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Hong Leong Asia sells metal container business for S$54.2m

Hong Leong Asia sells metal container business for S$54.2m Hong Leong Asia is selling off its metal container business in China for S$54.2 million. The sum includes the disposal of its equity interests in Rex Metal Packaging in Malaysia and Qingdao Rex Packaging. Hong Leong Asia expects a gain of S$5.5 million from the divestment. It says the sale represents an opportunity to exit from the business and focus its resources on other opportunities which have better growth prospects. It plans to use the proceeds to fund the expansion plans of its green-pallet business in GPac Technology. More: channelnewsasia.com

Around Asia’s markets: Qualms arise over bonds in Indonesia

Around Asia's markets: Qualms arise over bonds in Indonesia Indonesia's dollar-denominated government bonds are poised to fall and will probably trail their Asian counterparts in 2006, according to the brokerage firm Calyon. A doubling in fuel prices in Indonesia last year and record interest rates will slow economic growth to 3.9 percent in 2006 from 5.4 percent in 2005, said Dilip Parameswaran, head of Asian credit research at the securities arm of Crédit Agricole. Gains in the securities in 2005 went too far given the outlook for the economy, he said. Indonesia has $3.9 billion of dollar-denominated debt. It sold

Resolution of Kashmir imperative for peace in south Asia - Amir of Jamat-e-Islami

Resolution of Kashmir imperative for peace in south Asia - Amir of Jamat-e-Islami Ameer Jamat-e-Islami occupied Kashmir, Sheikh Ghulam Hassan said that Kashmir issue was the main hurdle in the way of lasting peace in South Asia and stressed the need for resolving this festering dispute urgently. Sheikh Ghulam Hassan in a statement issued in Srinagar said that his party stands for such a solution of the Kashmir issue that was in accordance to the wishes and aspirations of Kashmiri people. He said that the contentious issue could be settled in conformity with its political background and United Nations Resolutions or through

HK Bk Of E Asia Sells Upsized $500M Bond For Refinancing

HK Bk Of E Asia Sells Upsized $500M Bond For Refinancing The Bank of East Asia Friday raised a larger-than-anticipated $500 million from what will be one of the last international high-grade bonds in Asia this year. The borrower, Hong Kong's largest domestically owned bank, sold the subordinated bonds at a price of 99.725 to yield 72basis points over mid-swaps. That was in line with revised guidance of 70-75 basis points over five-year mid swaps, or around 122-127 basis points over U.S. government debt. The borrower originally planned to raise $400 million at a premium of around 65 basis points

UTI Bank To Expand In Asia, Eyes Hybrid Debt

UTI Bank To Expand In Asia, Eyes Hybrid Debt India's UTI Bank Ltd. (532215.BY) Tuesday opened its first overseas branch in Singapore, and plans to raise up to $700 million in hybrid tier one capital this year as it expands in Asia and the Middle East. UTI Bank, one of India's largest private sector lenders, plans to issue perpetual bonds that will qualify as tier-one capital to take advantage of proposed changes to Reserve Bank of India regulations, said UTI Bank's chairman and managing director P. J. Nayak. Speaking to reporters at the opening of the Singapore branch, Nayak said UTI