Biz Scene: Grapevine

China Daily | Updated: 2007-10-12 07:22

Share placements

Dickson Concepts (International), the Hong Kong upmarket retailer, and First Tractor, the mainland farm machine maker, seek to raise as much as HK$748 million together from two separate share placements, South China Morning Post reported citing unnamed sources. It is the first share placement for both firms in more than a decade.

Dickson Concepts will offer 62 million new shares at HK$7.37 to HK$7.80 each to raise up to HK$484 million, according to a sale document obtained by fund managers.

First Tractor and an existing shareholder hired UBS as sole bookrunner to help sell HK$264 million worth of shares at between HK$3.78 and HK$3.95 each, according to an e-mail sent to investors.

Food firm takeover

Uni-President Enterprises Corp and a private equity fund may jointly buy control of Xiamen Yinlu Food Co for $291 million, the Taipei-based Economic Daily News reported, without citing anyone.

The three parties have reached an agreement and will make an announcement after Uni-President lists its food and drinks business in Hong Kong, the newspaper said yesterday.

Uni-President and the fund plan to acquire a 70 percent stake in Yinlu Food, the newspaper reported, without identifying the fund.

(China Daily 10/12/2007 page15)