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BBMG plans IPO in Hong Kong

(China Daily)
Updated: 2009-07-07 16:41

Related readings:  China building material costs up in April  China National Building Material plans $146m cement JV  China's building-sector SOEs link up to weather financial turmoil

BBMG Corp, one of China's top construction materials makers, plans to raise about $700 million in a Hong Kong initial public offering.

BBMG plans to sell 933.33 million shares with an over allotment of up to 140 million shares at prices to be determined later.

Three-quarters of the proceeds will be used to fund its expansion plans with remainder to repay bank loans and for working capital, according to a term sheet released yesterday.