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Headliners | 24 September 2010
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By: Jade Lee
Articles (97) Profile

Midas Launches Global Offering Of 220m Shares For HK Dual Listing
Midas Holdings (Midas) has received in-principle approval from the Stock Exchange of Hong Kong (HK) for its proposed secondary listing – a global offering of 220m new shares to raise up to HK$1.27b ($218.6m) in net proceeds. The railcar profile maker’s global offering of 220m new shares consists of an international placing of 198m shares and a HK public offer of 22m shares. For the international placing, there is an over-allotment option of up to 33m additional shares. The new shares will be priced at a maximum of HK$6.10 each. However, the final offer price will be determined by the company and the joint book runners and will be announced around 28 Sep-10. Trading of the new shares in HK is expected to start on 6 Oct-10. Just a month ago, Midas reported a 17.6% increase in its 2Q10 earnings on the back of a 25.8% jump in revenue, driven mainly by an increase in sales volume from the Aluminium Alloy Division.

Noble Buys US Retail Energy Unit For US$317m Cash
Noble Group has agreed to buy a retail energy unit Sempra Energy Solutions (SES), from a joint venture between Royal Bank of Scotland (RBS) and United States’ Sempra Energy for US$317m in cash plus the assumption of US$265m in debt. Based in San Diego, SES is the North American retail power, energy and electricity marketing arm of RBS Sempra Commodities. Noble said in a statement to the SGX that RBS has been forced to slim down and sell off a string of assets, including its stake in RBS Sempra, which it acquired in Apr-08, to appease European Union antitrust concerns after it received billions of dollars in state aid during the financial crisis. SES, the owner of the largest US natural-gas utility, markets energy to commercial, industrial and municipal customers in 16 states. In addition to the underlying SES business, Noble also expects to benefit from marketing synergies and its ability to build upon SES’ infrastructure and systems.

Hu An Cable To Double Production Capacity Through New Plant
Hu An Cable Holdings (Hu An Cable), the wire and cable manufacturer in China, says it has started the construction of a Rmb338m ($67.1m) plant under newly-incorporated subsidiary, Hu An (Wuxi) Cable Technology Co., to double its cable production capacity when completed next year. The company said that Rmb140m of its investment in the plant will come from its IPO proceeds. Cash on hand and bank loans will cover the remainder. The plant occupies a land area of 80,000 sqm and a floor space of 60,000 sqm. It is located adjacent to the group’s existing plant in Yixing city. The group has already placed the orders for two world-class production lines for ultra-high voltage power cables from Finland and Germany. The new plant will comprise three imported production lines of 110Kv and above power cables from Finland and Germany. It will also have two domestic production lines for mid-voltage cables by the 3rd quarter of 2011.

Anwell Secures $300m Solar Panel Order
Anwell Technologies’ subsidiary, Henan Sungen Solar Fab Co, has won a deal worth more than US$300m over 3 years from a solar panel distributor/developer. Under the agreement, the developer has committed to purchase not less than 180 MW of solar modules from Anwell within the next 3 years. The first shipment is scheduled to deliver in Oct-10. “We are delighted to receive this major sales order from our business partner. The partnership developed through the agreement will enable Anwell to broaden its reach to other regions as well as further increase the business momentum of our solar division in the overseas market,” said Franky Fan, Executive Chairman & CEO of Anwell. In a statement to the Singapore Exchange, Anwell said without specifying the amount, that it has received a deposit for the order. It also said last month it will triple its thin film solar panel production capacity at its plant in Henan, China to 120 MW in the next 6 months and then increase it to 300 MW in 2-3 years.

Jade manages and oversees a portfolio of stocks which are mainly focused on the mining and property sectors at Shares Investment.

Please click here for more information about this author.

Midas Hldgs  -- -- --   
Business: Manufacturer of aluminium alloy extrusion products for China's rail transportation sector. [FY16 Turnover] Aluminium alloy (99.3%), polyethylene pipe (0.7%).

Insight: Jan-18, Co announced that its JV company, CRRC Nan... Read More
Hu An Cable Hldgs  -- -- --   
Business: Co manufactures wire and cables.

Insight: Nov-17, Co announced that Mr Yang Yinghua will be ... Read More

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