Investors have backed a US$43.7 million share sale by mainland ceramics maker Eagle Brand Holdings in Singapore despite negative sentiment surrounding mainland listing candidates. Chief financial controller Frank Lai Ni-hium said more than 100 international fund houses had subscribed for the shares, although it could only satisfy about 80 of them. The international share sale was completed last week and the public offer in Singapore will close today. Of those committed, Warburg Pincus of the United States took 10 per cent. 'The international tranche of the sale was well oversubscribed,' Mr Lai said, adding the exact subscription level would only be revealed when the public offer closed. Helped by encouraging responses at the start of the roadshow, Eagle Brand raised the issue size from the original 15 per cent to 20 per cent of the enlarged share capital. The backing of Singaporean Government was another drawcard, he said. The Foshan-based company issued 230 million shares, comprising an international placement of 207 million shares and a public offer of 23 million shares. Priced at 19 cents each, the issue was priced at 6.1 times estimated earnings. Following the share sale, the Shiwan town government in Foshan city, Guangdong, will remain in control of 33.5 per cent of the company, followed by a company backed by the Singapore Government with 24 per cent, Hong Leong International (HK) with 10 per cent and Walden International with about 6.5 per cent. Trading in the company's shares on the Singapore's main board is expected to begin on Monday. The issue is sponsored by DBS Asia and China International Capital.