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Nikkei Markets

SINGAPORE PRESS: News Headlines On Tuesday, January 9

By Singapore Newsroom
Nikkei Markets
SINGAPORE (Jan 09) -- Heres a roundup of local news:

*Zurich Insurance sells Singapore life assurance business

Zurich Insurance is selling its Singapore life assurance business, with policies providing $4.5 billion of coverage, to Singapore Life as part of the Swiss groups overhaul under Chief Executive Mario Greco. Singapore Life said it will become responsible for all the life, critical illness and disability policies of Zurich Life Singapore customers in the Asian country, with the transfer expected to be completed in the first half of 2018. Terms of the deal were not disclosed. - Reuters

*Noble Group sells power, gas unit to Mercuria for $168 mln, less than planned

Troubled Asian commodity merchant Noble Group said on Monday the final price for the sale of its American power and natural gas unit to rival trading house Mercuria was $168 million. The original amount for the sale was to be around $250 million. - Reuters

*Singapore seeks assistance to move as expeditiously as possible on Keppel O&M case: Indranee

The Governments intention is to move as expeditiously as possible on investigations relating to Keppel Offshore & Marine and the Attorney-General's Chambers has sought assistance for evidence from authorities in other jurisdictions, said Senior Minister of State for Finance and Law Indranee Rajah in Parliament on Monday. Indranee was responding to questions from Members of Parliament about the international bribery scandal that has engulfed the rig-building unit of local conglomerate Keppel Corp. - Channel News Asia

*TEE International, TEE Land flag loss for Q2, half-year

Mainboard-listed TEE International and its subsidiary TEE Land issued profit guidances warning they expect a loss for the second quarter and half-year ended Nov 30, 2017, based on a preliminary assessment of their unaudited second quarter and half-year financial results. The loss was mainly attributed to an impairment loss of S$6.2 million on the proposed disposal of the group's shareholding in its 31.88 per cent owned Thai associate, Chewathai Public Company Limited as announced on Dec 20, 2017; as well as an impairment loss of S$1.8 million for the unsold units in Peak I held by its subsidiary, TEE Land Limited. - The Straits Times

*TIH gets 57 cents per share offer from Argyle fund and Lippo group bidco

TIH has received a voluntary unconditional offer from Kaiser Union for all the shares it does not own at 57 cents each. Kaiser Union is the bidding company or bidco of joint offerors Premier Asia, an entity wholly-owned by Lippo China Resources, and Alexandra Road Limited, an entity jointly-owned by funds managed by and including Argyle Street Management Limited. Of the 57 cents, 12.5 cents will be paid in cash and 44.5 cents will be paid by the issue of up to $49.3 million three-year senior unsecured 2.25% notes. - The Edge Markets
- By Singapore Newsroom;; +65 6331 6250
- Edited by Glen Nicol Perkinson
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- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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