HONG KONG, February 20 (Reuters) – News and developments in Asia private equity from Reuters News for Lunar New Year and the week ending Feb. 17.
FEBRUARY 17
CARLYLE GROUP has begun the process of selling its over $300 million stake in Taiwan’s Ta Chong Bank Ltd, sources said, as it joins other private equity firms in looking to exit the island’s low-margin financial sector.
MMI INTERNATIONAL, a technology company owned by private equity fund KKR & Co LP, will price its $300 million five-year bond at 8 percent in New York, the bottom end of price guidance, after receiving strong support from U.S. investors, according to a source familiar with the matter.
AUSTRALIAN SURFWEAR company Billabong International rebuffed a $820 million private equity bid from TPG Capital , announcing plans to sell a stake in its Nixon watch brand and close up to 150 stores, sending its shares up by more than 50 percent.
CHINA HAS launched a 50 billion yuan ($7.93 billion) fund in Shanghai to aid overseas acquisitions by Chinese companies as part of efforts to promote international use of the yuan and build the commercial hub into a global financial center.
HANA FINANCIAL Group said that it had reached a deal with the labour union of Korea Exchange Bank (KEB) which had threatened to strike over possible job losses following Hana’s acquisition of KEB.
FEBRUARY 16
WINS INVESTMENT, the fund arm of Chinese property developer Gemdale, says it plans to double funds under management to take advantage of a government clampdown on property financing that could see smaller developers starved of funds.
L CAPITAL Asia, the private equity arm of the world’s biggest luxury goods group LVMH Moët Hennessy Louis Vuitton SA , could begin raising a new fund of more than $1 billion this year, as competition from Western brands creates opportunities to invest in Chinese retailers, its top executive said.
CANADA PENSION Plan Investment Board, which manages the country’s second largest pension fund, has hired former Goldman Sachs banker Mark Machin to head its Asia-Pacific business, according to a source close to the matter.
FEBRUARY 15
L CAPITAL has bought the 8 percent stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia, two sources with direct knowledge of the matter said.
SOUTH KOREA’S National Pension Service (NPS), the world’s No.4 largest pension fund, plans to invest around $300 million in a real estate opportunity fund led by Blackstone Group , an NPS official said, amid the fund’s efforts to step up its investments in real estate assets.
U.S PRIVATE equity fund Norwest Venture Partners has invested $15 million in Manthan Systems, an unlisted Indian software products company, for a minority stake, the Indian company said on Wednesday.
WANT WANT China Holdings, the buyer of private equity fund MBK Partners’ Taiwan cable TV unit, will have to give more information to the island’s broadcast regulator concerning its media operations, the latest delay in the $2.4 billion deal.
JAPANESE PRIVATE equity secondary fund Ant Capital Partners said it closed its third Japanese secondaries fund at the end of December 2011 raising $140 million, attracting commitments from 15 Japanese institutional investors.
SOUTH KOREA’S SK Group is in talks to take over U.S. oil and gas company Chaparral Energy, a company 36 percent owned by CCMP, according to a source familiar with the matter.
FEBRUARY 14
TALKS BETWEEN Yahoo Inc and China’s Alibaba Group over the U.S. Internet giant’s Asian assets have hit an impasse, throwing their plans for a $17 billion tax-free asset swap into question, according to sources briefed on the situation.
CARLYLE SAID it would sell Talaris, a provider of cash-counting equipment, to Japan’s Glory Ltd for 650 million pounds ($1 billion), twice the value of its original investment.
INDONESIA WILL not implement a planned regulation to limit ownership in domestic banks, since it does not want to scare away potential foreign investors from the sale of state-owned Bank Mutiara, the state deposit agency (LPS) said.
FIDELITY GROWTH Partners, the private equity arm of Fidelity Worldwide Investment, along with existing investors have invested 2 billion rupees ($40.6 million) in Aptuit Laurus Pvt Ltd, an unlisted Indian pharma company.
EXCLUSIVE-AN Abu Dhabi sovereign wealth fund is exploring the sale of its $1.3 billion stake in Malaysian lender RHB Capital Bhd six months after buying the shares, sources familiar with the matter told Reuters, and has engaged in early talks with Japan’s Sumitomo Mitsui Banking Corp (SMBC).
