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WH Group to Raise HK$16 billion in IPO

23 July 2014

HONG KONG - The world’s largest pork company, WH Group, which includes the Chinese giant Shuanghui and US processor Smithfield, has set out the details of its proposed listing on the Hong Kong Stock Exchange.

The offering is the second time the company has attempted listing after it removed its offer earlier this year.

The Global Offering initially consists of an aggregate of 2,567,400,000 Offer Shares, of which 2,439,030,000 shares will be offered under the International Offering and 128,370,000 shares will be offered under the Hong Kong Public Offering.

The offer price is HK$6.20 per Offer Share. Assuming that there is no exercise of the over-allotment option, the Company’s gross proceeds from the Global Offering would amount to approximately HK$15.918 billion.

The Hong Kong Public Offering will open at 9:00 a.m. on Thursday, July 24, 2014, and will close at 12:00 noon on Tuesday, 29 July 2014. The allotment results are expected to be announced on Monday, 4 August 2014. Trading of the Company’s shares on the HKEx is expected to commence on Tuesday, 5 August 2014 under the stock code 288. Shares will be traded in board lots of 500 shares.

The Company intends to use the net proceeds of the Global Offering for partially repaying the three-year tranche of the syndicated term loan maturing on 30 August 2016.

Morgan Stanley Asia Limited and BOCI Asia Limited are the Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers of the Global Offering.

TheMeatSite News Desk

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