Chinese pork producer People’s Food Holding (PFH) said today [Wednesday] that it is seeking a listing on the mainboard of the Hong Kong Stock Exchange. PFH is already listed on the Singapore Stock Exchange.
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If authorities in Hong Kong give the listing the go-ahead, some 50 million existing shares will be transferred from Singapore. There will be no issue of new shares. PHF currently has 1.05 billion shares issued and a free float of 32.5%.
The group recently reported a number of large share placements by major shareholders. The shares earmarked for the Hong Kong listing would come from the more than 336 million shares in public hands, not from those held by major stakeholders, such as CEO Zhou Lian Kui. Certain shareholders have already indicated they are willing to transfer their shares to the Hong Kong register, the company said.
Acquisition in Daiging
PFH also reported it has acquired a meat processing facility in Daiging, in the northern province of Heilongjiang, for 169.5m yuan (US$20.42m). This is the group’s fifth processing plant and boosts its slaughtering capacity by 120,000 tonnes to 680,000 tonnes.
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By GlobalData
