China’s Yanzhou Coal Mining Company has appointed a clutch of foreign banks to sell its dollar-denominated subordinated securities, and starts a roadshow for institutional investors today. Deutsche Bank Ag and UBS AG are the joint global coordinators for the proposed issue, while Barclays Plc, Citigroup Inc. and Goldman Sachs Group Inc have also been appointed joint bookrunners. The proceeds of the sale will be used for debt repayment, capital expenditure, working capital and general corporate purposes.
Cie. Financiere Richemont SA (CFR) Chairman Johann Rupert has overtaken Nicky Oppenheimer as the richest South African. Rupert is worth $8.2 billion.
Non-financial foreign direct investment in China in April came to $8.435 billion, up 0.4% year-on-year, making it the third consecutive month of growth after February reversed an eight-month slump with a rise of 6.3%, China’s Ministry of Commerce said late last week.
K-Green Trust’s newly appointed CFO Lionel Chua takes office today. KGT is a business trust with an investment focus on “green” infrastructure assets in Singapore, other parts of Asia, Europe and the Middle East.
The Macquarie-sponsored business Asian Pay Television Trust will have a single asset at listing – cable TV company Taiwan Broadbank Communications – acquired from two Macquarie funds – and will be the first Singapore business trust back by media assets.
DB says the Taiwan government is expected to downgrade the 2013 growth forecast this Friday to 3% or even lower, significantly down from the current forecast of 3.59%.