Auto / Truck Manufacturers
Boon Koon Group Bhd Announces New Issue Of Securities
Boon Koon Group Bhd Announced the renounceable rights issue of up to 138,375,000 new ordinary shares of MYR0.20 each in BKG together with up to 138,375,000 free detachable warrants at an issue price of MYR0.20 per rights share on the basis of one rights share together with one free warrant for every one existing ordinary share of MYR0.20 each held as on june 12, 2013. On behalf of the Board, AmInvestment Bank announced that as at the close of acceptance and payment for the Rights Issue on June 27, 2013, BKG had received valid acceptances and excess applications for a total of 176,277,593 Rights Shares. This represents an over-subscription of 27.39% over the total number of 138,375,000 Rights Shares available for subscription under the Rights Issue.
Kandi Technologies Group Inc Announces Closing Of Registered Direct Placement For Approximately $26.3 Million Of Common Stock And Warrants
Kandi Technologies Group Inc (the Company or Kandi) announced that it has closed the registered direct placement with two institutional investors and raised approximately $26.3 million from selling its common stock shares at a price of $6.03 per share. The Company issued a total of 4,376,036 shares to the institutional investors. As part of the transaction, the Company also issued to the investors Series A Warrants for the purchase of up to 1,750,415 shares of common stock at an exercise price of $7.24 per share, which warrants have a term of 30 months from the date of issuance. In addition, the investors will have a 60-day option to purchase up to 728,936 shares of common stock at $7.24 per share, starting six months from the closing date on the same terms as the original investment. The gross proceeds from this offering is $26,387,500, after deducting offering expenses, the net proceeds will be used for general working capital purposes. FT Global Capital acted as the exclusive placement agent for the transaction.
Hero Motocorp Ltd Picks Up 49.2% Stake In Erik Buell Racing For $25 Million-The Economic Times
The Economic Times reported that Hero Motocorp Ltd has picked up 49.2% stake in US-based Erik Buell Racing (EBR) for $25 million (about INR1.48 billion). The company has incorporated a wholly owned subsidiary in the US by the name of HMCL (NA), Inc for the purposes of investing in Erik Buell Racing, Inc. HMCL(NA) has agreed to invest $25 million in EBR for a total stake of 49.2% in the share capital of EBR. The first tranche of $15 million has been invested by HMCL (NA) on June 28, 2013. The second tranche of $10 million is proposed to be invested within the next nine months.
Hero Motocorp Ltd Incorporates Wholly Owned Subsidiary In U.S.A.; Picks Up 49.2% Stake In Erik Buell Racing, inc
Hero Motocorp Ltd announced has incorporated a wholly owned subsidiary in U.S.A. by the name of HMCL (NA), Inc. (HMCL (NA)) inter alia for the purposes of investing in Erik Buell Racing, inc. (EBR). HMCL(NA) has agreed to invest USD25 million in EBR for a total stake of 49.2% in the share capital of EBR. The first tranche of USD15 million has been invested by HMCL (NA) on June 28, 2013. The second tranche of USD10 million is proposed to be invested within the next nine months.
Sacked Maruti Suzuki India Ltd's Workers Call For Solidarity Action On July 18-Business Line
Business Line reported that the Sacked Maruti Suzuki India Ltd's plant workers, 147 of whom are in Gurgaon jail, have decided to mark July 18 as Chalo Manesar day and have called upon workers and organisations to observe solidarity actions across the country. On July 18, 2012, violence had broken out at Maruti’s Manesar plant, leading to the death of an official, Awanish Kumar Dev, in the plant premises. After the incident, all 2,300 Maruti workers, permanent as well as on contract, were sacked. The plant is now running with an entirely new staff. At a general body meeting held in Manesar on June 23, the Maruti Suzuki Workers Union had decided to campaign in July, starting with an indefinite sit-in demonstration and hunger strike in Manesar. The workers also alleged that labour laws were being openly flouted in the Manesar industrial belt, especially with regard to contract workers.
