L'Occitane to target up to $707m in IPO

L'Occitane Ltd, a French natural- ingredients beauty company, and its parent may raise as much as HK$5.49 billion ($707 million) in an initial public offering in Hong Kong, said three people with knowledge of the sale.

L'Occitane and L'Occitane Groupe SA plan to sell 364.12 million shares, or a 25 percent stake in the company, at HK$12.88 to HK$15.08 each, said the people, who declined to be identified before a public announcement. Half the shares are new and half are on offer from the parent, they said.

China's sovereign wealth fund China Investment Corp plans to invest $50 million in L'Occitane's IPO, the French cosmetic retailer said Monday.

China Tian Yuan Mining plans up to $500m IPO

Chinese iron ore producer China Tian Yuan Mining Ltd aims to raise between $400 million and $500 million from a Hong Kong initial public share offering, two sources close to the deal said Monday.

Tian Yuan, which kicked off pre-marketing for the IPO Monday, plans to issue 600 million new shares or 30 percent of its enlarged share capital according to a term sheet obtained by Reuters. The company, which will kick off a formal marketing road show on April 28, is set to price its deal on May 11, with a trading debut scheduled for May 19.

Sands China new Macao resorts on track

A Cotai Strip mega-resort being built by Sands China, the Macao unit of US casino giant Las Vegas Sands, is on track to open by September 2011, its chief executive said, brushing off recent fears of further delays for the troubled project.

Between 2,000 and 4,000 laborers recently resumed work at its two half-completed projects, known as sites 5 and 6, Chief Executive Steve Jacobs told Reuters in a telephone interview Monday. This follows a near two-year hiatus as the debt-laden company looked to conserve cash during the financial crisis.

Agencies - China Daily

(HK Edition 04/20/2010 page2)