cement

Taiwan's Asia Cement joins a flurry of follow-on deals in Asia, while Chinese property developer Evergrande launches a top-up placement worth $580 million.

After a few days of wrangling with lawyers, China Shanshui Cement relaunches a $400 million bond on Friday.

The Chinese cement producer prices at the bottom as Hong Kong remains on course to become the top global destination for new listings in 2011.

The Chinese cement producer seeks to raise up to $186 million, while China Polymetallic Mining and Baoxin Auto make disappointing trading debuts.

The deal, which is upsized by 38%, comes as the Taiwanese cement producer's share price hits a three-year high.

Morgan Stanley's private equity unit sells its remaining 8.8% stake in the Chinese cement producer for $222 million.

The Asia Cement offering is the fourth equity-linked bond by an Asian issuer this week and the second out of Taiwan.

The offering comes on the back of reverse inquiries and is priced at a 6.5% discount to the 2010 high.

The seller raises $185 million by reducing its stake in Lafarge Malayan Cement to 51%, but vows to retain a majority ownership.