Power Construction of China (SHA:601669) plans to raise a subsidiary's capital by 245 million yuan, according to a Wednesday filing on the Shanghai bourse.
The capital increase will boost PowerChina Hebei Xiong'an Construction Development's capital.
The engineering construction company's shares dropped by less than 3% during the afternoon trade.
Shanghai Fosun Pharmaceutical (SHA:600196, HKG:2196), through subsidiary Fosun Pharma Industry, plans to invest 414.4 million yuan to participate in the Series B financing of Xingyao Kunze, according to a Wednesday filing on the Shanghai bourse.Xingyao Kunze develops drugs for liver diseases. Its pipeline products are HT-101 and HT-102, and the combination of these drugs.After the completion of the funding round, Fosun Pharma Industry is expected to own 20.9% of Xingyao Kunze.The pharmaceutical company's Hong Kong shares fell by less than 2% during the afternoon trade.
Indonesia has launched investigations into major palm oil producers over alleged under-invoicing and transfer pricing practices tied to commodity exports, Nikkei Asia reported Tuesday, citing Finance Minister Purbaya Sadewa.The companies under scrutiny include Wilmar Group (SGX:F34), Musim Mas and Salim Ivomas (IDX:SIMP), according to Purbaya, who said authorities had identified discrepancies in export volumes and transaction values, the news outlet reported.Purbaya alleged some exporters used Singapore-based trading firms to report export prices at roughly half their actual value, describing the practice as a form of smuggling and under-invoicing as much as 50%, according to the report.He said authorities have so far investigated 20 companies, with larger firms prioritized for enforcement action. The government is also using artificial intelligence tools to identify additional cases, Nikkei Asia reported.Wilmar, Musim Mas and Salim Ivomas did not immediately respond to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Worley (ASX:WOR) said its unit Worley Rosenberg has been awarded a contract by Subsea7 for the fabrication of subsea structures for Equinor's Fram Sør development in the northern North Sea in Norway, according to a Wednesday Australian bourse filing.The company said Worley Rosenberg will fabricate a total of 34 subsea structures, mainly comprising pipeline end manifolds, pipeline end terminations, and pig launchers and receivers, with the project starting immediately and steel cutting planned for June.At peak, the Fram Sør project is set to engage over 80 employees at Worley Rosenberg across project management and fabrication disciplines, it added.