Agri-Industries plans HK IPO
By Wan Zhihong (China Daily)Updated: 2007-02-27 09:11
China Agri-Industries Holdings, the nation's largest processor of crops, plans to raise as much as HK$2.6 billion in an initial public offering on the Hong Kong stock exchange.
The company, a unit of Hong Kong-listed COFCO International Ltd, will sell 697 million new shares, said sources close to the deal, who declined to be named.
The shares are being offered at between HK$3.10 and HK$3.72 apiece, said COFCO International in a statement to the Hong Kong stock exchange yesterday.
Sources said Bank of China International (Holdings) Ltd and Goldman Sachs Group Inc are managing the sale. The shares will be priced on March 14 and begin trading on the Hong Kong stock exchange on March 21.
Last October COFCO International revealed a long-awaited corporate restructuring plan, saying it will concentrate on branded food and beverage operations.
The company said it will spin off its agricultural business, which is engaged
in biofuel and biochemicals, oilseed processing, rice trading and brewing
businesses.
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