HK bourse oks China Resources Power IPO plan - source
( 2003-10-06 13:43) (Dow Jones News)
China Resources Power Holdings Co.'s plans for a US$300 million to US$350
million share sale have received approval from the Hong Kong stock exchange, a
person familiar with the deal said Monday.
The company, a unit of China Resources (Holdings) Co., plans to offer around
900 million shares, representing 25% of its enlarged share capital, for listing
on Hong Kong's main board as a red chip, the person said.
It will allocate 90% of the offer to international institutions, and 10% to
Hong Kong retail investors, which could be increased to up to 50% if demand is
strong, the person said.
The sale also carries an overallotment option equivalent to 15% of the shares
offered, the source said.
The Hong Kong initial public offering may open on Oct. 30 and the shares are
tentatively scheduled to start trading on Nov. 7, he added.
Proceeds from the sale will mainly be used to fund the construction of eight
new power projects, which will begin to operate in stages during 2004 and 2005.
By 2005, China Resources Power's generation capacity will expand to 4,500
megawatts from nearly 2,000 MW currently.
|
