South Korea’s second-biggest bank by assets, Woori Bank, has announced receiving final approval to take over Philippine-based bank, Wealth Development Bank. In a statement, the South Korean lender said it has received final approval from the Bangko Sentral ng Pilipinas, the central bank of the Philippines, to purchase 51% stake in Wealth Development Bank. Wealth Development Bank boasts USD170 million in assets with 16 branches and more than 300 employees in the Philippines. Woori Bank said it plans to complete the take over procedures in the first half of this year. Financial details of the take over were not disclosed.…
Author: Business News Asia
Business News Asia
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Seven West Media, an ASX-listed media company and Australia’s largest diversified media business, confirmed that it is in negotiations to acquire Perth Now and The Sunday Times from News Australia. In a disclosure to the Australian Securities Exchange, Seven West Media said any agreement will be subject to regulatory approval including from the ACCC. As part of the agreement, Seven West Media and News Corporation plan to implement a news content sharing agreement for The West Australian with News’ daily brands in Adelaide, Brisbane, Melbourne and Sydney. Seven West Media and News Corporation are also joint venture partners in the…
Kyobo Life Insurance, one of the big three life insurance companies in South Korea, has joined in the preliminary race to acquire ING Life Korea, the country’s fifth-largest insurance firm by assets. Kyobo Life Insurance submitted a letter of investment (LOI) intent to Morgan Stanley, which manages the sale of ING Life. It was not the first time that Kyobo Life has expressed intent to acquire ING Life. About three years ago, the life insurer tried to buy ING Life Korea but it was private equity firm MBK Partners that acquired the insurer for W1.84 trillion (US$1.6 billion). A Kyobo…
The Motor Insurers’ Bureau of Ireland (MIBI) has warned of a possible increase in insurance premiums should the ruling related to the liabilities of defunct insurer stands. The MIBI said insurance premiums could rise by €50 if the decision of the High Court, which ruled last September that the MIBI was liable for claims left by Setanta Insurance, is upheld. The High Court ruled that the Irish motor insurers were liable for the 1,750 claims left behind following the liquidation of Setanta. Setanta was a member of the MIBI prior to its collapse. Justice John Hedigan said in his September…
Bell Canada is paying a total of $11.82 million to eligible customers as part of a settlement reached with the Competition Bureau, the independent law enforcement agency said. Bell as agreed to issue credits or cheques to current and former customers and donate some $800,000 to advocacy group as part of a settlement over unwanted premium text messaging charges on wireless phone bills. The settlement was part of the series of investigation of text messaging charges in the wireless industry that the Competition Bureau launched in 2012. The bureau launched its investigation after receiving complaints from customers who were charged…
Daio Paper Corporation, the producer of Japan’s top brand household paper products, is planning to install a new state-of-the-art household paper production facility in order to strengthen our structure for stable supply of household paper products (including high value-added products such as lotion tissues) to meet the needs of the market. In a disclosure, Daio Paper said the matter will be submitted for resolution at the Board of Directors Meeting to be held in September, and in the case that the plan received resolution, it is projected that it will be part of the 3rd Medium-Term Business Plan (the 3-year…
Union Bank of the Philippines (PSE: UBP) reported that net income has increased by 28.1% to Php2.4 billion in the first four months of 2016 as against the Php1.9 billion in the same period last year. The growth in net income was driven mainly by the 34.6% growth in net interest income and 12.1% growth in servicing fees. Customer loan growth was sustained, increasing by 26.5% year-on-year to Php193.8 billion. Low-cost CASA deposits grew 17.5% year-on-year. As of April 2016, the Bank’s annualized ROE and ROA are at 12.1% and 1.6% respectively. The increase in the Bank’s core businesses was…
Asia Brewery Incorporated (Asia Brewery, Inc.), owned by LT Group, Inc. (LTG), has signed a joint venture agreement with Heineken International B.V. Heineken is the world’s most international brewer with a portfolio of more than 250 international, regional, local and specialty beers and ciders. It operates 167 breweries, malteries, cider plants and other production facilities in more than 70 countries. Under the agreement, a new joint venture company, AB HEINEKEN Philippines Inc., will be formed, with Heineken driving further premiumisation of the brand portfolio. The two breweries, which Asia Brewery, Inc. currently owns in Cabuyao and El Salvador will be upgraded…
The ERGO Group is entering the insurance market in Thailand by acquiring a minority share of 40.26 percent of Thaisri Insurance from Pailuck Company Ltd., Bangkok. Representatives of both companies signed a share purchase agreement Thursday. The parties agreed not to disclose the purchase price. With the acquisition, ERGO strengthens its presence in Asia as one of its key markets and continues to pursue its international growth strategy. Thailand’s non-life insurance market offers attractive growth opportunities: Premiums are expected to grow by seven percent per year from 2016 to 2020. The market is highly profitable with net combined ratios in…
MGC Pharmaceuticals, an EU-based specialist medical cannabis firm, announced that it has received FDA approval for its CBD based cosmetic range, MGC Derma Anti-Ageing line, allowing the Company to sell and distribute the products across all US States. The company also currently has applications pending for similar approvals in Canada and Australia. “Importantly, the FDA approval means that the 16 MGC Derma CBD based products can be imported and sold throughout the whole of the USA, even in states where Medicinal Cannabis is not yet legal,” the company said in a statement. The FDA approval follows the recent approval earlier…
