Hong Kong-listed athletic shoe manufacturer Yue Yuen Industrial will go ahead with the spin-off of its retail distribution business in China, assuming that its minority shareholders give it a nod of approval at a special general meeting on Tuesday. In anticipation of their okay, Merrill Lynch and Morgan Stanley, who are joint bookrunners, will start to take orders from institutional investors today.
The Hong Kong listing candidate, named Pou Sheng Group, is aiming to raise between HK$2.41 billion and HK$3.09 billion $309 million to $396 million from the sale of all new shares, which it will use primarily to expand its retail network and to repay bank borrowings.
The price range has been...
¬ Haymarket Media Limited. All rights reserved.