CHINA / Companies |
Shenhua eyes US$6.3b Shanghai listing(Reuters)Updated: 2007-07-03 09:10 Shenhua Energy Co. Ltd. , China's top coal producer, said it planned to sell up to 1.8 billion shares in a Shanghai listing, raising capital to help acquire assets in China and overseas. The A shares could be worth HK$49.1 billion (US$6.3 billion), based on the company's Hong Kong share price of HK$27.30 on Friday, according to Reuters calculations. Shenhua said in a statement the net proceeds would also be used to invest in the firm's coal, power and transportation sectors as well as strengthen its working capital base.
The company also said it plans to buy a coal and a power unit from its parent for a total 3.3 billion yuan ($434 million). The company will buy a 100 percent stake in Shendong Coal and Shendong Power from its parent Shenhua Group in a cash deal, the company said in a statement. |
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