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China's Gushan Environmental in $100 mln ADR sale

Mon Jun 23, 2008 9:46pm EDT

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HONG KONG, June 24 (Reuters) - Chinese biodiesel producer Gushan Environmental Energy Ltd (GU.N), which raised about $173 million in a December initial public offering in New York, plans to sell roughly $100 million of existing American Depositary Receipts, according to a term sheet.

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The exact number of ADRs has not been set. Gushan Energy shares have risen nearly 23 percent since their listing and closed on Monday at $11.78. Merrill Lynch is handling the sale. (Reporting by Tony Munroe)

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