Tycoon Lee Shau-kee, chairman of Henderson Land Development Co Ltd, subscribed US$100m worth of new shares of China Resources Cement, which plans to launch its initial public offering in Hong Kong on September 21, the Wall Street Journal reported.
China Resources Cement, the largest cement producer in Southern China, expects to offer 1.64 billion shares to raise between HK$5.24 billion and HK$6.39 billion from the IPO and will use the funds to increase its clinker and cement production capacity and to expand its operations in Guangdong, Guangxi, and Fujian Provinces, according to the report.
The cement producer has set a price range of HK$3.20 to HK$3.90 per share. Trading in the shares is scheduled start on Oct. 6. Credit Suisse and Morgan Stanley are reportedly joint book runners of the IPO. China Resources Cement is owned by state-run China Resources (Holdings) Co.