China Vanke, Kim Eng, Maybank, Rio, Zijin: Asia Ex-Japan Equities Preview
The following companies may haveunusual price changes this day in Asian trading, excluding Japan.Stock symbols are in parentheses and share prices are from theprevious close, unless noted otherwise.
Chinese drug distributors: The Ministry of Commerce saidyesterday the country aims to streamline the delivery of drugsby reducing the number of companies involved. By 2015, Chinaaims to have as many as three nation-wide drug distributors withannual sales surpassing 100 billion yuan ($15.4 billion).
China Vanke Co. (000002 CH), the nation’s largest developer,climbed 0.2 percent to 8.35 yuan. Poly Real Estate Group Co.(600048 CH), China’s second-biggest developer, rose 1.6 percentto 12.99 yuan.
Malayan Banking Bhd. (MAY) : Malaysia’s biggest lender byassets stated it will make a mandatory unconditional cash offerfor the shares it doesn’t already own in Kim Eng Holdings Ltd.(KEH SP), privatizing the Singapore-based brokerage. Maybank, asthe Kuala Lumpur-based company is known, will offer S$3.10 pershare, according to an e-mailed statement. It has obtainedapproval from Bank Negara Malaysia and the Monetary Authority ofSingapore, the company said. Maybank fell 0.4 percent to 8.63ringgit. Kim Eng was unchanged at S$3.07.
Rio Tinto Group (RIO AU): The world’s second-largest miningcompany dismissed speculation it plans to bid for Alcoa Inc.,reiterating a preference for small to medium-sized acquisitionsand developing its own projects. “I’ve seen some, I’d call ittrader chatter over the past day or two,” Chief ExecutiveOfficer Tom Albanese stated at a press conference after theLondon-based company’s annual shareholder meeting in Perth. “Itsort of disappeared as quickly as it emerged and I thought thatspoke for itself.” Rio added 0.3 percent to A$81.09.
Shanghai Electric Group Co. (601727 CH): China’s largestmaker of power equipment may form a joint venture with Alstom SAto make boilers in April 2012, according to the French company.The venture anticipates orders of as much as 3 billion euros ($4.39billion) annually. The shares climbed 2 percent to 7.77 yuan.
Shanghai Pudong Road & Bridge Construction Co. (600284 CH):The construction company stated it plans to issue as much as 2billion yuan of bonds. The stock rose 0.1 percent to 16.63 yuan.
Shenzhen Agricultural Products Co. (000061 CH): Thewholesaler and supermarket chain operator stated it plans to raiseas much as 2.5 billion yuan in a private placement by selling upto 151 million shares. The stock gained 1.6 percent to 18.70yuan on April 27 before suspension, and will resume tradingtoday.
Yunnan Lincang Xinyuan Germanium Industrial Co. (002428 CH):The germanium ingots producer stated it received explorationpermits from the Yunnan local government. The shares advanced 2percent to 67.62 yuan.
Zijin Mining Group Co. (601899 CH): China’s largest goldminer by market value stated it bought $100 million of sharesin Glencore International Plc’s initial offering. The sharesdropped 0.4 percent to 7.23 yuan.
To contact the editor responsible for this story:Darren Boey at dboey@bloomberg.net
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