Corrected: NNA Asia top stories Monday, Oct. 29

29, Oct. 2018

――Corrects currency to yuan from won in second story

TOKYO, NNA – The following are the top stories from NNA Asia for Monday, Oct. 29.

Hitachi to tender offer to buy Taiwan elevator maker Yungtay Engineering

TAIPEI, NNA – Japanese manufacturer Hitachi, Ltd. said last week it will tender an offer to buy all issued shares of Yungtay Engineering Co., a leading elevator and

escalator maker in Taiwan.

The takeover bid for NT$60 ($1.94) per share is aimed at boosting Hitachi’s industrial product competitive edge in China and other growing Asian markets.

Pending approval by Taiwanese authorities, Hitachi plans to finish the process in 2019. Hitachi owns 11.7% of shares in Yungtay. The cost of buying all the remaining shares is estimated at about NT$21.6 billion.

China Jan-Sept industry net profit +14.7% y/y, slowing from +16.2% in Jan-Aug

BEIJING, NNA - The combined net profit of China’s industrial companies rose 14.7% on year to 4.97 trillion yuan ($716 billion) in the January-September period after growing 16.2% in the first eight months of the year, with the pace of increase decelerating for the third consecutive period, the National Bureau of Statistics said last week.

Malaysia automaker Proton says X70 SUV has 10,000 bookings since early Sept

KUALA LUMPUR, NNA – Malaysian carmaker Proton Holdings Bhd. has received over 10,000 bookings for the Proton X70 sport utility vehicle since early September, the company said in a statement on Saturday.

The SUV is the first to be developed jointly by Proton and China’s Zheijiang Geely Group Holding Co., which owns 49.9% of the Malaysian firm.