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Asia Cement falls on report of China unit¡¦s IPO missed pricing estimate

Asia Cement Corp (¨Èªd), Taiwan¡¦s second-largest cement maker, fell by the biggest daily drop in two months in Taipei trading, after a report saying its Chinese unit¡¦s initial public offering in Hong Kong completed pricing that was lower than expected.

Shares of Asia Cement fell 6.6 percent to close at NT$51.70, its largest daily drop since March 13, in Taipei yesterday.

Asia Cement (China) Holdings Corp (¨Èªd¤¤°ê±±ªÑ), the Chinese unit of Asia Cement, completed pricing on Saturday for its initial public offering in Hong Kong at HK$4.95 per share, lower than market estimates, the Chinese-language Economic Daily News reported yesterday, without citing anyone.

Edward Huang (¶À°·±j), Asia Cement¡¦s senior vice president, did not return calls seeking comment.

Asia Cement (China) could raise as much as HK$2.42 billion (US$310 million) from selling 375 million new shares at prices ranging from HK$4.85 to HK$6.45 each in an initial public offering in Hong Kong to help fund its expansion plan, Asia Cement (China) said on May 4.

The stock will start trading next Tuesday.


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