OCBC debuts Shindoo Chemical on Shenzhen Exchange
Shindoo Chemical, a Chinese manufacturer and distributer of compound fertilizer and chemical products in China which was backed by the mezzanine arm of OCBC Bank, has debuted on at Shenzhen Stock Exchange, raising RMB 1.48 billion ($224.6 million). The company issued 38 million shares for RMB26 ($3.95) a share – a P/E ratio of 63.41x.
Singapore-based OCBC Bank, the second largest financial group in the country, said that it has invested RMB 50 million ($7.58 million) in Chengdu-based Shindoo Chemi-Industry for an undisclosed sum in 2008. OCBC said that Shindoo Chemical expanded its value chain with the support of the bank, and now it has 12 subsidiaries and 3 production bases located in west and central China operating assets of $318 million. The company manufactures and supplies NPK fertilizer, soda ash, ammonium chloride, anhydrous sodium sulphate, edible salt, industrial salt and other products to its clients in the domestic and overseas markets.
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