| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE : Canned fruit and vegetable manufacturer Sino Grandness Food Industry plans to raise net proceeds of S$16.9 million in a Singapore initial public offering (IPO).
It is offering 85.5 million shares - comprising 70 million new shares and 15.5 million vendor shares - at 29 Singapore cents each.
The China-based firm, which plans to list on the mainboard, manufactures and supplies canned fruits and vegetables mainly for the export market. The company serves distributors and retailers across Europe, North America and Asia.
Since its establishment in 1997, it has grown rapidly to become the top exporter of canned asparagus and long beans. It said it was one of the top three exporters of canned mushrooms in China last year.
The company has five production plants, and as of last year, it had a combined annual production capacity of 22,235 tonnes.
It plans to use the net proceeds to expand production and storage capacities as well as its sales and distribution network.
In addition, some of the funds will also be used for product development, strategic acquisitions and investment, as well as for general working capital purposes.
Collins Stewart and UOB Kay Hian are the joint underwriter and placement agent for the IPO.
The public offer will close next Thursday and trading of the shares is expected to start on November 23. - CNA/ms
|
