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SMTCL set to list in Shanghai
By Chen Zhiming, Song Lijun (China Daily)
Updated: 2007-03-13 10:43
"Though we don't have the exact date, we plan to list very soon after the annual sessions," SMTCL Chairman Chen Huiren told China Daily in an exclusive interview yesterday on the sidelines of the annual session of the National People's Congress. Wholly owned by Shenyang State-owned Assets Supervision and Administration Commission, the company announced in November it would list in Shanghai. He said more than 20 investors both from home and abroad had expressed intention to take a stake in the company. "We are currently in discussions with them," he said, declining to elaborate further. SMTCL has reportedly been attracting many top-notch investors such as Morgan Stanley, Goldman Sachs, Carlyle, Citigroup and Deutsche Bank. "If everything goes smoothly, the transfer will happen this year," Chen said. "To absorb new investors, we will diversify the company's ownership and improve our competitiveness." According to the Shenyang State-owned Assets Supervision and Administration Commission, up to 49 percent of the firm will be sold to three investors with a lock-up period of five years. International investors will hold no more than a combined stake of 30 percent. It also stated that the commission would prefer to sell stakes to large enterprises from China's top 100 manufacturers or the world's top 500 firms, or to machinery industry companies. "By luring new shareholders, we aim to introduce new business strategies and culture in line with our vision to become a leading global manufacturer," Chen said. SMTCL, regarded as China's top machine tool company, outperformed its competitors by realizing sales of 8 billion yuan last year. "We will continue to focus on both the domestic and international markets to sustain our development," he said. In the international market, it achieved sales of $100 million last year. SMTCL's international expansion has been in the headlines since 2004 when it purchased German firm Schiess AG to penetrate the European market. Renamed Schiess GmbH, the company is a wholly owned German-based subsidiary of SMTCL. "We've seen great momentum for our operation in Germany," he said. He hinted that the company would seek more opportunities to expand its business scope and research and development capabilities in Europe. (For more biz stories, please visit Industries)
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