Business News from around the Southeast Asian region
The leading Malaysian property developer IOI Properties Group Berhad entered into a conditional share sale agreement with its founder, Lee Shin Cheng and his wife Hoong May Kuan, to acquire the entire equity interest in Mayang Development Sdn Bhd and Nusa Properties Sdn Bhd for 1.583 billion ringgit.
Lee founded the company in 1969 and remains as the executive chairman of IOI Properties.
Through the acquisitions, IOI Properties will have access to almost 162 hectares of prime development land currently held by both Mayang and Nusa. The land parcels strategically front the entrance of Putrajaya and are next to the South Klang Valley Expressway.
IOI Properties claims the resultant land bank of the companies were expected
to generate an indicative gross development value of approximately 20
The Indonesian State Enterprise Ministry (SOEs) has assigned two state-owned firms, PT Indonesia Asahan Alumunium and nickel and gold producer PT Aneka Tambang Tbk, also known as Antam, as a lead consortium to purchase 10.64 percent shares of PT Freeport Indonesia.
Freeport Indonesia is currently 90.64 percent owned by the American company U.S Freeport McMoran Inc. and 9.36 percent owned by the Indonesian government. As part of its existing contract, Freeport must offer another 20.64 per cent of its shares to the Indonesian government or national parties assigned by the government.
The Brunei unit of the United Overseas Bank (UOB) has unloaded its retail banking
business to Baiduri Bank Berhad for 65 million Brunei dollars.
The Brunei courts have approved the sale and the transfer of banking and credit facilities made to customers of UOB Brunei and the current, saving and fixed deposit accounts maintained by the clients of UOB Brunei to Baiduri.
The sale was made as a cash payment and arrived at on a willing-buyer-willing-seller basis.
UOB Brunei will continue to offer wholesale banking services to Brunei clients, as well as continuing its asset management presence there through UOB Asset Management.
The LT Group Inc, run by Lucio Tan, recently launched a multi-million dollar bioethanol plant in the Philippines as part of its expansion in renewable energy.
The company of the tobacco and airline tycoon informed the stock exchange that its unit Absolut Distillers Inc (ADI) would be operating the bioethanol facility based at Lian town in Batangas province, with a production volume estimated at three million litres per month. Investment in the new facility might reach as much as 500 million pesos.
Russia’s energy conglomerate Gazprom has said it will acquire 49 percent of Vietnam’s first oil refinery Dung Quat, and will also invest in manufacturing gas engines in Vietnam through a joint venture between the Gazprom International unit and PetroVietnam.