Korea Life Insurance Co. (SEO:088350), the No.2 life insurer of South Korea, said Thursday it is targeting to raise up to KRW2.31 trillion in its initial public offering in March, which will be one of the largest-ever IPOs in the country.
Sydney, Feb 12, 2010 AEST (ABN Newswire) - Wall Street Thursday rallied overnight as European leaders pledged to help Greece avert its sovereign debt crisis. US labour data gave the market a further boost. The Labour Department's report that first-time claims for jobless benefits fell more than expected last week also supported the market.
Asian markets were higher Thursday. Hong Kong's Hang Seng Index gained 1.9 per cent and South Korea's Kospi advanced 1.8 per cent. China's Shanghai Composite closed flat with thin trade ahead of the upcoming Lunar New Year, despite a slower than CPI growth eased worries of rate increase.
Company News
Dutch printer maker Oce NV (AMS:OCE) has revised its strategic alliance with Konica Minolta Holdings Inc (
TYO:4902), due to the public offer made by Japan's Canon Inc (TYO:7751). Canon announced plans to acquire a 100% stake in Oce last November. Oce and Konica Minolta have stopped their joint development activities, but reached a new OEM sales agreement.
Rio Tinto Ltd. (ASX:RIO) reported full year net profit rose 33% to US$4.87 billion from US$3.7 billion in the prior year. The company restated guidance for a total cash dividend in 2010 at least equal to the payout of US$1.75 billion in 2008. The result beats market expectations with a turnaround in a turbulent year. The company was upbeat on its forecasts for 2010, saying it was experiencing a broad uplift in demand for its commodities.
Korea Life Insurance Co. (SEO:088350), the No.2 life insurer of South Korea, said Thursday it is targeting to raise up to KRW2.31 trillion in its initial public offering in March, which will be one of the largest-ever IPOs in the country. It set an indicative price range at KRW9,000-KRW11,000 per share for the IPO.
Bank of East Asia Ltd.'s (HKG:0023) said that net profit in the 12 months ended Dec. 31 rose sharply to HK$2.57 billion from HK$39 million in 2008. The lender's non-interest income totalled HK$3.44 billion in 2009, compared with a non-interest expense of HK$336 million in 2008. The lender said it will focus on boosting its operations in China.
Singapore-listed sports marketing company RSH Ltd. (SIN:R04) Thursday said majority shareholder Golden Ace Pte. Ltd., which is an indirectly wholly-owned subsidiary of Dubai's Emaar Properties (DFM:EMAAR), has mandated DBS Bank for a possible sale of its shareholding in the company. The Dubai-based property giant's 61.3 per cent stake in the RSH Holdings is currently valued at US$164 million.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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