FEBRUARY 13
U.S.-BASED private asset management firm Rohatyn Group said on Monday that it has agreed to acquire 60 percent of CapAsia, the private equity arm of Malaysia’s CIMB Group Holdings Bhd .
FEBRUARY 10
INDIA’S RELIANCE Communications reported its 10th straight quarter of declining profit as interest costs soared, with investors betting on a sale of the No. 2 mobile operator’s tower business to pare its heavy debt load.http://tourism9.com/ http://vkins.com/
2012年2月8日星期三
S Korea Banks' Household Loans Fall By Record Amount In January
SEOUL -(Dow Jones)- South Korean banks’ lending to households fell the most on record in January because of lower mortgage loans amid sluggish housing transactions, the Bank of Korea said Wednesday.
Banks’ overall household lending stood at KRW452.2 trillion in January, down KRW2.8 trillion from December 2011 and the biggest month-on-month decline on record. Such loans rose KRW1.8 trillion in December from the previous month.
The BOK attributed January’s drop in lending to lower mortgage loans, caused by seasonally weak housing transactions, as well as hefty loans in the previous month, as homebuyers hurried to settle their purchases before the year-end expiry of property acquisition tax benefits.
Mortgage lending to households fell KRW800 billion on month to KRW305.3 trillion in January, the largest monthly fall since a KRW1.2 trillion decline in May 2007. Such loans rose KRW2.5 trillion in December.
“January’s sharp fall in household loans is a one-off, which occurred amid the government’s efforts to reduce such loans,” an official at the BOK’s financial market department said.
Growth in household mortgage loans has slowed in recent months as commercial banks refrained from lending after the government in June tightened rules to curb household debt and prevent potential defaults from destabilizing the economy.
Bank lending to domestic businesses rose sharply last month, as companies resumed borrowing after repaying debt in December to improve their year-end debt ratios. The rise was also due to big firms’ efforts to secure funds amid worsening global funding conditions, the BOK said.
Bank loans to companies rose KRW6.8 trillion to KRW563 trillion in January, compared with a month-on-month decline of KRW9.1 trillion in December.
The lending data for households and businesses don’t include loans by non-bank financial companies.
In a separate statement, the BOK said the country’s broadest measure of money supply, known as L, rose 9.4% in December from a year earlier to KRW2,974.4 trillion, accelerating from a 8.9% gain in November.
The L money supply includes cash, deposits at financial institutions and money-market instruments.
South Korea’s M2 money supply rose 4.4% from a year earlier to KRW1,756.6 trillion, the same pace as in November.
M1, the narrowest gauge of money supply, rose 1.6% from a year earlier to KRW432.6 trillion versus a 2.0% rise in the previous month.
M1 comprises cash in circulation, demand deposits and savings at financial institutions. M2 consists of M1 plus time deposits with maturities of less than two years.
-By In-Soo Nam, Dow Jones Newswires; 822-3700-1902; In-Soo.Nam@dowjones.com
Banks’ overall household lending stood at KRW452.2 trillion in January, down KRW2.8 trillion from December 2011 and the biggest month-on-month decline on record. Such loans rose KRW1.8 trillion in December from the previous month.
The BOK attributed January’s drop in lending to lower mortgage loans, caused by seasonally weak housing transactions, as well as hefty loans in the previous month, as homebuyers hurried to settle their purchases before the year-end expiry of property acquisition tax benefits.
Mortgage lending to households fell KRW800 billion on month to KRW305.3 trillion in January, the largest monthly fall since a KRW1.2 trillion decline in May 2007. Such loans rose KRW2.5 trillion in December.
“January’s sharp fall in household loans is a one-off, which occurred amid the government’s efforts to reduce such loans,” an official at the BOK’s financial market department said.
Growth in household mortgage loans has slowed in recent months as commercial banks refrained from lending after the government in June tightened rules to curb household debt and prevent potential defaults from destabilizing the economy.
Bank lending to domestic businesses rose sharply last month, as companies resumed borrowing after repaying debt in December to improve their year-end debt ratios. The rise was also due to big firms’ efforts to secure funds amid worsening global funding conditions, the BOK said.
Bank loans to companies rose KRW6.8 trillion to KRW563 trillion in January, compared with a month-on-month decline of KRW9.1 trillion in December.
