November 24, 2006, 7.52 am (Singapore time)
China Sky plans to sell 80m new shares
SINGAPORE - China Sky Chemical Fibre, China's largest nylon fibre producer, said on Friday it plans to place 80 million new shares at $1.36 each.
'The placement has been effected with a view to attracting interest from reputable investment funds and improving the liquidity of shares in the market,' it said in a statement. It said about 30-40 per cent of the net proceeds from the placement -- estimated at US$69 million -- would be used to acquire land in Fujian province for future expansion.
The company's Singapore-listed shares closed at $1.46 on Thursday. -- REUTERS
