Machinery: Company seeks HK listing
(Shenzhen Daily)
Updated: 2006-04-14 15:12
Shanghai Prime Machinery Co., a unit of State-owned Shanghai Electric (Group)
Corp., will raise up to HK$1.26 billion (US$162.58 million) in an initial public
offering (IPO) in Hong Kong to fund an expansion of its precision industrial
component manufacturing business.
The firm will sell 600.6 million new shares, or 44.6 percent of its enlarged
share capital after the offering, with an IPO price range of HK$1.70 to HK$2.10
a share.
Of the IPO, 90 percent of the shares will be offered to international
investors, with the remainder in Hong Kong. Shanghai Prime Machinery produces
screws, fasteners, bearings, large turbine blades, electric wires, cables and
ship cranks.
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