BOC Investment To Buy Shares In BBMG Hong Kong IPO

"BOC Investment To Buy Shares In BBMG Hong Kong IPO | AboutHK.Com - more information about HK"

HONG KONG -(Dow Jones)- China Life Insurance Co. (LFC) and a unit of Bank of China Ltd. (3988.HK) will each subscribe to US$50 million worth of shares in BBMG Group Corp.'s Hong Kong listing as cornerstone investors, a person familiar with the situation said Tuesday. China Life is the country's biggest life insurer by premiums, while Bank of China Group Investment Ltd., or BOC Investment, is a Hong Kong-based investment management company wholly owned by Bank of China. BBMG, a building materials producer, recently started pre-marketing its US$700 million initial public offering, people familiar with the situation said Monday. The Beijing-based company plans to sell 933 million shares, or 25% of its enlarged share capital, to fund its expansion plans and replenish working capital, one of the people said. BBMG plans to start bookbuilding July 13 and list on the Hong Kong bourse July 29, another person said. J.P. Morgan Chase & Co. (JPM), Macquarie Group Ltd. (MQBKY), and UBS AG (UBS) are the underwriters of the IPO, the people familiar with the situation said Monday. -By Jeffrey Ng, Dow Jones Newswires; 852-2802-7002; jeffrey.ng@dowjones.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it Comments Please login to post comments or replies.