Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
Aseana makes its debut
Dato Mohammed Azlan Hashim, chairman of Malaysia's Proton Motor group, has brought ambitious developer Aseana Properties to the Full List.
On their first day of trading, shares in Aseana, in which Malaysia's locally-quoted property development group Ireka Corporation holds 35 per cent and the investment management contract, have moved to a modest 4 per cent premium at US104 cents (53p). Dato Azlan chairs the company, for which broker Fairfax has raised the equivalent of £81 million at US$1 (50p), and confirms it is investing in 'high-grade' residential, commercial, hotel and resort developments in Malaysia and Vietnam.
Growth is buoyant at present, with Vietnam opening up fast and both countries witnessing the growth of an affluent and aspirant middle class, to which the company's upmarket 'i-ZEN' gated community developments - claiming to blend 'style, sophistication, service and soul' - are designed to appeal.
Chief executive officer Lai Voon Han says rents in Ho Chi Minh City, formerly Saigon, have risen 30 per cent in three months to the equivalent of £17 per square metre per month, while Malaysia, where Aseana's Westin Hotel development in Kuala Lumpur has won awards, is stoking the boom with tax exemptions and a lifting of borrowing curbs.
The shares could repay a long-term punt.
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