Dow Slumps 56.58 Points
US stocks fell on Monday on concerns that the top two mortgage providers would have to raise even more capital, severely devaluing existing shareholders’ stakes, while big energy companies fell along with oil prices. In a volatile session, the major indexes swung from gains at the open to steep losses by mid-afternoon. A late clawback that brought the Dow, Nasdaq and S&P 500 briefly into positive territory ran out of steam in the final minutes, leaving the S&P 500 within 1 point of an official bear market. The Dow fell 56.58 points to 11,231.96. The S&P 500 slid 10.59 points to 1,252.31, while the Nasdaq slipped 2.06 points to 2,243.32.

Benefun Penetrates Plantation Business
Benefun International Holdings is entering the plantation business in China through a proposed acquisition of Ample Rich Enterprises for HK$500m ($87.5m) in what could potentially be a reverse takeover. By acquiring Ample Rich, Benefun would own all the equity of Foshan Gold Vantage Forestry, a foreign firm in China involved in plantations, plantation research and development and the production and sale of plantation products.

Olam To Acquire Dairy Trust For US$76.8m
Olam International announced that it will buy 24.99% of New Zealand’s Dairy Trust Limited (DTL) for US$76.8m. As part of the transaction, Olam will also secure a long-term marketing agreement for DTL’s product supply. DTL is the fastest-growing dairy processor in NZ and could become the second largest in the near future, Olam said. The dairy group expects to process over 450m litres of milk, and produce and export some 70,000 tonnes of dairy products this year. DTL could rake in revenue of around US$295.9m and a net profit of US$9.8m for the financial year ending July 2009.

Albedo Proposes Acquisition of HealthTrends Medical
Albedo has entered into a reverse takeover deal to buy up all of HealthTrends Medical Investments, a regional healthcare enterprise providing integrative medical, aesthetics and wellness care services, by issuing new shares at $0.25 apiece with a total value of up to $400m.

Showy To Acquire Fortune Court For $545.4m
Showy International, which designs and manufactures sanitary, bathroom and kitchen products and accessories, is seeking to acquire Hong Kong-incorporated Fortune Court Holdings for $545.4m, to be satisfied by the issue of new shares. The move will transform Showy into the first SGX-listed property company that focuses primarily on property development and investment in Chongqing, China.

Boustead Bags $37m Deal
Boustead has won a $37m contract to design and build an aircraft engine maintenance, repair and overhaul facility for Singapore Aero Engine Services. The project is expected to have a positive material impact on the profitability and earnings per share of the company in FY09.