China Gaoxian Plans IPO

Posted by admin on September 13, 2009 under Articles | 2 Comments to Read

China Gaoxian Fibre Holdings Ltd

China Gaoxian plans IPO

It may be the largest listing on SGX main board this year

By FELDA CHAY

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CHINA-based polyester fibre producer China Gaoxian Fibre Holdings Ltd is poised to launch its initial public offering (IPO), making it the second S-chip listing on the main board of the Singapore Exchange this year following Passion Holdings’ debut last Monday.

The IPO could also be the largest listing this year, BT understands, in what has been a slow year for the IPO sector. Only 10 IPOs have been launched this year, including Catalist listings.

The company is raising funds to expand its business. Plans include raising its production capacity for premium differentiated fine polyester yarn, and expanding its downstream fabric manufacturing business, according to the prospectus it filed with the Monetary Authority of Singapore.

For 2008, China Gaoxian reported that net profit leapt 47.9 per cent to 390.4 million yuan (S$82.3 million) from a year ago.

China Gaoxian IPO