AN INDONESIA-BASED financial services group says it is mounting an $18.7-million initial public offering (IPO) in Singapore as share values here are seen as higher and more stable than in Indonesia.
Malacca Trust, which is launching the IPO on Tuesday, is seeking a listing on the Singapore Exchange’s second board, Catalist.
It is offering 85 million new shares at 22 cents each. Retail investors will be able to get a slice of the action with two million shares on offer. The remaining 83 million shares are reserved for institutional investors.
The group serves both retail and institutional investors, and operates in three main businesses: consumer financing for pre-owned vehicles, asset management services and securities brokerage.
Almost all the IPO’s $16.7 million net proceeds will be used to pay off the group’s bank borrowings. PrimePartners Corporate Finance is the group’s manager and sponsor.
Lido Shores, which includes Morningside Drive and Place, Center Place, John Ringling Parkway and Bowdoin Circle in addition to Westway, has been a trendsetting neighborhood since it was developed 60 years ago by Philip Hiss. What followed was a construction boom that took advantage of Florida’s explosion of growth in the 1950s and ’60s — and a lot of the houses built became icons of the midcentury modern Sarasota school of architecture.
Ideally positioned on boating water but also with a moderately secluded beach and no drawbridge to the mainland, Lido Shores is blowing up again. That is especially true on Westway’s — it’s “West Way” on the street signs — eastern half. Four
Fourteen luxury homes are going up on this tiny island — representing about 3 percent of its entire housing stock — and the final cost of their construction is expected to far exceed $14 million.
The largest is an 8,000-square-foot behemoth that Jimmy W. Hayes, chief executive of Cox Communications in Atlanta, is having built on West Royal Flamingo Drive at an up-front cost of $2 million for the land, plus $2.4 million for construction.
The foundations are so thick and have been dug so deeply that a Bird Key security guard joked about heading there for the next big hurricane despite the house’s wide-open exposure to Sarasota Bay.
According to economists and market watchers, the solidity of Hayes’ home and the overall activity on Bird Key is a reflection of growing optimism among wealthy home buyers that the economy has passed through its darkest days.
A DELEGATION from one of the world’s biggest companies visited Merseyside to sign an agreement with renewable energy company Eco Environments.
Senior management from Hyundai Solar met with the company at its offices in Bootle to sign the deal, which will enable Eco to install its solar panels.
Eco Environments is the first company of its kind in the UK to sign such an agreement with Hyundai Solar, and the company has already received and installed one container of its solar panels with more to follow.
The delegation, which had travelled from Korea and Europe for the meeting, was made up of general manager Hyundai Solar Europe, Inyeob Kim, and his colleagues Andy Lee and Ko Young Hak.
David Hunt, Eco Environments’ sales and marketing director, said: “Hyundai Solar is already well-established in countries like Germany, and we are delighted to sign this agreement with them to install their solar panels in the UK.
“They were particularly keen to visit our offices in Liverpool in order to see us in action, and they were impressed by what we had achieved as a business and our growth potential. We are
THE Royal Institution of Chartered Surveyors has launched new guidance to help construction firms and their clients assess whether construction works are completed to the required standard.
Defining Completion on Construction Works addresses the completion of construction projects and whether works are finished to a contractually acceptable standard.
NEW YORK – WALL Street financiers have became increasingly worried about the debt-ceiling stalemate in Washington, voicing concern that failure to reach a deal will damage business.
‘What will the fallout be in the business climate, what will it do to the confidence level in the business community and in the finance community?’ Citigroup’s chief financial officer John Gerspach said on Friday.
‘If it were to happen we would definitely be in uncharted waters,’ he said, referring to the possibility that a deal might not be reached, in a conference call devoted to discussing Citigroup’s second-quarter results.
The general expectation on Wall Street is that Democrats and Republicans will reach a deal and avert a default by Aug 2, but Citigroup has been examining other scenarios and making contingency plans, Mr Gerspach said.
Banner Supply Co. charged in the lawsuit filed Friday in New Orleans federal court that Knauf Gips made false claims about the quality of the drywall.
The lawsuit also contends that Knauf knew the odor-emitting sulfur in the drywall would damage other housing materials, such as wiring and metals.
Banner says it has been forced to pay nearly $55 million to homeowners in a settlement over the drywall. Banner attorneys say Knauf has contended it is not subject to U.S. laws because the drywall was made in China.
“The Knauf defendants, all arms of a sprawling German industrial giant, lied to Banner about defective drywall Knauf manufactured in China and shipped to the United States,” the suit states. “Knauf then compounded its fraud by trying to evade responsibility, shifting blame” to Banner and other businesses.
A Knauf spokeswoman in the U.S. Read more…
WASHINGTON – SALES at US retailers slightly rebounded in June, led by auto sales, as consumers continued to hold their purses tight in a weak economy, official data showed on Thursday.
Retail sales rose 0.1 per cent from May, the Labor Department said.
The small rise surprised most analysts, whose average estimate was for sales to fall by 0.2 per cent in June.
Auto sales, which vary widely from month to month, led the June gain. They rose 0.8 per cent after falling 1.8 per cent in May, the department said.
Excluding auto sales, retail sales were essentially flat last month.
The data, adjusted for seasonal and days-worked factors but not for prices, showed June retail sales year-on-year rose 8.1 per cent. — AFP