Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
Items just for you
New publication added! Advertising Arguments 2015 book
Free Downloads
Search
My Profile
Login
Management Side
Technical Side
China Shengda Packaging Group
Print
Hangzhou, China, 10 December 2010 -- /PRNewswire/ -- China Shengda Packaging Group Inc. (Nasdaq:CPGI - News), a leading Chinese paper packaging manufacturer, today announced the pricing of an underwritten public offering of 8,145,631 shares of its common stock at a public offering price of USD 4.00 per share. Of these shares, 8,000,000 are being sold by the company and 145,631 are being sold by a selling stockholder.  
 
The offering is expected to close on or about 15 December 2010, subject to customary closing conditions. The company has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock to cover over-allotments. The company's shares are expected to begin trading on 10 December 2010 on the Nasdaq Global Market under the symbol "CPGI."

The net proceeds to the company from the offering are expected to be approximately USD 28.9 million, after deducting underwriting discounts and commissions and other estimated offering expenses without giving effect to any exercise of the underwriters' over-allotment option. The company will not receive any proceeds from the sale of shares by the selling stockholder. The company intends to use the net proceeds from this offering to pay for part of the acquisition cost for a paper manufacturing company, which the company expects to cost approximately USD 40-45 million. Any remaining balance may be used together with cash on hand, cash from operations and/or funds available under the company's lines of credit, to acquire one or more paper packaging companies or for upgrading existing equipment, purchasing new equipment, working capital, and general corporate purposes.

Oppenheimer & Co. is acting as the sole book-running manager, William Blair & Company is acting as the co-lead manager, and Brean Murray, Carret & Co. is acting as co-manager for the offering. A registration statement on Form S-1 relating to these shares has been declared effective by the Securities and Exchange Commission. The offering of these shares will be made only by means of a prospectus, copies of which may be obtained by visiting EDGAR on the SEC's Web site at http://www.sec.gov and from Oppenheimer & Co. Inc., Syndicate Prospectus Department at 300 Madison Ave., 4th Floor New York, New York 10017, or by telephone at 212-667-8563 or email to EquityProspectus@opco.com.

China Shengda Packaging Group Inc. is a leading paper packaging company in China. It is principally engaged in the design, manufacture, and sale of flexo-printed and color-printed corrugated paper cartons in a variety of sizes and strengths. It also manufactures corrugated paperboards, which are used for the production of its flexo-printed and color-printed cartons. The company provides paper packaging solutions to a wide variety of industries, including food, beverage, cigarette, household appliance, consumer electronics, pharmaceuticals, chemicals, machinery, and other consumer and industrial sectors in China. For more information, visit http://www.cnpti.com.



Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: