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Tuesday January 30, 12:42 PMTimber firm Samling readies $250 mln HK IPOHONG KONG, Jan 30 (Reuters) - Malaysia-based timber firm Samling Global Ltd. will kick off a roadshow for its Hong Kong IPO next month to raise about US$250 million, people close to the deal said on Tuesday.Samling, which holds a 60 percent stake in Malaysia-listed timber firm Lingui Developments Berhad , started meeting local investors this week. Bookbuilding is expected to begin on Feb. 8, with pricing scheduled for Feb. 28, the sources said. Samling, with four million hectares of forest resources in Malaysia, New Zealand, China and Guyana, is offering 1.05 billion shares, or 25.3 percent of its enlarged share capital. Credit Sussie , HSBC and Macquarie are the bookrunners for the offering. Shares in Lingui have jumped more than 40 percent so far this year, helped by strong demand from China for logs amid rapid property and infrastructure development. Lingui expects selling prices for timber products to increase as demand still exceeds supply. Samling, created by the Yaw family to consolidate all its forestry assets, exports 95 percent of its plywood products to Japan, the United States, Europe and South Korea and most of its logs to Japan, Taiwan and India. |
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