Dentons Biochemical Spin-off Sugar Industry Goes To Market Alone

domestic corn deep processing leading enterpriseDencheng Biochemical (0809HK) said yesterday that the split of Dentons Sugar' separate listing in Hong Kong had been approved by the special shareholders' meeting the day before yesterday, and yesterday, Dentons Biochemicals held an investor presentationUnder the company's plan, Dentons Sugar plans to issue 300 million new shares, with an estimated capital raising of HK$600 million to HK$690 millionDacheng Sugar will be on public sale from September 10 to 13 and will be listed on the Main Board of the Stock Exchange on the 20thEighty-five per cent of the new shares are international placements, 10 per cent are publicly available and the remaining 5 per cent is preferred by Dentons ShareholdersUpon completion of the current issue, dentons' public shareholding will be equivalent to about 30 per cent of the enlarged issued share capitalDentons bio-bioexpects to receive a one-time profit of about 312 million yuan through the spin-offthe funds will be used to expand production capacity, including the construction of new production facilities in Jinzhou and Changchun, and the expansion of production capacity for high-fruit corn syrup productsZhang Fusheng, executive director of Dentons Sugar, has previously told Hong Kong media that the per capita consumption of sugar in the Mainland is about 3 kg and is expected to increase to 4.5 kg by 2010, with an annual growth rate of more than 10%, and that the company intends to use the new plant in Jinzhou, Liaoning Province, to cover north China along the waterwaydomestic corn deep processing leading enterprisedenchemical (0809HK) said yesterday that the split of Dentons Sugar' separate listing in Hong Kong had been approved by the special shareholders' meeting the day before yesterday, and yesterday, Dentons Biochemicals held an investor presentationUnder the company's plan, Dentons Sugar plans to issue 300 million new shares, with an estimated capital raising of HK$600 million to HK$690 millionDacheng Sugar will be on public sale from September 10 to 13 and will be listed on the Main Board of the Stock Exchange on the 20thEighty-five per cent of the new shares are international placements, 10 per cent are publicly available and the remaining 5 per cent is preferred by Dentons ShareholdersUpon completion of the current issue, dentons' public shareholding will be equivalent to about 30 per cent of the enlarged issued share capitalDentons bio-bioexpects to receive a one-time profit of about 312 million yuan through the spin-offthe funds will be used to expand production capacity, including the construction of new production facilities in Jinzhou and Changchun, and the expansion of production capacity for high-fruit corn syrup productsZhang Fusheng, executive director of Dentons Sugar, has previously told Hong Kong media that the per capita consumption of sugar in the Mainland is about 3 kg and is expected to increase to 4.5 kg by 2010, with an annual growth rate of more than 10%, and that the company intends to use the new plant in Jinzhou, Liaoning Province, to cover north China along the waterway(unknown)