Stocks News
- No concrete overseas listing plan: Baosteel
Date: 15-Jan-2007 Sources: (Shenzhen Daily)
BAOSHAN Iron and Steel Co. (Baosteel), China's largest steelmaker, said Friday it had no concrete plans to list overseas and has not kicked off preparations for it.
Baosteel issued the statement after Reuters reported Wednesday that it is preparing to list in New York and it has launched a search for international accountants and lawyers to help it meet U.S. listing standards.
Global investment banks have started pitching Baosteel to underwrite the offer, banking sources said. This was later confirmed by the Shanghai Securities News and other domestic newspapers, citing Baosteel sources.
Baosteel has considered an overseas listing at various times over more than half a decade, but each time suspended such plans due to stock market or industry conditions.
Baosteel said in a statement that it would not exclude the possibility of an overseas listing and bringing in strategic investors, but no firm plans had been drafted.
'So far, Baosteel has not yet launched preparatory work for an overseas listing and it also does not have any concrete proposals on how to start it,'the statement said, adding that Baosteel first made public its interest in an overseas listing in 2000 when it listed in Shanghai.
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