Shanghai to Spin Off Fastener Unit

Jason Sandefur

China”s state-owned Shanghai Electric Group Corp. hopes to raise as much as $150 million when it spins off its fastener and equipment unit\, Shanghai Prime Machinery, through a Hong Kong IPO, The Standard newspaper reported.
Prime Machinery produces fasteners, bearings, large blades for turbines, electric wires, cable and ship cranks in China.
Credit Suisse is the financial advisor and sponsor of the deal, which is aiming for the IPO to be ready by early April, according to The Standard.
In April 2005 Shanghai Electric Corp. reportedly raised about $650 million by spinning off its industrial equipment maker, Shanghai Electric Group Co. �2006 FastenerNews.com