South East Asia Wood readies for stock issue

Listing candidate South East Asia Wood Industries Holdings (SEA Wood), which is partly owned by property developer Sun Hung Kai Properties (SHK), is expected to sell 125 million shares next week.

Sources said the pricing of the issue had yet to be determined as had the company's profit estimates.

The plywood maker is about 4 per cent owned by SHK with the remainder held by two substantial shareholders of listed plastic sheet maker Luen Fat Hong International Holdings.

SEA Wood chairman William Wong Chak-ming, who owns 46.6 per cent of Luen Fat Hong, said he would divide his time equally between the plywood company and the plastic company.

Hui Lap-chun is deputy chairman of Luen Fat Hong and owns 25 per cent of the company.

Mr Wong said he and Mr Hui had a similar shareholding in SEA Wood. SEA Wood, which has two plywood factories in Laos, manufactures plywood and trades logs.