M&G Chemicals postpones Hong Kong share listing

The Ghisolfis. From left to right: Guido, Vittorio and Marco
The Ghisolfis. From left to right: Guido, Vittorio and Marco

Italian plastics group M&G Chemicals postponed a planned share listing on the Hong Kong bourse on Monday due to volatile market conditions, but said it was still committed to growing its business in China. The world’s third largest producer of PET resin used to make soft drink bottles and packaging had aimed to raise about $600 million through the initial public offering (IPO). M&G Chemicals, which is part of Italy’s Mossi Ghisolfi Group, had planned to use 50 percent of the proceeds from the IPO to fund the construction of a plant in China’s Anhui province.

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