Solargiga relaunches IPO

Solar wafer maker Solargiga Energy Holdings Ltd, which scrapped a planned Hong Kong initial public offering (IPO) in January, is relaunching a scaled-back listing to raise $127 million, according to a term sheet obtained by Reuters.

The company plans to sell 338.13 million shares, or 20 percent of its enlarged share capital, at an indicative price of HK$2.92 each in a deal handled by BNP Paribas.

The company had earlier sought to raise as much as $292 million by selling 422.7 million shares at a range of HK$4.57-HK$5.38 each.

$141m for mining rights

Mongolia Energy Corp Ltd said on Tuesday it has agreed to pay about HK$1.1 billion to buy mining rights for copper, tin and other metals in Xinjiang, Northwest China.

The technology-turned-mining firm, whose shares have been suspended since March 5, said it is buying the assets from Xinjiang Yinye Mineral Products Development Co Ltd through Liu Cheng Lin - a substantial shareholder in Mongolia Energy - who will receive a HK$200 million service fee as part of the deal.

The company formerly known as New World Cyberbase will pay for the acquisition in part by issuing Liu 100 million shares at HK$8.00 apiece - a 3.4 percent discount to the stock's last trading price of HK$8.28 on March 4 - as reimbursement for shares Liu paid to Xinjiang Yinye Mineral. Liu will also be reimbursed 100 million yuan he paid to Xinjiang Yinye Mineral.

Shenhua output up 26.5%

China Shenhua Energy Co Ltd, the country's top coal producer, churned out 14.8 million tons of coal in February, or 26.5 percent more than a year earlier, and increased sales by 26 percent on strong demand to fuel China's galloping economic growth.

But the firm exported only 1.6 million tons of coal last month, down 11.1 percent from the same month a year ago.

It said yesterday that coal sales came to 18.9 million tons in February against 15 million tons in the same month last year.

Ningbo port stake

China Merchants Holdings (International) Co Ltd said yesterday it has agreed to pay 847.3 million yuan for a 5.4 percent stake in Ningbo Port, which will seek a dual listing in Hong Kong and on the mainland this year.

A China Merchants unit and six other promoters, including Ningbo Port Group, agreed to set up a joint stock company with limited liability in China to be named Ningbo Port Co Ltd, China Merchants said in a statement.

China Merchants will subscribe for 583.2 million shares in Ningbo Port Co upon its establishment, and the deal will be funded by internal cash resources, it added.

Ningbo Port Group, which will hold 90 percent of the new company, will inject 14.12 billion yuan worth of port-related assets into Ningbo Port Co.

The other promoters will own the remaining 4.6 percent of the company.

HK dollar flat

The Hong Kong dollar erased early losses to end little changed against the US dollar yesterday, bolstered by an afternoon rebound in domestic stocks.

The local currency was last trading at 7.7875/80 against the US dollar after shuffling between 7.7913 and 7.7872.

One dealer said the USD/HKD spot rate was likely to move in a tight range in the near term with few fresh incentives to push it higher and firm resistance already established around 7.79.

The Hong Kong dollar is pegged at 7.8 to the US dollar but can trade between 7.75 and 7.85.

Reuters

(HK Edition 03/12/2008 page2)