Baltrans raises HK$250m in first syndicated loan Hong Kong-based logistics company Baltrans Holdings yesterday raised HK$250 million through its first syndicated loan. A consortium of 10 banks, including BNP Paribas, arranged the loan, which will be used for further overseas acquisitions. The facility was increased from HK$200 million due to a strong response. Baltrans, 20 per cent owned by Japanese logistics company Mitsui, aims to increase its European business and is looking to buy freight-forwarding firms in countries such as Spain and France. Charlotte so Conversion lifts Next Media chief's holding Next Media chairman Jimmy Lai Chee-ying converted 920 million preference shares into the same amount of new shares at the conversion price of HK$1.75 each yesterday, according to an announcement. After the conversion of preference shares, Mr Lai's holding in the company increased to 73.93 per cent from 57.86 per cent. The preference shares were part of the consideration for the company's acquisition of assets such as Apple Daily and Next Magazine from Mr Lai in September 2001. Next Media shares rose 0.48 per cent to close at HK$4.21 yesterday. Frederick Yeung HK fund managers put HK$4.4 trillion to work Hong Kong's fund management industry grew by 25 per cent year on year last year to reach HK$4.42 trillion, thanks to the mainland's rapid economic growth, Financial Secretary Henry Tang Ying-yen said. 'Hong Kong is well placed to tap into this huge pool of savings and offer our first-class wealth management services,' Mr Tang said at yesterday's opening of the Financial World Expo 2006 organised by the Institute of Financial Planners of Hong Kong. 'With the general public's increasing awareness of the importance of early retirement planning and substantial growth in personal wealth in the region, we can see growing demand for wealth management and related services.' The three-day event, the third hosted by institute, is expected to attract 30,000 visitors, up from 24,000 last year. Enoch Yiu MTR considers funding options for new line MTR Corp is keeping an open-mind on any form of government funding on the proposed three-kilometre, HK$7 billion West Island rail line project, chief executive Chow Chung-kong says. Mr Chow said the corporation and the government were discussing forms of funding such as direct cash subsidies of about half of the total cost and the right to redevelop the former police quarters site on Ka Wai Man Road. Government support would help the firm achieve a return equivalent to between 3 and 5 per cent plus MTR's weighted average cost of capital which it promised to minority shareholders in its 2000 listing. Denise Tsang DBS enters the fray with mortgage offer DBS Bank (Hong Kong) has joined the latest mortgage war after moves by HSBC and Bank of China (Hong Kong) to offer interest payment waivers for new home loans. But rather than waivers, DBS is offering mortgages at the prime lending rate minus 3.9 percentage points - or 4.35 per cent in real terms - for the first year and prime minus 3 percentage points thereafter. Market watchers said the scheme is similar to the prime minus 3 percentage points with a 0.9 per cent cash rebate or the interest payment waiver offered by HSBC and BOCHK. DBS also offers a mortgage rate scheme of prime minus 3 per cent for the full term with a cash rebate of 0.9 per cent, and an offer of Hong Kong interbank offered rate plus 0.6 per cent with 0.9 per cent cash rebate. Maria Chan Sun Hung Kai increases quality healthcare stake Sun Hung Kai & Co, one of the largest brokers in the city, has spent HK$99.9 million to exercise warrants and increase its stakes in Quality Healthcare Asia to 51.04 per cent, from 34.05 per cent. The move has triggered the takeover code requirement that the broker now make a general offer of HK$382.3 million to buy out all the other shareholders at HK$3.25 per share, the same as the price of the warrants. The offer price represents a 16.6 per cent discount to Quality Healthcare's closing price of HK$3.90 on September 29. Quality Healthcare's shares dropped to HK$3.80 when they resumed trading yesterday. Enoch Yiu
