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CSBC outlines November IPO plans

CSBC outlines November IPO plans

Kaohsiung: State-run CSBC Corp, Taiwan (CSBC), formerly known as China Shipbuilding Corp, plans to complete its privatization by selling 51% of its shares in November, a company executive said Friday."We hope to complete the company's listing on the Taiwan Stock Exchange in early November," CSBC president Lee Chih-cheng said yesterday in a telephone interview with the Taipei Times.

Lee, who had vowed to prioritize the company's initial public offering (IPO) this year after taking office last month, submitted the IPO application to the Securities and Futures Bureau under the Financial Supervisory Commission on Friday.

The planned sale of a 51% stake, or 340m shares, is expected to result in a minimum market capitalization of NT$6.6bn ($215.4m), as the company's current net worth is estimated at NT$19 per share, Lee said.

However, up to 35% of the planned sale, or 17.85% of the shares, may be reserved for CSBC employees, with the final employee ownership ratio to be decided at a shareholder meeting in June, Lee said.

Sales at the nation's largest shipbuilder, with assets of NT$11.14bn, reached NT$29.1bn last year, resulting in a net profit of NT$2.2bn. The company estimates sales for this year at NT$35bn, Lee said.  [17/03/08]