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Yurun Food, Chairman Seek $222 Million Selling Shares (Update1)

by 5m Editor
5 October 2007, at 10:45am

CHINA - China Yurun Food Group, the country's biggest hog processor, and its chairman are seeking as much as HK$1.73 billion ($222 million) selling shares, according to an e-mail to international institutions today.

Yurun and Willie Holdings, controlled by Yurun Chairman Zhu Yicai, are selling a combined 150 million shares at HK$11.15 to HK$11.50 each, said the e-mail, a copy of which was seen by Bloomberg. Half the stock on offer is new shares offered by the company, with the rest existing shares owned by Willie, the document said.

Goldman Sachs Group Inc. and UBS AG are arranging the sale.

Willie was Yurun's largest shareholder with 52 percent of the company's shares at the end of June, according to an interim report.

Yurun's Hong Kong-listed stock was suspended from trading at 9:30 a.m. The stock surged 80 percent in the year through yesterday, compared with the 56 percent gain of Hong Kong's Hang Seng Index.

Source: Bloomberg.com

5m Editor