China Resources Cement seeking up to US$824m in IPO

China Resources Cement seeking up to US$824m in IPO
Published: 15 September 2009

China Resources Cement Holdings Ltdplans to raise up to US$824m in an initial public offering ahead of its listing in Hong Kong on Oct. 6, according to a term sheet seen by Dow Jones Newswires on Tuesday.

The cement producer, which is a unit of state-run China Resources (Holdings) Co., plans to sell 1.64 billion shares in an indicative price range of HK$3.20- HK$3.90 each, with an option to sell an additional 246 million shares depending on demand, the term sheet said.

The company plans to use the proceeds to build cement production lines in the Chinese cities of Fengkai, Fuchuan, Shangxi, Tianyang, Wuxuan, and Shantou, the term sheet said.