Listing candidates finalise their plans for going public

Listing candidate Ananda Wing On Travel (Holdings) - one of the largest outbound package tours and transport providers - is to raise $300 million from its initial public offering on September 26, sources said.

Ahead of the sale, the company placed shares equivalent to 15 per cent of the firm to five companies including China National Aviation Corp (CNAC), red chips Beijing Enterprises Holdings, Top Glory International Holdings, Guangdong Investment and Peregrine Investment Holdings.

Sources said the share placement was a 'strategic investment' in Ananda, which has extensive exposure across the border.

CNAC - which is understood to be seeking a listing on the stock exchange - holds shares worth more than 5 per cent of the company, sources said.

Ananda, which operates the Wing On travel chain, plans to issue the shares at a prospective fully-diluted price earnings ratio of nine times.

Net profit in the year to March 1998 is expected to grow at least 66 per cent to $150 million.

Last year, net profit surged 130 per cent to more than $90 million.