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BYD unit plans up to $987 mln HK IPO -term sheet

Thu Nov 29, 2007 8:59pm EST

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(For an expanded IPO diary, please click <HK/IPOMENU>)

HONG KONG, Nov 30 (Reuters) - Chinese battery maker BYD Co (1211.HK), plans to spin off its phone handset components unit in a Hong Kong IPO that could raise up to US$987 million, according to a term sheet obtained by Reuters on Friday.

BYD Electronic (International) Co Ltd, which manufactures handset casings and keypads, kicked off a marketing roadshow for its initial public offering on Friday.

It is offering 550 million shares, or 25 percent of its enlarged share capital, within a price range of HK$10.75-HK$14 each, the term sheet showed. Of the shares on offer, 60 percent are new shares and 40 percent are existing shares. UBS (UBSN.VX) (UBS.N) is sponsoring the deal.

(US$1=HK$7.8)

(Reporting by Kennix Chim, writing by Donny Kwok, editing by Dominic Whiting)



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