Pre-marketing wraps up for China Resources Peoples Telephone

No frills cellular operator hopes to entice investors with high dividend yield.

Lead manager UBS is preparing to launch formal roadshows on Monday for an IPO of up to $200 million in Hong Kong cellular operator, China Resources Peoples Telephone. With ABN AMRO Rothschild and CLSA as co-leads, the company will sell 30% of its enlarged share capital including the greenshoe through an offering that comprises an equal mix of old and new shares.

The selling shareholders are Holland's Royal KPN and Sweden's TeliaSonera AB, which both own 8% of the company and will completely divest their stakes. The two have been involved with Peoples Telephone since it won a cellular license in 1996, initially providing technical assistance and latterly as pure financial...

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