Jul. 13, 2009 (China Knowledge) - China State Construction Engineering Corp (CSCEC), the country's largest civil engineering company, will float 12 billion shares in an initial public offering (IPO) in Shanghai next month to raise as much as RMB 42.6 billion, said people familiar with the matter, the China Daily reported.
The IPO will be the nation's largest this year, according to the newspaper.
One person familiar with the matter said that the regulator plans to let CSCEC go public in August.
CSCEC has finished transferring 1.2 billion shares to China's National Social Security Fund (NSSF), the country's national pension fund, and is thus one step nearer to its share offering, said a person close to the State-owned Assets Supervision and Administration Commission (SASAC), which currently supervises 138 large non-bank state-owned enterprises.
On Jun. 19, the Chinese government said that all state-owned firms that went public after the 2005 reforms relating to state share holdings as well as any firms that list in the future must transfer shares worth 10% of their IPOs to the NSSF.
Last June, the Beijing-based company obtained approval from the China Securities Regulatory Commission (CSRC), the nation's securities regulator, to float 12 billion shares on the Shanghai Stock Exchange, but the plan was halted owing to the slump in the stock market.
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