OOIL and Li Ka-shing break ties with share sale
Orient Overseas International (OOIL), Hong Kong Chief Executive Tung Chee-hwa's family shipping firm, has bought back 9 per cent of its shares from two companies controlled by tycoon Li Ka-shing for HK$460 million. In a deal announced late Thursday night, OOIL re-bought the shares at $9.80 each, ending an 11-year association between OOIL and Mr Li.
China Huaneng to buy coal from Shenhua
China Huaneng Group - the country's largest independent power producer and parent of H share Huaneng Power International - will make long-term purchasing agreements with China's largest coal miner, Shenhua Group, China News Agency reported. The companies will also co-operate to develop Shenhua's coal mines for supply to Huaneng's new power plants. China Huaneng earlier signed a similar pact with China Coal Group.
Cash group down 53pc
Securities brokerage CASH Financial Services Group yesterday posted an interim loss of $12.4 million, down 53.5 per cent from $26.8 million for the same period last year, due to the poor performance of Hong Kong stocks. Turnover dropped 46.7 per cent to $59.7 million in the first six months of this year, compared with $111.9 million a year ago.
