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IPO raises US $2 billion

by ArabianBusiness.com staff writer  on Saturday, 16 December 2006

China Communications Construction Co (CCCC), the country’s biggest ports builder, raised US $2.1 billion (HKD16.1 billion) after pricing its Hong Kong initial public offering at the top end of an indicated range.

The firm, which is involved in infrastructure construction, design, dredging and port machinery manufacturing, sold 3.5 billion H shares, or 24.5% of its enlarged share capital, at $0.60 a share.

CCCC’s shares are set to begin trading on 15 December under the stock symbol “1800”. The offering was sponsored by UBS, Merrill Lynch and BOC International.

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