This is from the Yahoo board. An article appeared on the Sing Pao web site that is purported to discuss Ivanhoe Energy. I cannot vouch for the translation that was posted to the Yahoo board since I do not speak Chinese. If anyone can speak Chinese or knows somebody who can, then perhaps we can get a validation of the translation.
Sing Pao Daily News
11.10.03
The Candadian mine and energy company Ivanhoe Energy, which previously announced establishment of a strategic alliance with CITIC, mentioned that it had engaged the Hongkong and Shanghai Bank Security to arrange spin off for its subsidiary Sunwing Energy to list in Hong Kong.
Robert Friedland, Chairman of Ivanhoe, said last Friday in Hong Kong that Ivanhoe is considering to IPO its subsidiaries in Hong Kong, for the time being it has no action plan for merger or acquisition. According to the information released by Ivanhoe, CITIC Energy, the CITIC's subsidiary in HK, will assist Sunwing Energy to promote business in Asian capital market and provide support to Sunwing's list in HK.
The Chairman of Sunwing Energy, Mr. Tsai, points out that the company has submitted its application for some waver from the HK Security Exchange for its IPO in HK. According to previously released information, the company plans to raise funds for HK$4.6 billions ( approximately US$590 million).
At the end of last year, Ivanhoe established an alliance with CITIC to assist China to satisfy its demand in gold, copper, nickel,oil, and gas. In addition, Ivanhoe intends to share its finding of gold and copper in Mongolia through a cooperation with China and probably will introduce CITIC as a shareholder.
singpao.com |
