Monday, 9 November 2009

JSM climbs after notice on crucial Nov 26 vote

(Posted by CAAI News Media)

Monday, 09 November 2009 15:00 Steve Finch

JSM Indochina’s stock climbed 6.72 percent Friday on the London Stock Exchange to close at £0.675 (US$1.12) following an announcement that shareholders would be given the chance to vote later this month on the direction of the firm following a long-running internal dispute over investment activities in Cambodia and Vietnam.

The stock was still down 6.25 percent last week despite the rebound, which came after shareholders were told they could vote on six resolutions put forward by stakeholder Passport LLC – including a call for the removal of JSM’s three directors – which alleges overly slow investment in the region’s property sector. Another resolution proposed the speedy return of capital to shareholders.

Investors are scheduled to hold an extraordinary general meeting November 26 in London to consider the proposals, the notice said.

Shares in Vimpelcom recorded another strong run finishing up 8.87 percent last week on the Nasdaq despite closing down 1.21 in Friday trading at $19.52. The Moscow-based company, owner of mobile brand Beeline, announced November 2 it would pay $324 million in interim dividends.

The firm’s shares have hit repeated year-highs in New York in the past two months after investment firms including Deutsche Bank upgraded the stock to buy, and its two main investors – Altimo and Telenor ASA – last month settled a long-running legal dispute in Russia.

The mining sector endured another difficult week as OZ Minerals and Southern Gold – owners of Cambodia precious metal concessions – both saw stock prices fall.

OZ Minerals climbed 1.29 percent to A$1.17 (US$1.08) on the Australian Stock Exchange (ASX) at the close Friday resulting in a 2.08 percent fall overall last week. Southern Gold likewise climbed 5.43 percent Friday on the ASX, but was still down 3 percent at A$0.0097 over the past five days’ trading.

Melbourne-based Transol Corporation Ltd, operator of gold and bauxite concessions in Mondulkiri, was up 11.11 percent Friday in Sydney, which left it unchanged for the week at A$0.01.

Over-the-counter stock Elray Resources Ltd, owner of local subsidiary Angkor Wat Minerals Ltd, also finished the week at the same price, $0.19, following a 5 percent fall Friday.

Chevron, which remains locked in negotiations with the government over a production agreement for offshore Block A, climbed 0.38 percent Friday to $77.53 to finish up 1.29 percent over the past five days trading.

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