Stocks News
- Aluminum foil maker plans share sale
Date: 28-Nov-2007 Sources: (Shenzhen Daily)
XIASHUN Holdings Ltd., China's largest maker of aluminum foil used for food and drink packaging, may raise as much as HK$2.13 billion (US$273 million) from a Hong Kong initial public offering, according to two people involved in the sale.
Xiashun will sell 500 million new shares at HK$3.1 to HK$4.25 apiece, said the people, who declined to be identified before an official statement. The company will start trading in Hong Kong on Dec. 18. The range values the company at about 14 times to 20 times its 2008 estimated profit. The offered shares would account for 25 percent of the company, the people said. Xiashun is the nation's largest producer of the light-gauge aluminum foil that is used to pack food and beverages, as well as cigarettes. It was the world's fourth-biggest maker of aluminum foil last year.
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