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China Communications Construction cuts IPO by 75%
By Ding Yining |
January 31, 2012, Tuesday
|
Online Edition
Online Edition
CHINA Communications Construction Co Ltd has cut the size of its initial public offering by 75 percent in an effort to raise capital in a sluggish market.
Communications Construction, the country's largest builder of ports, roads and bridges, said it plans to raise 5 billion yuan (US$794 million) to fund its purchase of engineering vessels and machinery, according to a filing to the Shanghai Stock Exchange.
In its initial prospectus to the China Securities Regulatory Commission last year, the constructor said it plans to sell as many as 3.5 billion yuan-denominated shares to raise up to 20 billion yuan.
The company said it will begin roadshows for its Shanghai listing tomorrow and will decide on its price range on February 13.
The Hong Kong-listed China Communications Construction, 70.1 percent owned by its parent China Communications Construction Group, estimates its net profit for 2011 will grow by 20 percent to 11.4 billion yuan.
After the Shanghai listing, China Communications Construction will merge with Shanghai-listed Road & Bridge International Co, another subsidiary under China Communications Construction Group through a share swap.
New China Life Insurance Co Ltd, the country's third-biggest life insurer, last month also cut its IPO size due to poor market performance.
The share price of China Communications Construction fell 1.64 percent to HK$7.21 in Hong Kong today, against a 1.14 percent rise of the Hang Seng Index.
Communications Construction, the country's largest builder of ports, roads and bridges, said it plans to raise 5 billion yuan (US$794 million) to fund its purchase of engineering vessels and machinery, according to a filing to the Shanghai Stock Exchange.
In its initial prospectus to the China Securities Regulatory Commission last year, the constructor said it plans to sell as many as 3.5 billion yuan-denominated shares to raise up to 20 billion yuan.
The company said it will begin roadshows for its Shanghai listing tomorrow and will decide on its price range on February 13.
The Hong Kong-listed China Communications Construction, 70.1 percent owned by its parent China Communications Construction Group, estimates its net profit for 2011 will grow by 20 percent to 11.4 billion yuan.
After the Shanghai listing, China Communications Construction will merge with Shanghai-listed Road & Bridge International Co, another subsidiary under China Communications Construction Group through a share swap.
New China Life Insurance Co Ltd, the country's third-biggest life insurer, last month also cut its IPO size due to poor market performance.
The share price of China Communications Construction fell 1.64 percent to HK$7.21 in Hong Kong today, against a 1.14 percent rise of the Hang Seng Index.
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