Asian Stocks Drop For A Fifth Day As US Confidence Declines
Asian stocks fell for a fifth day, led by carmakers and electronics manufacturers as a drop in US consumer confidence and home prices added to concern demand for exports would wane in their biggest overseas market. Toyota Motor Corp, Japan’s largest automaker, and Matsushita Electric Industrial Co led declines after the US Conference Board’s confidence index tumbled to a 16-year low. BHP Billiton Ltd, the world’s biggest mining company, dropped the most in two weeks after metals prices fell.

Hong Kong Stock Market Cancels Morning Trading As Typhoon Nears
Hong Kong’s stock exchange canceled morning trading because of an approaching typhoon. The exchange may open at 2.30 pm for the afternoon if the city’s observatory lowers the danger level by noon today. Hong Kong raised typhoon signal No. 8, signifying a gale and directing residents to return home, as Severe Tropical Storm Fengshen heads toward southeast China after ripping through the Philippines, where it sank a ferry, drowning about 700 people on board.

Hor Kew Clinches New Contracts
Hor Kew Corporation has been awarded a contract by the Housing & Development Board worth $64.54m for ‘building works’ at Bukit Merah and ‘contingency works’. The contract is scheduled to commence early next month and expected to be completed in early October 2011. It also won a project worth $9.88m from the National Environment Agency with the contract period from 1 July 2008 to 31 Oct 31 2009.

Falcon Energy Sets Sights On Becoming Leading Marine And Oil & Gas Player
Falcon Energy Group (FEG), which provides a wide range of services to the marine and oil & gas industry, resumed trading on the SGX following a major acquisition. After acquiring a 100%-stake in Hong Kong-incorporated Oilfield Services Company Limited in April 2008, the enlarged FEG is now engaged in 3 core businesses – Marine; Oilfield Services; and Oilfield Projects – whose activities include providing offshore support vessels, ship management services, oilfield services and projects related to the marine and oil & gas industry.

City Developments Sells Seoul Hotel With Gain
Kwek Leng Beng’s London-listed hotel arm Millennium & Copthorne Hotels (M&C) is selling Millennium Seoul Hilton for 580b Korean won ($767m). This will bring a profitable end to a difficult relationship M&C has had with the asset. The chain has faced labour problems as well as escalating labour costs operating the hotel. Kwek bought the freehold property in 1999 for US$228.5m. M&C will book a pre-tax profit of £155m ($417.4m) from the divestment, which is subject to M&C shareholders’ approval. The completion of the sale is expected in September this year. M&C is 53% owned by Singapore-listed City Developments Ltd (CDL), which is controlled by Singapore’s Hong Leong Group, which in turn is owned by the Kwek family.

Mencast Garners Strong IPO Support
Mencast Holdings, the first sponsor-approved listing on SGX’s Catalist board, saw strong support for its IPO of 22.5m new shares at $0.28 each. The invitation shares - comprising 21m units for placement and 1.5m units for the public - was about 1.54x subscribed when the IPO closed at noon on June 23. The company manufactures and supplies sterngear equipment such as propellers and rudders as well as provides sterngear services to companies in the offshore oil and gas and marine industry. Its clients include subsidiaries of SembCorp Marine and Keppel Corporation. The public tranche of 1.5m shares attracted applications for about 13.7m shares. The group also garnered strong interest for its placement shares.