mortgage and financial services group Firstfolio Ltd (ASX:FFF) said it is in exclusive negotiations to acquire three separate mortgage businesses that will add approximately A$6 billion in mortgage assets to the group's existing A$12 billion loan portfolio. The acquisitions, if completed, will consolidate Firstfolio's position as one of Australia's leading independent mortgage services companies.

Food manufacturer Goodman Fielder (ASX:GFF) chairman Max Ould said at the annual meeting today the company expects to sell its fats and oils division soon. A number of parties have expressed keen interest in the potential acquisition and the company is currently in detailed discussions with one preferred bidder.

Important Corporate News

New Zealand medical equipment maker Fisher & Paykel Healthcare Ltd (ASX:FPH) reported a 31 per cent rise in net profit to NZ$37 million for the six months ended 30 September 2009. The company expects underlying growth to increase substantially in the second half, with accelerating growth in respiratory product demand. It forecasts a full-year profit of NZ$65 million to NZ$70 million, down from its previous projection in August of NZ$75 million to NZ$80 million.

Iluka Resources (ASX:ILU) said its Jacinth-Ambrosia zircon mineral sands mine in South Australia has achieved first production of heavy mineral concentrate (HMC). The project has been completed ahead of schedule, with capital expenditure expected to be less than A$390 million, compared with an approved budget of A$420 million.

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