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ZTE to spend up to CNY 1 bln on share buyback
2015-07-13 14:48:00| Telecompaper Headlines
(Telecompaper) ZTE announced plans to spend up to CNY 1 billion buying back its shares, following calls from the Chinese securities regulator to support the local stock market. The company will pay a maximum price of CNY 17.96, its closing price the day prior to the temporary suspension of trading in ZTE shares 09 July. The price is down from a peak of almost CNY 35 in May. Based on the latest price, this will lead to the repurchase of at least 55 million shares, or 1.6 percent of the total number of shares outstanding. The buyback, funded from internal resources, will start once ZTE receives approval from the general meeting, and the authorisation will remain valid until the end of this year. ZTE said it expects its shares to start trading again 14 July.
Sony to raise JPY 440 bln in share, bond sales
2015-06-30 15:34:00| Telecompaper Headlines
(Telecompaper) Sony has announced plans to raise JPY 440 billion from the issue of shares and convertible bonds in order to invest in its mid-term strategy and especially its devices business. The offering will include up to 87.2 million common shares for Japanese and international investors, to be priced later in July at up to 10 percent less than the most recent closing share price, and JPY 120 billion in zero-coupon convertible bonds due in September 2022. Sony said it expects net proceeds of JPY 321 billion from the share issue, assuming the over-allotment is exercised, based on its closing share price of 24 June of JPY 3,820 plus a small discount. The bond issue should raise JPY 119 billion after underwriting costs. From the share sale proceeds, it plans to use JPY 188 billion for capital expenditure at its Devices division, and the remainder for R&D at Devices. In particular, it will focus on increasing production capacity and R&D in stacked CMOS image sensors, used in its own and other manufacturers' phones and cameras. Another JPY 51 billion from the bond issue will go to Devices capex, JPY 25 billion to redeem corporate bonds coming due and the remainder to pay off later debt.
UPDATE 1-Samsung biopharma unit mulling NASDAQ listing to raise about $1.34 bln
2015-06-29 07:07:13| Semiconductors - Topix.net
Samsung Bioepis Co Ltd, a biopharmaceutical development unit of Samsung Group, is considering listing on the NASDAQ to raise about 1.5 trillion won to fund product development, a Bioepis spokeswoman said on Monday. Samsung Bioepis is 90 percent owned by Samsung Biologics, which is in turn 46 percent owned by Samsung Electronics Co Ltd , 46 percent by the group's de facto holding company Cheil Industries Inc and about 6 percent owned by builder and general trader Samsung C&T Corp Cheil Industries and Samsung C&T are in the midst of a proposed $8 billion merger that has been opposed by activist U.S. hedge fund Elliott Associates.
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UPDATE 1-Samsung biopharma unit mulling NASDAQ listing to raise about $1.34 bln
2015-06-29 04:51:11| Chemicals - Topix.net
Samsung Bioepis Co Ltd, a biopharmaceutical development unit of Samsung Group, is considering listing on the NASDAQ to raise about 1.5 trillion won to fund product development, a Bioepis spokeswoman said on Monday. Samsung Bioepis is 90 percent owned by Samsung Biologics, which is in turn 46 percent owned by Samsung Electronics Co Ltd , 46 percent by the group's de facto holding company Cheil Industries Inc and about 6 percent owned by builder and general trader Samsung C&T Corp Cheil Industries and Samsung C&T are in the midst of a proposed $8 billion merger that has been opposed by activist U.S. hedge fund Elliott Associates.
Tags: update
listing
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raise
Sophos prices IPO for valuation of over GBP 1 bln
2015-06-26 13:59:00| Telecompaper Headlines
(Telecompaper) Security service provider Sophos has priced its initial public offering, which it announced earlier this month, at 225 pence per share, bringing its market capitalisation to over GBP 1 billion at the start of conditional dealings. The IPO will be of 156.5 million shares, representing 34.8 percent of the company's issued share capital, assuming no greenshoe. The selling shareholders have granted an over-allotment option of almost 23.5 million shares, representing 15 percent of the shares in the offer. Sophos will be raising around USD 125 million in gross proceeds. The provider will use the money to reduce debt and provide it with better financial flexibility. The selling shareholders will receive gross proceeds of about GBP 272.6 million. At the end of the transaction, Apax Funds will hold 40.1 percent, the founders 18.9 percent, Investcorp 2.5 percent and the directors 1.7 percent. Shares are expected to start trading on the London Stock Exchange on 26 June. At admission, the company will have 450 million shares in issue.
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