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2007-11-23 06:28:00 p.m. HKT, XFNA
Bio Beauty Group to issue 390 mln shrs at 4.88-6.18 hkd each in HK IPO -
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source
HONG KONG (XFN-ASIA) - Bio Beauty Group Ltd (BBG) (3332.HK), a spin-off
of Global Green Tech Group Ltd, plans to offer 390 mln shares at a price of 4.
88-6.18 hkd per share in an initial public offering (IPO) in Hong Kong,
according to a market source.
BBG is expected to raise up to 2.41 bln hkd from the proceeds.
The company is engaged in the research, development, manufacture and sale
of skin care products and color cosmetics.
It will use the IPO proceeds mainly for marketing activities, including
the promotion of new brand image stores in first-tier cities such as Beijing,
Shanghai and Guangzhou, as well as the promotion of its new business line
""MB2"" brand, according to the preliminary prospectus.
Part of the proceeds will be used to repay bank loans, expand its retail
network, acquire new machinery, and finance the production of new plants.
Two cornerstone investors, New World Development chairman Cheng Yu-tung
and Singapore-based World Fund Pte, had agreed to buy a total of 20 mln usd
worth of shares in the IPO, BBG said in its prospectus.
The company also plans a dividend payout of 40 pct after the listing.
BBG posted a net profit of 92.37 mln hkd last year, up 17.3 pct
year-on-year. Meanwhile, its first half to June net profit rose 76 pct to 87.
79 mln hkd.
Retail subscription for the IPO will open next Friday, with trading of
shares expected to begin on Dec 12.
Macquarie is arranging the IPO.
roby.lau@xfn.com
rl/kmq xfnrl/xfnkm
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