Starlite offers 63.42m shares

STARLITE Holdings, a packaging, printer and paper products company, is to raise $63.42 million through a public listing mainly to fund the construction of plant in Shenzhen.

It is offering 63.42 million new shares at $1 a share, with one warrant for every five shares. The warrants confer the right to subscribe for shares at $1.15 a share by February 28, 1995.

The issue price gives a prospective price-earnings multiple of 6.3 times and a prospective annual dividend yield of 7.5 per cent.

For the year to March 31, the directors have forecast an after-tax profit of at least $31 million.

The new shares represent 25 per cent of the company's issued share capital of $253.7 million.

The offer opens today and closes on Monday.