Kimberley Metals Ltd (ASX:KBL) said it has signed a Memorandum of Cooperation (MOC) with Henan Yuguang Lead & Gold Co., Ltd (SHA:600531), the largest Chinese lead producer.
Sydney, April 19, 2010 AEST (ABN Newswire) - The Australian stock market opened in negative territory this morning following Wall Street's plunge on Friday. Asian markets also fell sharply Friday. Japan's Nikkei lost 1.5 per cent on stronger yen, while China's Shanghai Composite and Hong Kong's Hang Seng Index lost 1.1 per cent and 1.3 per cent respectively, due to Chinese government's further move to restrict speculative property investments.
Australia's S&P/ASX200 index and the broader All Ordinaries index both dropped more than 1 per cent in early trade today. There is no Australian economic data scheduled for release on Monday.
ANZ (ASX:ANZ) said today it had completed the acquisition of the Royal Bank of Scotland (LON:RBS) Taiwan businesses, excluding the RBS securities business. In addition to acquiring the retail, wealth, commercial and institutional businesses of RBS in Taiwan, ANZ also completed acquisition of the ABN AMRO Private Banking business in Taiwan. To coincide with the completion of the acquisition ANZ has launched a new Chinese name - Au Sheng Yin Hang in Taiwan from today, and it will then be progressively rolled out in Hong Kong and China. Taiwan is the fourth of six markets to transition to ANZ ownership following the completion of the RBS acquisition in the Philippines, Vietnam and Hong Kong.
Kimberley Metals Ltd (ASX:KBL) said it has signed a Memorandum of Cooperation (MOC) with Henan Yuguang Lead & Gold Co., Ltd (SHA:600531), the largest Chinese lead producer. Yuguang will take a 15 per cent placement in Kimberley at A$0.25 per share. The two parties also plans to create a joint venture, in which Yuguang will earn a 25 per cent interest, to develop the Sorby Hills lead-silver-zinc project in Western Australia. The MOC is subject to China and Australian regulatory approvals, Kimberley shareholders' approval and Yuguang board of director's approval.
Property company GPT Group (ASX:GPT) said in a statement that it has decided to participate in the A$400 million capital raising for its GPT Wholesale Office Fund (GWOF), the largest unlisted Australian office fund. The equity raising, expected to be completed by June, would be used to strengthen the fund's balance sheet and retire debt. GPT will take up its full entitlement of approximately A$136 million to maintain its weighting in the fund at 34 per cent. GPT said its action would give it further exposure to premium quality assets at a low point in the real estate cycle.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: email@example.com