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Chemical contractor offers IPO

CHINA National Chemical Engineering Co plans to raise up to 6.7 billion yuan (US$981 billion) in a Shanghai initial public offering to replenish working capital and buy production equipment.

The major chemical project contractor said it planned to sell no more than 1.233 billion shares at 4.9 yuan to 5.43 yuan per share, representing 40.83 times to 45.25 times its 2008 earnings per share, the Beijing-base company said in a statement filed to Shanghai Stock Exchange.

The share sale accounts for 25 percent of its enlarged capital base while the offer price allows it to raise between 6.04 billion and 6.70 billion yuan,

China National Chemical, which competes with China State Construction Engineering Corp and Metallurgical Corp of China, said the proceeds will be used to buy production equipment, build an information system and supplement working capital for a major engineering project.

First-half profit reached 412 million yuan while full-year profit for 2008 wass 634 million yuan, according to the company.


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