Sinolink shares taken

Electricity supply operator and property investor Sinolink Worldwide said its 34.2 million share initial public offering received applications for 40.462 million shares, a 1.18 times subscription rate. The 3.8 million shares for employees and 342 million for international placing had been fully subscribed. The company's shares will start trading on the exchange from June 8. The company expected net proceeds after expenses to be about $406 million, to be used to repay a loan, for construction, transformation of a power station, and working capital.