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In Brief

In Brief

Railway builder draws US$420b
China Railway Construction Corp., builder of more than half of the country's rail links since 1949, drew about 3 trillion yuan (US$420 billion) for a Shanghai initial public offering, two people with direct knowledge said.
Demand for the sale was 135 times the offering, which may raise as much as 22.25 billion yuan, said the people, who declined to be identified before an announcement tonight. The amount of money the IPO locked in is believed to be the fourth largest for first-time domestic stock offerings in history, they said.
Institutions, whose bids helped set the price range for the sale, demanded more than 340 billion yuan of stock, said the people, citing preliminary numbers.
Investors, including individuals and institutions, ordered about 2.67 trillion yuan of shares through the portion of the offering open to all buyers, they added.
Internet games
Philippine broadcaster GMA has formed a joint venture with an information technology company to offer Internet on-line games, officials of both companies announced Wednesday.
The 50-50 joint venture between GMA, the country's second largest broadcaster and Intellectual Property Ventures Group is called I-Play and will have capitalisation of 800 million pesos (19.8 million dollars).
I-Play will offer Internet games mainly to Filipinos and will make money from advertising on the games and from sales of the products on the Internet gaming portal, I-Play chief executive officer Enrique Gonzalez said.
Gonzalez estimated that there are four million Filipinos who are into Internet gaming.
GMA chairman Felipe Gozun said their network had entered into the partnership in order to remain relevant in the 21st century.
STMicroelectronics
France's government bought 2.85 percent of STMicroelectronics NV from Italy's Finmeccanica SpA for about 260 million euros (US$391 million) to maintain a balance between French and Italian shareholders.
France paid 10 euros a share for the STM stake, and may make an additional payment of as much as 4 euros a share based on the stock price over a three-month period, the government said in an e-mailed statement yesterday.


Updated : 2021-06-18 06:31 GMT+08:00