Malaysia's production growth falls short

KUALA LUMPUR • Malaysia's industrial production in April grew 3 per cent from a year earlier, supported by strength in the manufacturing and electricity sectors, government data showed yesterday.

April's factory output growth picked up from the previous month's pace of 2.8 per cent but was below the 3.5 per cent rise forecast by economists.

However, a private manufacturing purchasing managers' index showed Malaysian factory activity in May contracting for the 14th straight month due to poor market conditions and falling demand.

REUTERS

Line to list on NY, Tokyo stock exchanges

TOKYO • Messaging app Line said yesterday it will make its stock market debut in Tokyo and New York next month, as it looks to expand on booming popularity among smartphone users in Asia.

The Japan-based firm won regulatory approval for the sale with the dual listing expected to raise as much as 113 billion yen (S$1.41 billion), including an option to sell more shares if demand is strong. The deal would value Line at about US$5.5 billion (S$7.5 billion).

Line said it expected to list its stock on July 14 in New York and July 15 in Tokyo. It will offer 13 million new shares in Japan, with another 22 million in the US.

AGENCE FRANCE-PRESSE