Hong Fok (SGX:H30) bought back 198,000 shares in the open market on Thursday for around SG$192,874, according to a same-day after-market filing with the Singapore Exchange.
To date, the property investment company has repurchased over 3.6 million shares under its current buyback program.
Physics Wallah (NSE:PWL, BOM:544609) has revised its student lending strategy and partnered with multiple regulated non-banking financial companies to facilitate loans for students, according to a Thursday filing on Indian bourses.The move reverses the company's earlier plan to expand lending through its wholly owned subsidiary FinZ Finance, in which it had recently announced an investment of about 1.20 billion rupees.Physics Wallah said the new model is expected to reduce balance-sheet and credit risks. The company added that it will continue to operate as a technology platform connecting students with lending partners.The future strategic direction of FinZ Finance will be decided later, subject to board and regulatory approvals, Physics Wallah said in the filing.Shares of the company jumped nearly 15% in recent trade.
Malaysian shares ended in the green on Thursday, as investor interest rebounded, bucking regional losses.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 10.5 points to end 0.6% higher at 1,683.26. The day range was between 1,673.70 and 1,689.83.In local news, Malaysia's gas supply remains stable, with most electricity generation still backed by domestic sources, while the government continues to monitor the energy sector amid global uncertainties, The Star reported, citing Science, Technology and Innovation Minister Datuk Chang Lih Kang.In corporate news, shares of Petronas Gas (KLSE:PETGAS) gained over 1% on close after it signed a binding heads of agreement with Tenaga Nasional (KLSE:TENAGA) unit Integrax, to jointly develop the third regasification terminal (RGT-3) in Perak, Malaysia. The project will be developed through a special purpose vehicle, and is based on a floating storage regasification unit (FSRU) conceptWhereas, shares of Velesto Energy (KLSE:VELESTO) slid about 2% on Thursday's close after its unit Velesto Sumber secured a contract from Northern Gulf Petroleum to provide jack-up drilling services offshore Thailand.
S&P Global Ratings has placed IIFL Finance's proposed US dollar senior secured notes a B+ long-term issue rating, according to a recent release.The company will draw down the notes from its $1 billion medium-term note program, which has the same rating, S&P said.The notes' rating is equivalent to the company's long-term issuer credit rating, since they serve as the issuer's direct, secured, and unconditional obligations.The notes will also at all times rank equally with the Indian finance company's other secured obligations.The company should secure at least 100% asset coverage, excluding nonperforming assets, for the notes, the rating agency said.