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2009-3-23 08:50:00 a.m. HKT, XFNA
DJ MARKET TALK: Asia Cassava Resources May Fall;Weak IPO Response
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| 0834 [Dow Jones] NEW LISTING: Asia Cassava Resources (0841.HK) may fall below its IPO price, with weak response to its retail tranche (2.6X oversubscribed), while issue priced at low end of indicative range of HK$1.02-HK$2.04. Grey market price flat and untraded at HK$1.02. Weak interest in cassava-chip producer's stock may be partly due to decreased interest in biofuel after oil price's steep fall from last year's peaks. KGI says company's general overall business activities may continue to slow, with demand for dried cassava chips decreasing. For five months ended August, net profit down 82.6% on-year at HK$4.82 million. KGI adds monthly average selling price of dried cassava chips decreased to HK$986/ton in January 2009, from HK$1,641/ton in August 2008. Taifook Capital is listing sponsor.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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