• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

New Century Shipbuilding Cancels $483 Million IPO in Singapore

Watchman

Alfrescian
Loyal
New Century Shipbuilding Cancels $483 Million IPO in Singapore
Bloomberg
May 04, 2010, 7:38 PM EDT

By Michael Tsang

May 5 (Bloomberg) -- New Century Shipbuilding Ltd., the fifth-largest shipbuilder in China, canceled a S$666 million ($483 million) initial public offering that would have been this year’s biggest IPO in Singapore.

The company “intends to review the situation” and will consider restarting its IPO in the “near future,” without giving a reason for withdrawing, according to a statement on the Singapore Exchange Ltd.’s website yesterday. New Century, based in Jingjiang in southeastern China, was scheduled to sell 560 million shares at a maximum price of S$1.19 each today, the company’s prospectus and Bloomberg data showed.

The IPO would have given New Century a market value of S$5.31 billion. The company initially sought as much as S$1.5 billion ($1.1 billion), two people with direct knowledge of the matter said last month. The original amount in U.S. dollars would have been the largest ever by a Chinese company in Singapore, according to data compiled by Bloomberg.

UBS AG of Zurich was hired to lead the sale.

New Century shelved the offering as concern the European sovereign-debt crisis is spreading to Spain and Portugal roiled equity markets. Moscow-based UralChem Holding Plc and Grupo T- Solar Global SA of Madrid have postponed IPOs, and companies from Excel Trust Inc. in San Diego to Milwaukee-based Douglas Dynamics Inc. have reduced initial sales in the past two weeks.


--Editors: Daniel Hauck, Chris Nagi.

To contact the reporter on this story: Michael Tsang in New York at [email protected].

To contact the editor responsible for this story: Daniel Hauck at [email protected].
 

Watchman

Alfrescian
Loyal
New Century Shipbuilding pulls out its IPO from SGX

ChannelNewsasia.com - 10 hrs 18 mins ago

pc_large_image.jpg


SINGAPORE : Chinese shipbuilder New Century Shipbuilding has decided to pull out its initial public offering (IPO) after launching the share offering last Friday.

The IPO would have been the largest local listing on the Singapore Exchange (SGX) this year.

The company had planned to raise S$666.4 million through the issue of 560 million shares at S$1.19 a piece.

Still, the size of the share offering had been slashed from an initial planned issue of 1.46 billion shares to raise US$1.2 billion. This was due to adverse market conditions caused by the crisis in the Eurozone, according to wire reports.

In a filing with the SGX, the company said it plans to review the situation and will consider listing on the SGX at an appropriate time in the near future.

All applications are withdrawn and cancelled and application monies will be refunded to applicants within three days of the announcement by crediting the sum to their bank accounts or by post.

New Century Shipbuilding is China's fifth largest shipbuilder in terms of its orderbook, which stands at US$5.2 billion.

The planned IPO would be the third in Singapore by a Chinese shipbuilder and the share offering is nearly 60 per cent more than Yangzijiang Shipbuilding's IPO in 2007.

New Century Shipbuilding had also scrapped plans to go public here in 2008 due to the global economic slump.

With estimated net proceeds of S$638.2 million from the IPO, the company intended to use S$276.6 million to improve its shipyards' manufacturing capacity.

Another S$235.7 million of the proceeds would go towards expanding steel structure production and S$125.9 million for the construction or acquisition of offshore vessel manufacturing facilities.

New Century Shipbuilding reported profits of US$343.9 million last year, with revenue standing at US$1.63 billion - an increase of 5.5 per cent compared to its revenue in 2008.
 
Top