HONG KONG, February 10 (Reuters) - News and developments in Asia private equity from Reuters News for the week ending Feb. 7.
PRIVATE EQUITY-backed China car dealerships are targeting Hong Kong listings of up to $1.4 billion, with KKR & Co backed Rundong Automobile Group and TPG Capital backed China Grand Automotive Services aiming to list in the first half of the year, IFR reported.
THE INDIAN Commodity Exchange is set to fold due to plummetting trading volume as a result of the government’s failure to liberalise and investors retreat from futures markets after a major financial scandal at another exchange last year.
ASTON MARTIN said its expanded recall of accelerator pedals in 17,590 sports cars would not result in a material added cost beyond its previous estimate of 1.5 million British pounds($2.45 million).
THE CANADA Pension Plan Investment Board named Ed Cass as its new chief investment strategist and a member of its senior management team, giving him responsibility for the overall investment strategy of the massive pension fund.
THREE INVESTMENT consortia - two involving Gulf Arab government-owned funds - plan to lodge indicative bids for Australian state-owned toll road company Queensland Motorways Ltd on Friday, sources close to the transaction said, in a sale, estimated by analysts to fetch about $4.5 billion.
JAPAN‘S SEIBU Holdings said it would reinstate a senior executive recommended by Cerberus Capital Management LP in a sign the railway and hotel group is seeking to improve relations with its top shareholder ahead of a planned IPO.
GLOBAL PRIVATE equity firm KKR has agreed to lend about $100 million to India’s Avantha Group to help it grow its businesses and improve its capital structure, the Indian company said.
SONY CORP‘S plans to quit making personal computers after years of losses focus a spotlight on how it intends to fix a much bigger problem -- a flagship TV division that has lost $7.5 billion over the last 10 years.
ASTON MARTIN expanded a recall to cover most of its sports cars built since late 2007 after discovering a Chinese sub-supplier was using counterfeit plastic material in a part supplied to the British luxury sports carmaker.
THE TOP U.S. audit watchdog said that the United States and China are close to striking a deal that would allow Washington to inspect the audit work of accounting firms in China.
PANASONIC CORP said it would sell chip assembly plants in Southeast Asia to a unit of Singapore’s UTAC Holdings Ltd, owned by Affinity Equity Partners and TPG, as it moves into the final stages of a sweeping restructuring to unload unprofitable operations.
SHARES IN Lenovo Group Ltd slumped more than 16 percent on after a weekend media report said the Chinese personal computer maker was in talks with Sony about a possible joint venture to buy Sony’s loss-making Vaio PC business outside Japan.