IN BRIEF (Page 2)

Updated: 2010-02-24 07:34

(HK Edition)

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Lenovo shareholder sells $71m in shares: term sheet

A shareholder of Lenovo, the world's No 4 PC maker, is selling 100.8 million existing shares for up to HK$549.4 million ($70.7 million), according to a term sheet obtained by Reuters yesterday. TPG Axon is selling the shares at HK$5.35-5.45 per share, representing a discount of between 0.7 percent and 2.6 percent to the closing price of HK$5.49, the term sheet showed. UBS AG is the sole bookrunner of the deal. Lenovo shares rose 1.7 percent to end near a 3-week closing high.

Energy Resources mulls HK IPO, shareholder says

Energy Resources LLC, a closely held coking coal producer in Mongolia, is considering an initial public offering in Hong Kong or London, the majority shareholder said.

"It's just an idea at the moment, but we are looking to raise funds and an overseas listing is a good way to raise the profile of the company," Gankhuyag Adilbish, managing director of MCS Holding LLC, said in a phone interview with Bloomberg News. No bankers have been hired yet, Adilbish said. Adilbish declined to comment on how much the company is seeking to raise in the possible shares.

HKD hits 5-week high, interbank rate steady

The Hong Kong dollar edged higher against the US dollar yesterday amid signs of capital inflows into the territory, dealers said. The local currency rose to as high as 7.7605 per US dollar in early afternoon, its strongest level in five weeks. One dealer at a local bank attributed the gains to some follow-through selling interest in the US dollar by a UK bank. He added that there had been some dollar selling overnight during London and New York trading hours, probably capital inflows to the city. Local interbank rates were barely changed as the market was still flooded with liquidity.

BoCom to raise up to $6.1b in Shanghai, HK share sale

Bank of Communications (BoCom), China's fifth-largest lender, said yesterday that it plans to raise as much as 42 billion yuan ($6.1 billion) via a rights issue in Shanghai and Hong Kong to bolster capital and support expansion. BoCom, about one-fifth owned by HSBC Holdings Plc, will sell up to 1.5 shares for every 10 held by existing shareholders, the lender said in a statement. BoCom's Hong Kong-traded shares rose 0.9 percent to HK$7.99.

The planned fundraising, which still awaits shareholders' approval, would boost the core capital adequacy ratio by 2 to 3 percent, enough to support BoCom's growth over the next three years, a senior BoCom official told Reuters yesterday, declining to be named. After the rights issue, BoCom plans to expand its international network and wealth management business, and will also bolster innovation, the bank said in the statement.

China Daily/Agencies

(HK Edition 02/24/2010 page2)