Asia Cement Corp (亞泥), 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 (亞泥中國控股), 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 (黃健強), 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.
Dutch brewing company Heineken NV yesterday said that it has reached an agreement to acquire a subsidiary brewery of Taiwan’s Sanyo Whisbih Group (三洋維士比集團). Heineken is to assume majority ownership and management rights of the Long Chuan Zuan Co (龍泉鑽興業) brewery in Pingtung County’s Neipu Township (內埔), the Dutch company said. It would become the first multinational brewing company to operate brewery in Taiwan once the acquisition is completed. The deal has been approved by the Ministry of Economic Affairs’ Investment Commission, but details of the financial transaction cannot be disclosed at this time, as terms of the settlement have not been completed,
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