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VN miner shares rise

VN miner shares rise

STOCKS ROUNDUP

Hoang Anh Gia Lai’s share price jumped 13.77 percent last week on Vietnam’s HSX exchange after it said Tuesday it expected revenues from its Cambodian and Laotian iron ore concessions would help boost pretax earnings 57 percent next year.

“It’s very easy to see that the big profit sources in 2010 will be mining iron ore,” the firm said, adding that hydroelectric projects will also contribute. Hoang Anh Gia Lai controls an estimated 30 million tonnes of iron ore reserves in Cambodia and 20 million tonnes in Laos.

Shares closed at US$4.14 in Ho Chi Minh trading Friday.

Asahi Breweries Ltd briefly set a 52-week high of $18.91 on Tuesday before ending the week down 0.6 percent at $18.72 in Tokyo trading.

The firm said in December that it aimed to increase Asian market share partly through acquisitions and by strengthening ties with China’s Tsingtao Breweries Ltd. It repositioned its flagship beer as a “premium” product in Cambodia this month.

Trading in JSM Indochina remains frozen on London’s AIM exchange at US$0.66 until a new adviser is appointed by the firm. The previous adviser stepped down after a December 7 meeting that saw shareholders replace half of the board of directors and vote to expedite the return of uninvested capital.

The listed fund’s manager said Wednesday he had recommended returning $103 million in uninvested capital, but expressed reservations.

“Two years from now that money will be doubled. But democracy prevails: The vote was made; they want the cash,” he said.

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