Monday, December 20, 2010

China Fishery & Pacific Andes

China Fishery & Pacific Andes: Pacific Andes' subsidiary, China Fishery intends to dual list in Hong Kong by issuing 175m new shares and an over-allotment option of 25m shares, a total of 200m new shares. Offer price will not be at disc of more than 10% to SGX-ST mkt price and will be determined closer to offering date.HSBC and UBS will be the joint bookrunners for the HK listing. Pacific Andes' 70.2% stake will be reduced to 58.5% if 200m shares are fully issued….

… Earlier in July, China Fishery cancelled its proposed dual listing in Oslo due to poor mkt sentiment, also on back of PE firm Carlyle Grp investment of US$190m, a 13.6% stake in the co which strengthened its capital base. Listing to be strategic as co derives more than half its rev from China and shares likely to benefit.

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