The listing will comprise all its ordinary shares, including new shares to be issued.
It will undertake a global offering which may comprise of:
* new shares,
* existing shares held by a selling shareholder; and
* additional new shares upon the exercise of an over-allotment option.
The number of offer shares and additional shares to be issued, and the offer price for the invitation shares, are yet to be determined.
A special general meeting will be held by the company at a later date to seek shareholders' approval on the proposed listing and the issue of new shares.
China Kangda shares were listed on SGX in 2006 at 46 cents, far higher than the post-IPO price despite rising profitability in the last two years.
|Net profit (RMB ‘000)||15,823||30,048||79,877||86,791||109,852||30,055 (+56.3%)|
”The trend is coming. PRC companies listed on SGX, who are tired of the low valuations here, will seek a listing on other stock exchanges,” noted a market participant.
A recent case in point is Midsouth, which has proposed to delist voluntarily from SGX.