atans1

Asean round-up

In Casinos, Temasek on 08/06/2013 at 9:27 am

Thais love debt: CP All, the Thai retailer controlled by tycoon Dhanin Chearavanont, borrowed $6 billion in May to fund a $6.6 billion takeover of Siam Makro, the Thai cash-and-carry group. Low interest rates and the hidden value in Siam Makro’s property portfolio mean the purchase can support hefty borrowing without any synergies. And in January another Thai tycoon, Charoen Sirivadhanabhakdi, won the battle for control of Fraser and Neave with a debt-heavy $11.2 billion offer based largely on breaking up the Singaporean conglomerate.

1997/1998 again? Both had problems then, esp the former.

Easy come, easy go:The main Philippines equity index has tumbled 11% and the Thai index 8.4%  since May 22 when the Fed’s chairman talked of restraining QEIII. Still up on the yr, unlike S’pore.

Convert to gambling and the Philippines? Fullerton Fund Management Company (FFMC), a subsidiary of Temasek Holdings, has bought a 5.02% stake in Melco Crown Philippines Resorts Corp.

FFMC has acquired 222.2 million Melco shares, according to the company, which is listed on the Philippine Stock Exchange.

Melco is the Philippine unit of Nasdaq-listed Melco Crown Entertainment, which is backed by Lawrence Ho, a relative of Macau casino mogul Stanley Ho.

BBC discovers Burma

http://www.bbc.co.uk/news/business-22721804

http://www.bbc.co.uk/news/business-22781224

http://www.bbc.co.uk/news/business-22776521

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