Friday, May 16, 2008

Asia Cement sets HK IPO price

Asia Cement (China) Holdings, a mainland subsidiary of Taiwan-based Asia Cement Corp, has set the price for its IPO in Hong Kong at HK$4.95 per share, close to the low end of the indicated price range of HK$4.85-6.45, due to the weak market sentiment.

The company expects to raise up to HK$1.86 billion by selling 375 million shares in the Hong Kong stock market, and has assigned BNP Paribas and ABN Amro to arrange the sale.

The shares will start trading next Tuesday.

The company's cement clinker production facility in Sichuan was reportedly affected by the recent earthquake.

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