Going for gold
Midas, a manufacturer of aluminium alloy extrusion products, primarily for the rail industry in China, plans to issue up to 300m new shares in a global offering as part of its proposed secondary listing on the Hong Kong stock exchange. There is an over-allotment option of 40m new shares. Shares will be offered at a discount of not more than 10% to the price of the shares on the SGX. The share price was seen at S$1.05 on March 5, giving a likely base deal size of around S$280m (US$200m). The company has a market capitalisation of around S$1bn. The offering is subject to shareholder approval. Credit Suisse is advising on the listing.
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