Business

Thursday November 19, 2009

Hong Leong unit gets bid offer


HONG KONG: Hong Leong group, owned by Singapore billionaire Kwek Leng Beng, has received approaches about its 90% stake in Xinfei, China’s No. 3 refrigerator maker by market share, the company said yesterday.

Its statement was issued after a Reuters report, citing a source with direct knowledge of the deal, said Hong Leong had hired a major international investment bank to explore strategic options for Xinfei and may sell its stake to a strategic buyer.

The source, who declined to be identified because of the confidential nature of the deal, said the deal could fetch more than US$700mil. — Reuters

Housing Starts in the US Unexpectedly Plunged in October

WASHINGTON: Builders in October unexpectedly broke ground on fewer US houses as the sales outlook darkened with the looming expiration of a government tax credit and mounting joblessness.

The 11% plunge in starts to an annual rate of 529,000, the lowest level since April, followed a 592,000 pace the prior month, Commerce Department figures showed yesterday in Washington.

Building permits, a sign of future construction, also decreased. — Bloomberg


HLBANK : [Stock Watch] [News]
HLFG : [Stock Watch] [News]
HLIND : [Stock Watch] [News]


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