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China's Food Company Announces Listing on SGX
People's Food Holding Ltd, one of China's largest meat products manufacturers, announced here Thursday its proposed listing on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST).
The private-owned group, launched in 1994 and incorporated in Bermuda in August 2000, operates four production bases respectively in Shandong, Sichuan, Hunan and Inner Mongolia and markets throughout most part of China its "Jinluo" brand products comprising processed meat, low temperature meat, frozen and fresh pork, pig-by products and frozen chicken.
Data prepared by placement agent for offering Vickers Ballas & Co Pte Ltd shows that the group's turnover in 2000 was estimated at RMB 3.2 billion (388 million U.S. dollars) and profits before and after tax are expected at RMB 500 million (60.7 million U.S. dollars and RMB 408 million (49.5 million U.S. dollars) respectively.
According to the announcement at a press conference Thursday, a total of 142.5 million invitation shares, including 120 million new shares and 22.5 million vendor shares, were offered at a price of 0.45 Singapore dollars each and the new shares will, upon issue and allotment, rank pari passu in all respects with the existing issued shares.
Out of the total invitations shares, 129.5 million placement shares are applications through application forms, five million placement shares are reserved for applications through the Internet and eight million shares are offered to the public for applications through ATMs and application forms.
The offer opened at 12 noon on March 1, 2001 and will close at 12 noon on March 12, 2001, and dealings in People's Food Holdings Ltd's shares are expected to commence on the SGX Mainboard on March 14, 2001. Vickers Ballas & Co Pte Ltd is the manager, underwriter and placement agent for the offering.
The group's Executive Director Ming Kansing told the press conference that his group is the largest producer of meat products in China and the "Jinluo' brand is among the top 10 brands in China for meat products in 1999-2000.
He also said that his group processed 3.2 million pigs and 7.5 million chickens in 2000 and is certified by China's Food Industry Association to be leader in the first half of the year 2000 in terms of the number of pigs slaughtered.
Zhou Liankui, another executive director, told the press conference that he is confident that his group's listing will be a success because China's economy is in good and healthy shape and his group's foundation is strong, adding his group will be among the top 50 on the SGX in terms of share value after being admitted to the official list of the SGX-ST.
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