The lending data for households and businesses don’t include loans by non-bank financial companies.
In a separate statement, the BOK said the country’s broadest measure of money supply, known as L, rose 9.4% in December from a year earlier to KRW2,974.4 trillion, accelerating from a 8.9% gain in November.
The L money supply includes cash, deposits at financial institutions and money-market instruments.
South Korea’s M2 money supply rose 4.4% from a year earlier to KRW1,756.6 trillion, the same pace as in November.
M1, the narrowest gauge of money supply, rose 1.6% from a year earlier to KRW432.6 trillion versus a 2.0% rise in the previous month.
M1 comprises cash in circulation, demand deposits and savings at financial institutions. M2 consists of M1 plus time deposits with maturities of less than two years.
-By In-Soo Nam, Dow Jones Newswires; 822-3700-1902; In-Soo.Nam@dowjones.com
(END) Dow Jones Newswires 02-07-122214ET Copyright (c) 2012 Dow Jones & Company, Inc.http://tourism9.com/ http://vkins.com/
2012年1月2日星期一
Korean tycoons to take on crisis with investment
Leaders of some of South Korea’s largest conglomerates have pledged to invest more in their businesses in the New Year to tide over economic woes as the eurozone debt crisis persists.
Samsung Group chairman Lee Kun-hee is expected to emphasise greater investment in a bid to pull through tough economic conditions in 2012.
The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need for large investments as the global economic slump is projected to continue, especially with the unease in Europe.
He will also focus on projects with potential to become the group’s new growth engines. He recently reconstructed the “two-top system” for its flagship electronics arm, seating Kwon Oh-hyun as the vice chairman of Samsung Electronics’ subpart divisions such as its semiconductor and liquid-crystal display businesses.
Joined by the firm’s vice chairman Choi Gee-sung, who will oversee the finished goods sector, Kwon will spearhead Samsung LED, which was recently merged with the company.
In the meantime, Samsung chairman Lee will officially outline his business scheme for 2012 by making a speech at the group’s New Year’s greeting at the Shilla Hotel on Monday.
It will be Lee’s first appearance since he stopped making public appearances after catching a cold about a month ago.
He will be joined by his wife Hong Ra-hee and his offspring Jae-yong, Boo-jin and Seo-hyun at the event.
Chung Mong-koo, chairman of the world’s fifth-largest automaker, Hyundai Motor Group, is boosting R&D and facility investment while withdrawing from excessive expansion. The group promoted 309 people in its annual reshuffle Wednesday where 44 per cent of the changes were with research and development positions.
“We’re strengthening our research and marketing arms in preparation for a decline in business sentiment across the globe,” an official at the group said.
Its investments are geared toward developing cutting-edge technologies and enhancing product quality. The group plans to invest a total of 11.6 trillion won in Korea, up 27.5 per cent from the figure for this year. Some 4.6 trillion won of the total is allocated to the group’s R&D centre, where it develops technologies including hybrid, electric and hydrogen fuel-cell cars.
Chung plans to continue building new plants in China and Brazil despite the sales decline widely expected in Europe and other advanced economies. The group announced its plans to proceed with constructing three new manufacturing facilities in China for Kia Motors Corp. in November ― at a time when other conglomerates were revising their business plans for next year in expectation for slower growth.
“We have plans to widen our profit even as our sales drop, by diversifying timing of our launches across the globe and localizing our sales strategies for each region,” another Hyundai Motor official said.
LG Group faltered in 2011 with its key affiliates such as LG Electronics and LG Chem showing a weak performance. For chairman Koo Bon-moo, a dramatic turnaround should be made in the New Year.
LG Electronics, the world’s No. 3 handset maker, issued new shares worth 1.06 trillion won in November. Industry watchers said that the move, which came for the first time in six years, showed the group’s faith in LG Electronics by making preemptive investments.
Driven by the fast adoption of the fourth-generation Long Term Evolution network service here, LG’s smartphone sales have showed signs of recovery in recent months. Using the recent sales momentum, the company plans to target North American and European markets next year with premium handsets such as the Optimus LTE and Prada 3.0.
The world’s No. 2 TV maker also aims to take more than 25 per cent of the global TV-set market by increasing its production of the premium 3-D TV to 70 per cent of its total production.
