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Asia
Shanghai Mechanical & Electrical Industry Q1 Profit Down 12%, Revenue Slips 1%
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Asia
City Union Bank Opens Two New Branches
City Union Bank (NSE:CUB, BOM:532210) opened two new branches in India on Tuesday, bringing its total network to 973 branches, according to a same-day company filing to the Indian stock exchanges.The bank's shares were up nearly 2% in Wednesday's trade.The lender opened one branch each in the Indian states of Gujarat and Rajasthan, the filing said.
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Asia
Nam Cheong Sells Two Vessels for $37 Million
Nam Cheong (SGX:1MZ) entered into sales agreements with vessel operators in Indonesia and Egypt to sell two offshore support vessels for $36.7 million, according to a Tuesday filing with the Singapore Exchange.Shares of the shipbuilder were up nearly 2% in Wednesday trading.The transactions include a newbuild multi-purpose support vessel and one anchor handling tug supply vessel, which was slated for disposal following a charter contract completion in the first quarter of the year.The two vessels were delivered in the second quarter.Proceeds from the divestments will be redeployed to boost the company's shipbuilding activities.
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