Pilkington to buy 40 pct of China Glass Holdings initial share offer - report

Pilkington Plc, the world's biggest windshield maker, plans to buy about 40 pct of China Glass Holdings' initial share offer, or a 9.9 pct stake, for up to 83 mln hkd, The Standard reported.

The Hong Kong-based newspaper, citing unidentified market sources, said Pilkington, the third-largest shareholder in the glassmaker, will pay between 54 mln hkd and 83 mln hkd in cash, with the right to boost its stake in China Glass and become its second largest shareholder in 12-18 months.

China Glass aims to raise up to 207 mln hkd by selling 90 mln new shares, representing 25 pct of its enlarged share capital, the paper said.

The Jiangsu-based private enterprise initially set the price range between 1.50 hkd and 2.3 hkd each, valuing it at about eight to 13 times 2004 earnings.

600450 Pilkington to buy 40 pct of China Glass Holdings initial share offer - report glassonweb.com

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