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South Korea's Hyundai Oilbank Corp. and Japan's Cosmo Oil Co. (TYO:5007) will jointly set up a plant to manufacture benzene, toluene and xylene in Daesan in South Korea, said a Korean media that cited industry sources. Cosmo is expected to invest US$600 million in the joint venture, in which both companies will hold equal stakes.
South Korea's Hyundai Oilbank Corp. and Japan's Cosmo Oil Co. (TYO:5007) will jointly set up a plant to manufacture benzene, toluene and xylene in Daesan in South Korea, said a Korean media that cited industry sources. Cosmo is expected to invest US$600 million in the joint venture, in which both companies will hold equal stakes.
Sydney, Nov 23, 2009 AEST (ABN Newswire) - Asian stock markets shrugged off the losses on Wall Street and mostly opened higher on Monday.

Japanese market is closed today for Labour Thanksgiving Day holiday. Seoul shares rose today as foreign investors continued buying into a fifth consecutive session. China's annual economic growth will reach 10 percent this quarter and grow even faster in the first quarter of 2010 due to a low comparison base in the same period last year, said a researcher at the State Council's Development Research Center.

Company News

South Korea's Hyundai Oilbank Corp. and Japan's Cosmo Oil Co. (TYO:5007) will jointly set up a plant to manufacture benzene, toluene and xylene in Daesan in South Korea, said a Korean media that cited industry sources. Cosmo is expected to invest US$600 million in the joint venture, in which both companies will hold equal stakes.

Spain's Banco Bilbao Vizcaya Argentaria SA (NYSE:BBV) is set to invest a further EUR1.1 billion to increase its stake in China Citic Bank Corp. (HKG:0998), reports the Financial Times citing people familiar with the matter. BBVA is expected to exercise an option to lift its stake in the Chinese bank to 15% from 10%.

Singapore's Sembcorp Industries Ltd. (SIN:U96) said Monday that its unit, Sembcorp Utilities, and Oman Investment Corp. have established a joint venture company to build a water and power plant in Oman. The joint venture, 60%-owned by Sembcorp Utilities and 40%-owned by Oman Investment Corp., will invest about US$1 billion to develop, build, own and operate the plant. Sembcorp said 75% of the total project cost will be funded through 17-year non-recourse project finance loans, provided by a bank consortium.

Korea's Hana Financial Group (SEO:086790) said it remained interested in a takeover of Korea Exchange Bank (KEB)(SEO:004940). Shares in KEB jumped more than 5 percent to the highest in more than 17 months on Monday, after bigger rival Hana expressed interest in buying a stake in KEB. U.S. private equity house Lone Star is believed to be restarting the sale of its 51 percent stake in KEB, worth 6.25 trillion won at the current market price. The deal is expected to be the largest banking deal in South Korea.

Hong Kong listed Taifook Securities Group (HKG:0665) rose today after China's Haitong Securities (SHA:600837) said its board has agreed to buy a 52.86 percent stake in Taifook Securities from NWS Holdings (HKG:0659) for HK$1.82 billion, in the first time a Chinese brokerage is buying into a Hong Kong counterpart. Haitong will also make a general offer for all outstanding shares it did not already own valuing Taifook at HK$3.45 billion.

Contact

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


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China CITIC Bank Corporation Limited          
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