Honda Motor Co Ltd Recalls 143,000 Cars For Potential Fire Hazard-Reuters
Reuters reported that Honda Motor Co Ltd's U.S. subsidiary will recall more than 143,000 subcompact cars to replace faulty window switches that pose a potential fire hazard, the Japanese automaker. Honda said rain water or spilled liquids could damage the master power window switch on the driver's door, potentially causing the switch to overheat, melt and cause a fire. It has no reports of crashes or injuries as a result of the problem.
Spyker NV Announces Details of Joint Ventures; Debt and Equity Financing Agreements with Zhejiang Youngman Passenger Car Group Co, Ltd;
Spyker NV (Spyker) announced that it has completed a number of transactions with the Chinese car manufacturer Zhejiang Youngman Passenger Car Group Co, Ltd ("Youngman"). Youngman has invested EUR 10,000,000 in Spyker of which EUR 6,991,980 as subscription for 1,398,396 Class A shares in Spyker constituting 29.9% of the issued and outstanding share capital of Spyker on a fully diluted basis. The remaining payment of EUR 3,008,020 has been provided to Spyker in the form of a convertible loan which bears an interest of 2.5% per annum. The convertible loan does not have a maturity date and may only be discharged by conversion into shares. Youngman and Spyker also have jointly incorporated a second Joint Venture called Spyker Phoenix B.V. ("Spyker Phoenix") in which Youngman holds 80% of the shares whilst Spyker holds 20%. Spyker Phoenix, which shall be entirely funded by Youngman, shall develop and manufacture a new full range of car models based on the Phoenix. Spyker moreover transferred all of its trademarks to a Joint Venture called Spyker Trademark Company B.V. ("Spyker Trademark"), in which Youngman holds 75% of the shares whilst Spyker holds 25% of the shares. Spyker Trademark granted a licence to Spyker, SpykerP2P and Spyker Phoenix for the use of the Spyker trademark.
Gaz OAO Approves FY 2012 Dividend Payment-Interfax
Interfax reported that shareholders in Gaz OAO voted at their annual shareholders meeting to accept the fiscal year 2012 dividends on preferred shares only at RUB 13.72 a share, the Company said in a statement. The share have par value of RUB 1. The Company has not paid dividends since 2008. It retained earnings of RUB 1.939 billion for 2011.
Yamaha Motor Co Ltd to Merge with Subsidiary
Yamaha Motor Co Ltd announced that it will merge with a Shizuoka-based wholly owned subsidiary, which has been engaged in manufacture and sale of manufacturing machinery for printed circuit boards and electronics products, as well as industrial robots and related machinery, effective October 1, 2013. As a result, the Company will be the surviving company and the subsidiary will be dissolved.
Avtovaz OAO Announces Change of Chairman of Board of Directors-French Collection
French Collection reported that Mr. Carlos Ghosn has been appointed Board Chairman of Russian Avtovaz OAO, which controls the Lada brand. Mr. Ghosn will replace Mr. Sergey Chemezov, who will become Deputy Chairman of the Board.
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Sector Summary
| Energy |  -0.15% |
| Basic Materials | -0.98% |
| Industrials | -0.68% |
| Cyclical Goods & Services | -0.04% |
| Non-Cyclical Goods & Services | -0.31% |
| Financials | -0.34% |
| Healthcare | -0.51% |
| Technology | -0.13% |
| Telecoms | -0.04% |
| Utilities | -0.76% |
| DOW | 14,938.29 | -36.67 |
-0.24% |
| S&P 500 | 1,614.46 | -0.50 |
-0.03% |
| NASDAQ | 3,434.19 | -0.30 |
-0.01% |
| TR US Index | 146.29 | -0.36 |
-0.25% |
+246.24Analyst Research
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Provider: Edison Investment Research
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Provider: Edison Investment Research
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