Carbon-maker delays listing but increases issue

PUBLISHED : Wednesday, 10 December, 1997, 12:00am
UPDATED : Wednesday, 10 December, 1997, 12:00am

B-share listing candidate Chengdu Rongguang Carbon Co - expected to be among the second batch of firms to list B shares on domestic stock markets - has said its flotation will be delayed until the middle of next year.

A company official said yesterday the issue size would be boosted so that 150 million B shares would be issued instead of the 80 million to 100 million shares it originally planned.

The amount raised from the Shenzhen float would also be increased to about 400 million yuan (about HK$371.8 million) from 300 million yuan, he said.

The company official said the changes were made in order to comply with regulatory requirements for a new issue, the official said.

The company, which makes carbon for applications in aviation and steel manufacturing, made a net profit of about 30 million yuan last year, with projections for this year set to double.