China’s Guangdong Songyang plans IPO to fund new BM
BEIJING, May 3, 2019 (PPI Asia) -Chinese board producer Guangdong Songyang Recycle Resources is planning an initial public offering (IPO) on the Shanghai stock exchange.
According to its IPO proposal, which was approved by China’s securities regulator in April, the company aims to raise RMB 456.21 million ($67.69 million) by issuing up to 51,474,000 shares for sale.
About 89% of the money raised will be used to fund a new 180,000 tonne/yr recycled containerboard machine at its existing mill in Chenghai district.
The BM, which has been approved by the Shantou municipal environmental authorities, will produce recycled fiber-based corrugating medium.
Currently the mill operates ...