Port builder eyes HK IPO
27 November 2006
China's top port builder, China Communications Construction Co, plans to raise up to US$2.1 billion in a December listing in Hong Kong, Reuters reported, citing a source familiar with the deal. The state-owned company, which will launch a marketing roadshow on November 28, is offering 3.5 billion shares at a price range of US$0.44-US$0.59 per share, representing 13 to 18 times its 2006 prospective price to earnings multiple. The company plans to earmark US$240 million worth in shares to three investors, including China Life Group, New World Development chairman Cheng Yu-tung and Singapore's GIC Direct Investments.The offering is being sponsored by UBS, Merrill Lynch and BOC International.