“We need to make products and services in key areas such as electronics, chemicals and network services that create different consumer values and lead the market,” Koo recently said to executive officials.
The chairman of the nation’s third-largest conglomerate is expected to continue investments in key businesses this year and to soon come up with new investment and employment plans.
SK Group chairman Chey Tae-won unveiled his determination to tide over economic challenges his conglomerate is facing with his strong leadership.
In an apparent show of his confidence, Chey abruptly visited Hynix Semiconductor Inc. in Icheon, Gyeonggi Province, just three days after he underwent questioning from the prosecution about his alleged wrondoings on December 19, and promised to provide the group’s full support for the chipmaker.
SK Telecom recently got antitrust agency’s approval of its bid to take over the world’s second largest memory chipmaker.
The chairman had promoted the takeover of Hynix in his efforts to make the mobile giant jump into the memory chip sector and advance into a global market.
Meeting with CEOs of group’s affiliates, Chey stressed the need for the group and Hynix to secure high-caliber human resources and make investments at an appropriate time, according to group officials.
Last year, Chey focused on cooperating on resources development with Latin American countries, Middleast and China. Market estimates have it that SK Group will post the largest ever earnings for 2011 given that its total sales already surpassed 100 trillion won from January to August last year.
For GS Group chairman Huh Chang-soo, there is no better recipe than investment for crisis management in these times of economic uncertainty.
Last week, Korea’s seventh-largest conglomerate said it would invest a record 3.1 trillion won ($2.7 billion) next year to prop up its core businesses of energy, retail and construction.
It also set a record sales goal of 7.5 trillion won, up 10 per cent from 2011. The investment plan reflects a 48 per cent year-on-year rise.
“Despite the economic doldrums, we should build a springboard to long-term growth, create jobs and expand exports through continuous investment,” Huh said in his New Year’s speech.
The group allocated 1.8 trillion won for GS Caltex Corp., GS EPS Co. and GS Global Corp. The refiner plans to set up its fourth heavy-oil upgrading unit, and the two other affiliates will build more power generation facilities and beef up their search for oil and soft coal overseas.
The group is gearing up to launch an energy firm this year, which will be in charge of resource development and renewable energy projects.
As part of the investment package, GS Retail Co. will spend 600 billion won to expand its convenience store branches at home and online shopping mall known as GS Shop in other Asian countries.
The group also plans to help its builder, GS Engineering and Construction, secure growth engines with 700 billion won.
On the employment front, the group said it will hire 2,900 young and experienced people this year including 250 high school graduates. That is about 3.6 per cent up from last year’s 2,800.
“As a slump gets protracted, a company’s or industry’s frailties tend to get easier to be detected,” Huh said. “That is the reason we have to make a big bet now on areas that could firm up our business framework.”
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Samsung Group chairman Lee Kun-hee is expected to emphasise greater investment in a bid to pull through tough economic conditions in 2012.
The 69-year-old tycoon in charge of the country’s largest conglomerate has stressed the need for large investments as the global economic slump is projected to continue, especially with the unease in Europe.
He will also focus on projects with potential to become the group’s new growth engines. He recently reconstructed the “two-top system” for its flagship electronics arm, seating Kwon Oh-hyun as the vice chairman of Samsung Electronics’ subpart divisions such as its semiconductor and liquid-crystal display businesses.
Joined by the firm’s vice chairman Choi Gee-sung, who will oversee the finished goods sector, Kwon will spearhead Samsung LED, which was recently merged with the company.
In the meantime, Samsung chairman Lee will officially outline his business scheme for 2012 by making a speech at the group’s New Year’s greeting at the Shilla Hotel on Monday.
It will be Lee’s first appearance since he stopped making public appearances after catching a cold about a month ago.
He will be joined by his wife Hong Ra-hee and his offspring Jae-yong, Boo-jin and Seo-hyun at the event.
Chung Mong-koo, chairman of the world’s fifth-largest automaker, Hyundai Motor Group, is boosting R&D and facility investment while withdrawing from excessive expansion. The group promoted 309 people in its annual reshuffle Wednesday where 44 per cent of the changes were with research and development positions.
“We’re strengthening our research and marketing arms in preparation for a decline in business sentiment across the globe,” an official at the group said.
