City Developments

Property giant City Developments Limited (CDL) yesterday said it has appointed Deloitte & Touche Financial Advisory Services as its external financial adviser to assist in further evaluating and reviewing its investment in China-based Sincere Property Group.

This comes after CDL director Kwek Leng Peck resigned last month, citing disagreements with the board and management on the group's investment in Sincere, as well as its management of London-based unit Millennium & Copthorne Hotels.

CDL's board noted that it mandated the evaluation by Deloitte in view of the "challenges relating to Sincere's liquidity position".

THE BUSINESS TIMES

Gland Pharma

Gland Pharma and its shareholders are looking to raise as much as 64.5 billion rupees (S$1.18 billion) in what would be India's biggest initial public offering (IPO) by a pharmaceutical firm.

The company and existing shareholders, including Fosun Pharma Industrial, are selling as many as 43.2 million shares in the offering, according to terms of the deal obtained by Bloomberg News. The shares are marketed at 1,490 rupees to 1,500 rupees each.

At S$1.18 billion, Gland Pharma's IPO would be the largest by a pharmaceutical firm in India, way above the S$354.3 million share sale by Eris Lifesciences in 2017, according to Bloomberg.

BLOOMBERG

BMW

BMW yesterday said its third-quarter profit rose almost 10 per cent, thanks to rebounding Chinese demand for luxury cars. It reiterated its outlook, even as a wave of coronavirus infections continues to sweep Europe and the United States.

Like rival Mercedes, BMW's quarterly pre-tax profit recovered in the third quarter, rising 9.6 per cent to €2.46 billion (S$3.92 billion), lifted by an 8.6 per cent rise in deliveries of luxury cars.

The automotive Ebit (earnings before interest and tax) margin rebounded to 6.7 per cent, from minus 10.4 per cent in the second quarter and 6.6 per cent a year earlier.

REUTERS