By Anuchit Nguyen
Dec. 24 (Bloomberg) -- The following companies may have unusual price changes in Asia trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise.
China Mengniu Dairy Co. (2319 HK): The nation’s biggest liquid-milk producer expects to post a loss of about 900 million yuan ($131 million) for this year because of the melamine- tainting scandal. The tainted-milk scandal reduced sales, forced the company to write off inventories and increased raw-milk disposal and sales-promotional costs, Mengniu said. China Mengniu fell 26 cents, or 2.6 percent, to HK$9.68.
China Yurun Food Group Ltd. (1068 HK): The country’s biggest hog processor will buy the 49 percent it doesn’t already own in hog slaughtering unit Hunan Huihong Food Co. for 159.3 million yuan ($23 million). The company is buying the stake in the Hunan Huihong from businesswoman Lin Qinghong, according to Yurun’s statement. China Yurun dropped 45 cents, or 4.9 percent, to HK$8.80.
Dongkuk Steel Mill Co. (001230 KS): South Korea’s third- largest steelmaker will invest 469.1 billion won ($350 million) to expand production capacity. The investment will be made through September 2012 at its plant in Incheon, 40 kilometers (25 miles) west of Seoul, to modernize ageing facilities, Seoul- based Dongkuk said in a regulatory filing. Dongkuk dropped 700 won, or 2.6 percent, to 26,750.
Fortescue Metals Group Ltd. (FMG AU): Australia’s third- biggest iron ore producer completed a second ship loader at its port in Western Australia and will increase output next year. The second ship loader will boost capacity to 55 million metric tons a year, the Perth-based company said in a statement to the Australian stock exchange. Fortescue jumped 9.5 cents, or 5.5 percent, to A$1.81.
Guangdong Investment Ltd. (270 HK): The operator of power and water businesses in Guangdong, the Chinese province with the largest economy, will receive a 652 million yuan ($95 million) subsidy over four years from the government as part of a water- supply agreement. Guangdong Investment will receive the subsidy as compensation for not obtaining an increased tariff on water it sells to Hong Kong, according to the company’s filing. The stock lost 9 cents, or 2.9 percent, to HK$3.03.
Hynix Semiconductor Inc. (000660 KS): The world’s second- largest maker of computer memory chips will receive 800 billion won ($595 million) in financial support from controlling creditor banks because of mounting losses. Controlling shareholders will provide 500 billion won in fresh loans and extend the maturity of Hynix’s debt until the end of next year, main creditor Korea Exchange Bank said in a statement. Hynix declined 510 won, or 6.2 percent, to 7,700.
Kowloon Development Co. (34 HK): The Hong Kong and Macau developer run by billionaire Or Wai Sheun will terminate an asset management venture with China Orient Asset Management Corp. because of the global financial crisis. Kowloon Development and China Orient formed the venture to manage non- performing assets, Kowloon Development said last year. Kowloon Development dropped 12 cents, or 4.1 percent, to HK$2.81.
Linc Energy Ltd. (LNC AU): The Australian producer of cleaner-burning fuels may invite “non-Chinese groups” to bid for its coal assets in Queensland, as Xinwen Mining Group Ltd. may be unable to pay a deposit by next week. The stock dropped 16.5 cents, or 8.7 percent, to A$1.735.
Malaysia Airports Holdings Bhd. (MAHB MK): The operator of 39 civilian airports in the country won approval for a financial restructuring plan that will let it repay debt owed to the government. Malaysia Airports will pay the government 1.01 billion ringgit ($291 million), of which 508 million ringgit will be in cash, it said in an e-mailed statement. The stock declined 4 sen, or 1.8 percent, to 2.19 ringgit.
PCCW Ltd. (8 HK): The city’s biggest phone company received the Hong Kong government’s approval for a HK$14.9 billion ($1.9 billion) proposal led by Chairman Richard Li to buy out the company. The proposed buyout of PCCW won’t reduce competition, the Office of the Telecommunications Authority said in an e- mailed statement. The shares fell 3.3 percent to HK$3.23.
PT Bakrie Telecom (BTEL IJ): The Indonesian mobile-phone operator said it won a government tender yesterday to offer long-distance call services using its own network. Bakrie Telecom fell 2 rupiah, or 3.9 percent, to 50.
PT Bumi Resources (BUMI IJ): Asia’s biggest exporter of power-station coal canceled a plan to use a $75 million loan from Credit Suisse Group to buy back shares. Bumi will use the funds for “general purposes,” it said in a statement. Bumi rose 20 rupiah, or 2.2 percent, to 930.
Sinopec Shanghai Petrochemical Co. (338 HK): The nation’s biggest ethylene maker expects to post a “substantial loss” this year on a sharp decline in product prices as the global recession cuts demand. Product prices have dropped more than 60 percent from their highs this year, the company said in a statement to Hong Kong’s stock exchange. Sinopec Shanghai fell 9 cents, or 4.3 percent, to HK$2.00.
Sime Darby Bhd. (SIME MK): Sime Darby, a Malaysian property and palm-oil company, said it’s seeking to build a low-cost- carrier airport in the country with AirAsia Bhd., Southeast Asia’s largest budget airline. The two companies “have jointly expressed an interest to the government” in building and operating a private airport on Sime Darby-owned land in the southern state of Negeri Sembilan, Kuala Lumpur-based Sime Darby said in a statement. Sime Darby slipped 10 sen, or 1.8 percent, to 5.40 ringgit.
AirAsia (AIRA MK) declined 0.5 sen, or 0.5 percent, to 92.5 sen.
To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.
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