STI 3,322 +4 +0.13%
DOW 14,550 -112 -0.76%
S&P 1,554 -17 -1.05%
FTSE 6,420 -71 -1.09%
DAX 7,875 -69 -0.87%
GOLD 1,554 +0 +0.03%
OIL 94.45 -0.04 -0.04%
PRE-HK OPEN -158pts

CREDIT SUISSE GLOBAL RISK APPETITE (EQUITY): -0.90 (2 Apr 2013)
CREDIT SUISSE GLOBAL RISK APPETITE : 1.64 (2 Apr 2013)

DJ MARKET COMMENT: Singapore Shares May Start Weak; 3300 Support - SIAS

0049 GMT [Dow Jones] Singapore shares could be in for a weak start, with investors potentially shunning the market amid festering tensions on the Korean peninsula and key central bank meetings. "For the coming session, the arising political tension over North Korea coupled with weaker-than-expected U.S. ADP employment data is likely to weigh on sentiment," SIAS Research says in a note, tipping support at 3300, before 3270. But Phillip Securities reckons the STI looks "promising as the uptrend is re-asserting itself again after a long consolidation at 3300, now having closed above the 3320 cycle high. We like the chart pattern and would pick this index for building long trading positions." Macquarie International Infrastructure Fund (M41.SG) is in focus after announcing plans to divest its 47.5% stake in Taiwan Broadband Communications for a minimum of S$469.5 million, possibly through a business trust listing in Singapore

 

04 Apr 2013 08:05

DJ UPDATE: Taiwan Pay TV Operator Targets S$1 Bln IPO in Singapore
-- Macquarie funds plan to exit Taiwan Broadband Communications
-- Four investment banks named as joint lead managers of the IPO
-- Listing date targeted by end-May

(Recasts lead, adds further details on IPO, stake sale by Macquarie Korea Opportunities Fund)

SYDNEY--One of Taiwan's biggest pay TV operators is poised to go public within months, in a move that could raise more than 1 billion Singapore dollars (US$807 million), a person familiar with the matter said Thursday.
Funds managed by Australia's Macquarie Group (MQG.AU), which own Taiwan Broadband Communications, have hired four investment banks for the initial public offering of stock on the Singapore stock exchange. The cable network operator will be listed as Asian Pay Television Trust, aiming to debut on the market by the end of May.
J.P.Morgan (JPM), DBS Group Holdings Ltd. (D05.SG), CIMB Group Holdings Bhd (1023.KU) and Macquarie have been appointed as joint lead managers on the offering, the person said.
Established in 1999, Taiwan Broadband Communications owns an interest in five cable television networks in northern and central Taiwan broadcasting to more than one million homes. The group also sells services like broadband internet access.
Singapore-listed Macquarie International Infrastructure Fund (M41.SG), known as MIIF, said it plans to inject its 47.5% stake in Taiwan Broadband Communications into the Asian Pay Television Trust vehicle, raising a minimum S$469.5 million. Its statement confirmed an earlier report by The Wall Street Journal.
Macquarie Korea Opportunities Fund, which owns the remaining stake in the Taiwan television unit, will also sell its entire holding.
MIIF, which is being advised by CIMB Bank Bhd., said in December it is exploring options for its stake in Taiwan Broadband Communications, and assets including China's Hua Nan Expressway, Changshu Xinghua Port and Miaoli Wind.
If approved, the Taiwan Broadband Communications stake sale would see shareholders in MIIF receive at least S$0.408 per share. The asset represented 61% of MIIF's portfolio by value, according to Dec. 31 accounts.
MIIF bought an initial 20% stake in Taiwan Broadband Communications in July 2007 and has spent a total S$479.2 million to more than double its interest, according to its website. Macquarie Korea Opportunities Fund acquired a 60% stake in June 2008 from the formerly listed Macquarie Media Group for 392 million Australian dollars (US$410 million), and later sold part of its interest.
The proposed listing of Asian Pay Television Trust would follow Temasek-backed Mapletree Greater China Commercial Trust's US$1.3 billion market debut last month, which was the island state's largest IPO in two years.