The WAM Leaders Limited (ASX: WLE) Board of Directors has authorised the allotment of 358.4 million shares and options raised through the Company’s $394.3 million initial public offering (IPO). The largest-ever capital raising for an Australian listed investment company (LIC), the IPO attracted almost 10,000 shareholders. Chairman Geoff Wilson said the Board was delighted with the IPO result and welcomed WAM Leaders shareholders to the register. “From day one, we were overwhelmed with strong demand from investors, particularly from existing shareholders in our other LICs: WAM Capital Limited, WAM Research Limited and WAM Active Limited,” Wilson said. Director and Chief…
PT ANTAM has announced that that it has signed a Forex Line Hedging Facility Agreement with PT Bank Mandiri (Persero) Tbk (Bank Mandiri), PT Bank Rakyat Indonesia (Persero) Tbk (BRI) and PT Bank Negara Indonesia (Persero) Tbk (BNI). As a natural resources-based company, ANTAM endeavours to mitigate its risk exposure and potential loss. Under the agreement, ANTAM receives US$20 million facility from Bank Mandiri, US$10 million facility from BRI and US$30 million facility from BNI. “ANTAM’s activities expose them to a variety of financial risks, including the effects of changes in commodity prices and foreign currency exchange rates. Our risk…
Manulife Indonesia has announced the appointment of Indren S. Naidoo as the new Chief Executive Officer in Indonesia. Based in Jakarta, Indren will be responsible for leading the business, and helping more customers in Indonesia achieve their goals through the company’s innovative solutions and diversified distribution channels. Roy Gori, President and Chief Executive Officer, Manulife Asia, said: “Indren is an accomplished leader with a deep understanding of Manulife’s business in Asia. He has a proven track record of delivering results and, under his leadership, successfully grew our operations in Thailand, Vietnam and Cambodia. Indren will play a vital role in growing our operations in Indonesia, a key market…
Japan Tobacco Inc (TSE:2914), a leading Japanese cigarette manufacturing company, saw its cigarettes sales volume dropped 13.5% in April, year-on-year. In a disclosure to the Tokyo Stock Exchange, Japan Tobacco Inc said it sold 8 billion of cigarettes in April, down from the 9.2 billion cigarettes it sold in April 2015. With the drop in sales volume, Japan Tobacco’s domestic cigarette revenue during the month also dropped to JPY47.5 billion (USD431 million), down 8.8% from JPY52.1 billion (USD473 million) in the previous year. For the January-April period, the cigarettes manufacturer sold a total of 35.1 billion cigarettes, a 1.3% increase from…
Nevada Iron Ltd (Nevada or the Company) is pleased to announce the signing of a Heads of Agreement for the acquisition of the SportsHero (sportshero.mobi), Asia’s first real-time fantasy sports app and social prediction platform. In a disclosure to the Australian Securities Exchange, Nevada Iron confirmed having entered into a Heads of Agreement (HoA) with Sportz Hero Pty Ltd, a company incorporated in Australia (SPA) that has the right to acquire 100% of SportsHero Pte Ltd, a company incorporated in Singapore (SPS) and owner of 100% of the SportsHero business. Pursuant to the HoA, Nevada is to acquire 100% of…
Virtus Health (ASX:VRT), Australia’s largest assisted reproductive services (ARS) provider, has announced that it has acquired 100 percent of Canberra Fertility Centre (CFC). The acquisition adds to Virtus’ domestic growth strategy and consolidates the group’s domestic geographic expansion along the eastern seaboard of Australia, Virtus Health said in a disclosure to the Australian Securities Exchange. The maximum transaction value is $3.5 million on a cash free debt free basis and has been satisfied from existing cash resources. For the year to 30 June 2016 CFC’s normalised earnings would have increased Virtus’ basic earnings per share by approximately 0.2 cents. READ…
Gage Roads Brewing Co. (ASX: GRB) was awarded trophies for Champion Australian Beer and Best New World Style Pale Ale at the Australian International Beer Awards in Melbourne for its ‘Little Dove’ Draught. Little Dove was also judged the Gold Medalist in the Best New World Style Pale Ale class, making it the champion national brew from almost 1,800 entries at Australia’s most coveted beer awards. The Company’s Chief Operating Officer Aaron Heary said Little Dove, a 6.2 per cent Pale Ale, had only been produced for six weeks and the AIB Awards was the beer’s first serious tasting against…
Centuria Capital (ASX: CNI), an ASX-listed specialist investment manager, has announced that subsidiary, Centuria Property Funds Limited (CPFL), has exchanged contracts to purchase The Zenith, an institutional grade office asset located at 821 Pacific highway, Chatswood, Sydney. The purchase remains subject to FIRB approval, with settlement expected to occur in late July. A new unlisted property fund, the Centuria Zenith Fund, will co-invest with global investment firm, Blackrock to acquire the property for $279.1 million. The Zenith is a landmark office asset with 40% of its rental income underpinned by government tenants. The asset has approximately 44,000sqm of net lettable…
The initial public offering (IPO) of Lotte Group’s hotel unit, Hotel Lotte, is expected to be the largest-ever IPO in South Korea. The retail giant’s hotel unit is set to go public on June 29 on the KOSPI market and is expected to fetch over KRW5 trillion (USD4.19 billion). The medium range of price expected to surpass the record amount of KRW4.9 trillion (USD4.1 billion) sale by Samsung Life Insurance Co in 2010. The world’s No. 3 duty-free operator said it will use the fund to step up its duty-free business, hotel chain and theme park to offer comprehensive options…
MACTAN, Cebu – In its thrust to become the world’s friendliest airport, GMR MEGAWIDE Cebu Airport Corp (GMCAC) announced the opening of the Breastfeeding Room at the Mactan-Cebu International Airport (MCIA). The room, permanently located right after the Final Security Check at the Departures level, caters to the nursing needs of traveling mothers for both domestic and international passengers. The room features four private nursing cubicles complete with a couch and a foot stool on each cubicle; a sink; two baby changing tables with side tables each; a microwave; and a push-button sliding door for ease and comfort. “The opening…