By Berni Moestafa
May 9 (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.
Banco de Oro Unibank Inc. (BDO PM): The largest Philippine bank by assets posted a 25 percent decline in first-quarter profit to 1.01 billion pesos ($21 million) on increased provisions for losses. SM Investments Corp. (SM PM), which owns the bank, separately said it bought 5.09 million additional shares in the lender last month when the stock advanced 18 percent. BDO was unchanged at 33.50 pesos. SM rose 3.8 percent to 272.50 pesos.
Fortescue Metals Group Ltd. (FMG AU): Australia’s third- largest iron ore producer may need between $3 billion and $4 billion to proceed with plans to almost double its output, shareholder Hunan Valin Iron & Steel Group said. Fortescue gained 6.5 percent to A$2.64.
Fraser & Neave Ltd. (FNN SP): Singapore’s largest beverage maker said second-quarter profit fell 34 percent after writing down the value of its investment properties. Net income fell to S$64.3 million ($44 million) from S$96.6 million, the company said. Fraser & Neave advanced 2.8 percent to S$3.35.
Hanjin Shipping Co. (000700 KS): South Korea’s largest container line plans to raise as much as 200 billion won ($161 million) in a sale of new preferred shares. The company said it will use the proceeds for working capital. Hanjin was unchanged at 23,000 won.
Pintaras Jaya Bhd. (PINT MK): The Malaysian builder said fiscal third-quarter profit fell to 4.57 million ringgit from 7.62 million ringgit a year earlier. Sales in the three months ended March 31 dropped to 29.4 million ringgit from 44.3 million ringgit, the company said. Pintaras rose 4.2 percent to 1.25 ringgit.
PT Indah Kiat Pulp and Paper (INKP IJ): The company’s parent, Asia Pulp & Paper Co., which defaulted on $14 billion of debt after the 1998 Asian financial crisis, said it agreed to a debt revamp plan with Gramercy Advisors LLC, one of the creditors. Gramercy sold its debt to a “third party,” and stopped all legal proceedings against the Indonesian company and its units, Asia Pulp said in an e-mailed statement. Indah Kiat rose 17 percent to 1,660 rupiah.
Rio Tinto Group (RIO AU): The company, which is battling political and investor opposition to its $19.5 billion investment deal with state-owned Aluminum Corp. of China, said the proposal was in Australia’s national interest.
“Rio Tinto believes its proposed partnership with Chinalco is consistent with the principles used to asses foreign investment related to government-owned investors,” the London- based company said in a submission to the Senate Economics Committee inquiry into foreign investment by state-owned entities. Rio Tinto, the world’s third-largest mining company, rose 0.8 percent to A$71.60.
San Miguel Corp. (SMC PM): The largest Philippine food and drinks company said it may bid for the government’s 600-megawatt Calaca power plant. San Miguel Class A shares, which are reserved for Filipinos, fell 1 percent to 51.50 pesos. Its Class B shares (SMCB PM), which have no ownership restrictions, declined 1 percent to 52 pesos.
Sembcorp Marine Ltd. (SMM SP): The world’s second-biggest oil-rig maker posted a 32 percent increase in profit in the first quarter as it worked through orders for offshore drilling structures. Net income climbed to S$120.2 million from S$91.3 million, the Singapore-based company said. Sembcorp advanced 1.9 percent to S$2.75.
To contact the reporter on this story: Berni Moestafa in Jakarta at bmoestafa@bloomberg.net
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