times-targets-113-million-from-hong-kong-ipo

Times targets $113 million from Hong Kong IPO

The Chinese supermarket operator steps up to raise fresh equity capital after an earlier agreed deal with Wumart is cancelled.
Times Limited, a Chinese hypermarket and supermarket operator, launched the roadshow yesterday for a Hong Kong initial public offering, which aims to raise up to HK$880 million $113 million.

The IPO has come about after the cancellation earlier this year of a deal with its larger Beijing-based competitor Wumart Stores that would have provided Times with immediate access to the capital markets û thus enabling it to raise funds for expansion. A listing in its own right will essentially replace those potential funds.

According to an agreement between Times and Wumart in August 2006, the latter was to acquire a 50% stake in Times for HK$1.14 billion $146 million from its controlling...
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