Hongkong Land outperforms Singapore market
SINGAPORE Jan 9 (Reuters) - Hongkong Land Holdings Ltd outperformed the market on Thursday after the property developer said it would issue $400 million of 10-year notes, while Singapore shares were marginally down.
The notes are to be issued by a wholly owned subsidiary of the company, Hongkong Land Finance (Cayman Islands) Company Limited, and proceeds will go towards general corporate funding requirements.
Shares of Hongkong Land rose for a fourth straight session, jumping as much as 2.1 percent to their more than seven-week high of S$6.21. The stock was heavily traded at 1.5 times its average 30-day full-day volume, with more than 1.9 million shares changing hands.
The benchmark Straits Times Index inched down 0.1 percent at 3,149.33 by 0545 GMT, while MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.5 percent.
Shares of Global Logistic Properties Ltd gained as much as 2.1 percent to their three-week high of S$2.95 after the company announced the development of two large-scale logistic facilities in Greater Tokyo to meet strong demand in Japan.
Among other stocks, Del Monte Pacific Ltd surged as much as 7.5 percent to an almost two-week high at S$0.65. Maybank Kim Eng maintained its "buy" rating on the stock as a lower-than-expected debt cost is raised to $970 million on strong subscription, despite the likelihood of a rights issue that may dilute earnings.
Del Monte acquired Del Monte Foods Consumer Products Inc for $1.7 billion in October 2013, gaining a direct presence in the key U.S. market.
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