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singeaster LV
发表于 22-10-2010 11:02:42
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Anchun International Holdings. Priced at 28 cents/share, there would be 130 million shares offered--of these, only 2 million are for public subscription.
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CHEMICAL systems engineering and technology solutions provider Anchun International Holdings has announced an initial public offering of 130 million shares at 28 cents each for a listing on the main board of the Singapore Exchange.
The offer comprises 105 million new shares and 25 million vendor shares, representing about 25.7 per cent of Anchun's enlarged share capital of 505 million shares.
Of the 130 million shares on sale, 2 million are available for public subscription and the remaining 128 million shares will be available by way of placement.
Anchun intends to use about $21.5 million of the IPO proceeds to expand production facilities, $3 million to enhance R&D capabilities and technology solutions and the remaining $1.4 million as working capital.
Established in 1993, Anchun provides integrated chemical systems engineering and technology solutions to the Chinese petrochemical and chemical industries.
The company says its revenue increased by 173.8 million yuan (S$34.3 million), or 143.6 per cent, from 121.0 million yuan in FY2008 to 294.8 million yuan in FY2009 due to higher-value contracts it completed after the opening of its Lusong plant in mid-2008 increased production capacity.
Anchun also says its overall gross profit margin has held steady at more than 40 per cent for the past three financial years. The IPO closes at noon on Oct 21. Anchun's shares are expected to start trading on Oct 25.
Kim Eng Corporate Finance is the manager, underwriter and placement agent for the IPO. |
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