Fuyao Glass profit jumps on car demand
FUYAO Group Glass Industries Co., China’s biggest windshield-maker, boosted 2007 profit 49 percent on increased demand in the world’s second-largest auto market.
Net income rose to 917 million yuan (US$127.36 million), or 0.92 yuan a share, from an adjusted 614 million yuan, or 0.61 yuan, a year earlier, the company said in a statement yesterday. Sales rose 33 percent to 5.2 billion yuan. Fuyao Glass, which has a market share of about 50 percent, sold more windshields to Volkswagen AG, Toyota Motor Corp. and other automakers as economic growth boosted car sales.
Price for Morgan stake in CICC falls
COMPANIES bidding for Morgan Stanley’s stake in China International Capital Corp. (CICC) had cut their offers by 40 percent, The Wall Street Journal reported yesterday.
Bain Capital, TPG Inc. and a consortium including CV Starr & Co., General Atlantic LLC and J.C. Flowers & Co. cut their offers to about US$600 million from US$1 billion in the first round of bidding amid concerns they wouldn’t be able to influence China International’s management, the paper said.
Jiangxi Copper grants stock options
JIANGXI Copper Co., China’s second-largest producer of the metal, granted stock options to seven senior executives to spur performance.
The firm awarded 509,900 stock options, equal to 0.0168 percent of the outstanding shares, to chairman Li Yihuang and six other executives, the Guixi, Jiangxi Province-based company said in a statement yesterday.
Sinopec, Shanghai Port complete bond offers
SINOPEC Corp., Asia’s top oil refiner, and Shanghai International Port (Group) Co. (Shanghai Port), operator of the world’s busiest port, said yesterday they had completed their domestic convertible bond offers.
Sinopec said it had raised 30 billion yuan (US$4.2 billion) from the sale and that the bond carried a coupon of 0.8 percent. The Hong Kong and Shanghai-listed company plans to use the proceeds from the six-year bonds to fund its natural gas and petrochemical projects. Shanghai Port said it raised 2.45 billion yuan from the issue of convertible bonds, carrying an interest rate of 0.6 percent.
