Stocks News
- Yongcheng plans US$1.3b listing
Date: 10-Jul-2007 Sources: (Shenzhen Daily)
YONGCHENG Coal & Electricity Group Co. is aiming to list its shares in Hong Kong and Shanghai late this year to raise at least US$1.3 billion, sources close to the situation said yesterday.
Yongcheng, the biggest coal producer in Central China, has hired Swiss investment bank UBS AG to handle its dual listing, the sources said. UBS Securities (Beijing), in which UBS holds a 20 percent stake and has de facto management control, will handle the Shanghai Stock Exchange listing, while UBS's Hong Kong office will handle the Hong Kong listing, the sources added. A spokeswoman for Yongcheng said the company, which has more than 10 billion tons of coal deposits, was planning to go public but declined to comment further, while UBS could not be immediately reached for comment.
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