AAG Energy IPO

AAG Energy IPO

Postby winston » Thu Jun 11, 2015 5:09 am

not vested

AAG Energy Holdings, which taps natural gas found in coal, opens its retail book today, seeking HK$2.82 billion from its initial public offering.

The shares will be priced at between HK$3 and HK$3.70 each, representing a minimum subscription fee of HK$3,737 for a board lot of 1,000 shares.

Five cornerstone investors, including Shenzhen Tongyu Gas and Beibu Gulf Fund, have between them subscribed to shares worth US$229 million (HK$1.7 billion), representing 65 percent of the fund-raising target.

Chairman Zou Xiangdong expects the firm's market share to increase to 15 percent from 8 percent, but he says the firm will remain prudent about investing in shale gas projects given the high risk and the costs involved.

So the plan is to use 60 percent of the IPO's proceeds for exploration of energy in the Puzhuang and Mabi concessions and 35 percent for acquiring other gas concessions or joining in collaborative projects. The remaining 5 percent will be working capital.

Source: The Standard HK
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