Anchun Intl IPO

[winston]

Chemical systems engineering and technology solutions provider Anchun International Holdings has announced an initial public offering of 130 million shares at 28 cents each for a listing on the main board of the Singapore Exchange.

The offer comprises 105 million new shares and 25 million vendor shares, representing about 25.7 per cent of Anchun's enlarged share capital of 505 million shares. Of the 130 million shares on sale, 2 million are available for public subscription and the remaining 128 million shares will be available by way of placement.

Anchun intends to use about $21.5 million of the IPO proceeds to expand production facilities, $3 million to enhance R&D capabilities and technology solutions and the remaining $1.4 million as working capital.

Established in 1993, Anchun provides integrated chemical systems engineering and technology solutions to the Chinese petrochemical and chemical industries. (BT)