Wah Kwong Shipping launches $200 mln HK IPO -sources

Hong Kong bulk and tanker shipping company Wah Kwong Shipping Holdings Ltd kicks off pre-marketing for its $200 million Hong Kong initial public offering on Monday, sources with knowledge of the deal said.

The company, which was established in 1952 by Chao Tsong-yea, had been listed in Hong Kong in 1973, but after a period of share price weakness, was delisted and taken private in 2000.

Wah Kwong Shipping has 12 vessels, comprising handymax, panamax and capsize bulk carriers and Very Large Crude Carriers (VLCC), with an average age of less than three years. It also has a plan to build 19 new vessels.

Cazenove [CAZ.UL] is the sponsor of the deal.

(US$1=HK$7.8)

Source: Reuters