West China Cement plans Hong Kong listing

West China Cement plans Hong Kong listing
27 July 2010

West China Cement Ltd, a London-listed cement producer based in China’s Shaanxi province, said Monday it plans to list on the Hong Kong stock exchange, in a deal media reports said could raise between US$200m and US$300m.

The company said it is looking to list between Aug. 6 and Oct. 20, but the deal depends on its "assessment of market conditions." It didn’t disclose the amount it aims to raise from its planned initial public offering in the territory.

West China said in a statement to the Hong Kong stock exchange that in the fiscal year ended Dec. 31, it had revenue of CNY1.52bn and net profit of CNY330.5m.

It said revenue in the four months ended April 30 rose 93.3% from a year earlier to CNY675.3 million, while net profit was up 69.9% at CNY154.3 million, due to "the growth of the economy in general and the construction industry in Shaanxi province."

The company said earlier this month it plans to delist from London’s Alternative Investment Market on the same day as its debut on the Hong Kong bourse.
Published under Cement News