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Shanghai SK Petroleum & Chemical to launch IPO

Jul. 20, 2009 (China Knowledge) - Shanghai SK Petroleum & Chemical Equipment Corp plans to sell up to 46 million A shares in an initial public offering on the Shenzhen Stock Exchange, sources reported.

However, the Shanghai-based company didn't reveal the size of the issuance.

The proceeds of the share offering will be mainly used to build a manufacturing plant, which involves a total investment of RMB 610 million.

China Euro Securities Ltd has been hired as the major underwriter of the sale.

The company is the fourth small and medium-sized company to launch an IPO after a nine-month suspension.

Shanghai SK Petroleum, which manufactures equipment for oil-probing and extraction, realized a net profit of RMB 91.62 million in 2008.

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