Its investments are geared toward developing cutting-edge technologies and enhancing product quality. The group plans to invest a total of 11.6 trillion won in Korea, up 27.5 per cent from the figure for this year. Some 4.6 trillion won of the total is allocated to the group’s R&D centre, where it develops technologies including hybrid, electric and hydrogen fuel-cell cars.
Chung plans to continue building new plants in China and Brazil despite the sales decline widely expected in Europe and other advanced economies. The group announced its plans to proceed with constructing three new manufacturing facilities in China for Kia Motors Corp. in November ― at a time when other conglomerates were revising their business plans for next year in expectation for slower growth.
“We have plans to widen our profit even as our sales drop, by diversifying timing of our launches across the globe and localizing our sales strategies for each region,” another Hyundai Motor official said.
LG Group faltered in 2011 with its key affiliates such as LG Electronics and LG Chem showing a weak performance. For chairman Koo Bon-moo, a dramatic turnaround should be made in the New Year.
LG Electronics, the world’s No. 3 handset maker, issued new shares worth 1.06 trillion won in November. Industry watchers said that the move, which came for the first time in six years, showed the group’s faith in LG Electronics by making preemptive investments.
Driven by the fast adoption of the fourth-generation Long Term Evolution network service here, LG’s smartphone sales have showed signs of recovery in recent months. Using the recent sales momentum, the company plans to target North American and European markets next year with premium handsets such as the Optimus LTE and Prada 3.0.
The world’s No. 2 TV maker also aims to take more than 25 per cent of the global TV-set market by increasing its production of the premium 3-D TV to 70 per cent of its total production.
“We need to make products and services in key areas such as electronics, chemicals and network services that create different consumer values and lead the market,” Koo recently said to executive officials.
The chairman of the nation’s third-largest conglomerate is expected to continue investments in key businesses this year and to soon come up with new investment and employment plans.
SK Group chairman Chey Tae-won unveiled his determination to tide over economic challenges his conglomerate is facing with his strong leadership.
In an apparent show of his confidence, Chey abruptly visited Hynix Semiconductor Inc. in Icheon, Gyeonggi Province, just three days after he underwent questioning from the prosecution about his alleged wrondoings on December 19, and promised to provide the group’s full support for the chipmaker.
SK Telecom recently got antitrust agency’s approval of its bid to take over the world’s second largest memory chipmaker.
The chairman had promoted the takeover of Hynix in his efforts to make the mobile giant jump into the memory chip sector and advance into a global market.
Meeting with CEOs of group’s affiliates, Chey stressed the need for the group and Hynix to secure high-caliber human resources and make investments at an appropriate time, according to group officials.
Last year, Chey focused on cooperating on resources development with Latin American countries, Middleast and China. Market estimates have it that SK Group will post the largest ever earnings for 2011 given that its total sales already surpassed 100 trillion won from January to August last year.
For GS Group chairman Huh Chang-soo, there is no better recipe than investment for crisis management in these times of economic uncertainty.
Last week, Korea’s seventh-largest conglomerate said it would invest a record 3.1 trillion won ($2.7 billion) next year to prop up its core businesses of energy, retail and construction.
It also set a record sales goal of 7.5 trillion won, up 10 per cent from 2011. The investment plan reflects a 48 per cent year-on-year rise.
“Despite the economic doldrums, we should build a springboard to long-term growth, create jobs and expand exports through continuous investment,” Huh said in his New Year’s speech.
The group allocated 1.8 trillion won for GS Caltex Corp., GS EPS Co. and GS Global Corp. The refiner plans to set up its fourth heavy-oil upgrading unit, and the two other affiliates will build more power generation facilities and beef up their search for oil and soft coal overseas.
The group is gearing up to launch an energy firm this year, which will be in charge of resource development and renewable energy projects.
As part of the investment package, GS Retail Co. will spend 600 billion won to expand its convenience store branches at home and online shopping mall known as GS Shop in other Asian countries.
The group also plans to help its builder, GS Engineering and Construction, secure growth engines with 700 billion won.
On the employment front, the group said it will hire 2,900 young and experienced people this year including 250 high school graduates. That is about 3.6 per cent up from last year’s 2,800.
“As a slump gets protracted, a company’s or industry’s frailties tend to get easier to be detected,” Huh said. “That is the reason we have to make a big bet now on areas that could firm up our business framework.”
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