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First Tractor gets green light to list in Shanghai
By Richard Fu |
July 17, 2012, Tuesday
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Print Edition
Print Edition
FIRST Tractor Co, China's leading agricultural machinery maker, said it has received regulatory approval to issue up to 150 million A shares for a Shanghai listing.
The company plans to raise 1.15 billion yuan (US$180 million). The book-building process starts today and the company will fix an issue price on July 25.
First Tractor said it will use the proceeds of the share sale to fund new projects and technical upgrades worth 1.15 billion yuan.
The company, based in Luoyang, Henan Province, is already listed in Hong Kong.
Its chief competitors include Foton LOVOL International Heavy Industry Co, Changzhou Dongfeng Agricultural machinery Group and John Deere Tiantuo Co.
First Tractor posted a net profit of 457.5 million yuan last year, down from 562 million yuan in 2010.
The company plans to raise 1.15 billion yuan (US$180 million). The book-building process starts today and the company will fix an issue price on July 25.
First Tractor said it will use the proceeds of the share sale to fund new projects and technical upgrades worth 1.15 billion yuan.
The company, based in Luoyang, Henan Province, is already listed in Hong Kong.
Its chief competitors include Foton LOVOL International Heavy Industry Co, Changzhou Dongfeng Agricultural machinery Group and John Deere Tiantuo Co.
First Tractor posted a net profit of 457.5 million yuan last year, down from 562 million yuan in 2010.
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