Shanxi Taigang Stainless Steel (SHE:000825) will contribute its stake in Baowu Water Technology to Baowu Group Environmental Resources Technology as part of a major related-party transaction.
The company's 11.837% interest in Baowu Water Technology is valued at about 361.8 million yuan.
Following the capital injection, Shanxi Taigang Stainless Steel will hold 3.91% of Baowu Environment, which will see its registered capital rise to 1.04 billion yuan.
RFM (PSE:RFM) expects only temporary disruption from the Iran war, despite rising oil prices and supply chain pressures, Nikkei Asia reported Thursday, citing an interview with the food and beverage company's president and CEO Jose Concepcion III.Speaking to Nikkei Asia in Tokyo during Philippine President Ferdinand Marcos Jr.'s state visit to Japan, Concepcion said RFM had become more resilient since the COVID-19 pandemic. He acknowledged rising wheat and fuel costs but said the company was absorbing much of the increase instead of fully passing it on to consumers, according to the report.He told the news outlet that while the company's bottom line may take a hit, it has ample cash reserves.(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.)
After the choppy trading session, Japanese shares extended its opening losses to close in the red on Thursday as the news of a fresh US military strike on Iran and Kuwaiti reports of missile attacks hit investor sentiment.The Nikkei 225 closed down 306.29 points, or 0.5%, at 64,693.12.News reports quoting US officials said the Central Command forces shot down four Iranian drones that were seen as a threat near the Strait of Hormuz. The US military is also reported to have hit an Iranian ground control station in Bandar Abbas.Investors are also cautious of the US inflation data that may weigh heavy on bonds and interest rates.On the domestic front, Japan's major exports to the Middle East plunged in April amid the ongoing war in the region, according to trade statistics released by country's finance ministry on Thursday.Major exports from the country, including cars and steel pipes, to the Middle East region, fell by 55.8% in value year on year to 138.695 trillion yen in April, affected by the prolonged closure of the Strait of Hormuz.On the corporate side, six Toyota Motor (TYO:7203)-affiliated auto suppliers, including Denso (TYO:6902), plan to spend a combined 1.16 trillion yen on research and development for the fiscal year ending March 2027, Nikkei Asia reported Thursday, citing company officials.Also, Sojitz (TYO:2768) plans to bid for public sector projects worth over $6 billion in Australia as part of a bold push into new markets, Nikkei reported on Thursday, citing Sojitz executive Takefumi Nishikawa.
Thailand's industrial production index stood at 92.76 in April, down 15.12% from May, the country's Office of Industrial Economics said Thursday.Compared with the previous year, industrial production was 0.36% lower due to pressures from the Middle East tension, fewer foreign tourist arrivals, and persistently high household debt.