Dalian B shares priced at $2.99

After weeks of postponement, Dalian Refrigeration Co will offer 100 million B shares on Monday at $2.99 a share, the top end of its proposed price range, underwriting sources said. The issue, which pitches Dalian at 8.1 times 1997 earnings, comes as the Shenzhen B-Share Index has put on 25.6 per cent since a low last month. Dalian, the mainland's largest industrial fridge maker, will raise up to $299 million from the flotation in Shenzhen. Listing is expected between March 16 and 18.