Alibaba files for a Hong Kong mega-listing - Business News

HONG KONG: Alibaba Group Holding Ltd. has filed confidentially for a Hong Kong listing, people familiar with the matter said, moving closer to what is potentially the city’s biggest share sale since 2010.The online emporium filed a stock listing application with the exchange this week without the need for financial disclosures, the people said, requesting not to be named because the matter is private.It is said to have picked China International Capital Corp. and Credit Suisse Group AG as lead banks.The offering from China’s largest corporation could raise as much as $20 billion, though Alibaba hasn’t finalized its fundraising target, the people said. An Alibaba representative declined to comment.A deal that size would be Hong Kong’s largest share sale since 2010, according to data compiled by Bloomberg.The transaction could bolster the city’s status as a destination for Chinese tech listings and boost the online retailer’s cash pile as it wages a costly war of subsidies in food delivery and travel with Meituan Dianping.A successful deal will rival AIA Group Ltd.’s 2010 IPO as Hong Kong’s largest-ever share sale, a triumph for a city that’s ceded many of China’s largest corporations to U.S. exchanges.Alibaba raised $25 billion in New York in the world’s largest initial public offering after struggling to persuade Hong Kong regulators to approve its unique structure.In the Hong Kong offering, the company will seek to preserve its existing governance system, where a partnership of top executives has rights including the ability to nominate a majority of board members, a person has said.Under new rules for secondary listings introduced by the Hong Kong bourse last year, the company can apply for an exemption to standard restrictions in the city that would bar that kind of setup. - Bloomberg

Source:The Star

June 13, 2019 07:18 UTC

Construction services GDB tendering for RM2.9b projects - Business News

KUALA LUMPUR: GDB Holdings Bhd has tendered for RM2.9bil worth of residential and commercial building projects in the Klang Valley, its managing director Cheah Ham Cheia said.The construction services company's tender book for the 12 projects were residential, mixed development, hotel, factory and a sales gallery, he said in a statement after its AGM.Cheah said GDB was upbeat on its prospects in the current financial year ending Dec 31, 2019 due to its strong track record of completing the projects ahead of schedule and also the high quality ratings.He was upbeat of GDB's prospects in the financial year ending 31 December 2019 (FY2019) on the back of its strong track record for works completion ahead of schedule and high quality ratings.In FY2018, GDB delivered Etiqa Office Tower on July 13 and Westside III on Oct 20 – which were ahead of schedule. Both projects achieved a five star rating with score above 90% from Construction Industry Development Board of Malaysia (CIDB) in Safety and Health Assessment System in Construction.“FY2019 has seen gradual improvement in tender activity for the construction of various buildings, reflecting project owners’ recovering sentiment in the sector.“On top of that, we also believe that our consistent track record in delivering projects ahead of schedule as exemplified with our recent completions places us in a favourable position to secure new contracts,” he said.GDB’s order book consists of Aira Residence in Damansara Heights, Menara Hap Seng 3 within the Kuala Lumpur city centre, and the recently-secured Perla Ara Sentral, Ara Damansara.Cheah said the group was pursuing new contracts to increase its order book of RM619.1mil as at end-March 2019. The order book is expected to last until December 2021.

Source:The Star

June 13, 2019 06:00 UTC

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