Two China-based companies launch IPOs

Two China-based companies have launched their IPOs in Singapore. China Angel Food is offering nearly 104 million shares at S$0.35 (US$0.23) each, with only five million shares set aside for the public. The confectionery maker plans to use the S$26 million (US$17.14 million) raised partly to expand its production and market presence. RH Energy, a service provider to the oil and gas sector, is offering 72 million shares at S$0.32 (US$0.21) each. RH Energy’s IPO is expected to raise S$20.5 million (US13.5 million). The money will be used for the construction of a compressed natural gas pipeline network, infrastructure and stations and the operation of these stations. (July 2, 2007)