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SCMP Reporter

Lumena Resources Corp, the second-largest thenardite producer on the mainland, plans to spend more than 1 billion yuan (HK$1.14 billion)  this year and next to boost production of the sodium sulphate mineral by 75 per cent to 2.8 million tonnes in 2010, according to a report by BOC International.
The Sichuan-based company plans to raise as much as HK$1.5 billion in its first overseas share offering in Hong Kong next month.
The offering, to be handled by BOCI and Credit Suisse, is scheduled to  open for  international institutional investors on June 1. Local investors could file their  applications four days later on June 5, market sources said.
Shares are expected to begin trading on June 19. Local advisory firm Somerley Corporate Finance is the sponsor of the offering.
 Lumena mines and processes the mineral and makes natural thenardite products.
 It  owns two production facilities in Sichuan with a total annual capacity of 1.6 million tonnes.
 Thenardite is mainly used in chemical and light industries for manufacturing powdered detergent, dyes, glass and some pharmaceutical products.
 The firm expects to complete construction of a small factory with a capacity of 200,000 tonnes annually by the end of the year and a larger production plant with 1 million tonnes of capacity in the third quarter next year, according to BOCI.  
 Lumena reported a 443 per cent increase in net profit to 430 million yuan last year from 79 million yuan a year earlier, driven by rising volumes and steady product prices. Revenue rose 206 per cent to 1.14 billion yuan.  
The mainland investment bank expects the company to deliver a 19 per cent increase in net profit to 512 million yuan this year, boosted by higher operating margins and stronger sales.
The average selling price of the company's thenardite products was expected to rise to 883 yuan per tonne next year from 758 yuan last year, the report said.
Speciality thenardite products accounted for 69.6 per cent of total revenue last year, while those used in medical products and powdered thenardite contributed 16.9 per cent and 13.5 per cent. 
Separately, Bawang International, a well-known mainland shampoo manufacturer and retailer, was preparing to submit additional information to the Hong Kong stock exchange in a move to get final approval for its US$300 million share offering, sources said.
'They will kick off pre-marketing next week if they get the approval this week,' said a source.  
The deal was brought by Morgan Stanley and HSBC and was likely to draw a strong response owing to its recognised brand name, sources said.
Earnings jump 
Lumena reported a 443 per cent  rise  in net profit last year to, in yuan: 430m yuan



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Yuan

Lumena targets HK$1.5b in flotation