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China Fibretech shares open 7 pct lower in Singapore

Sun Jun 29, 2008 9:06pm EDT

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SINGAPORE, June 30 (Reuters) - Shares in dye treatment firm China Fibretech (CHFI.SI) opened 7.1 percent below their initial public offering (IPO) price of S$0.21 at the start of trade in Singapore on Monday.

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By 0101 GMT, the stock was trading at S$0.20, or five percent below its IPO price before opening at S$0.195 a share. The firm, which raised S$28.1 million ($20.63 million) in its Singapore IPO, plans to use the proceeds to construct new facilities, acquire new machinery and expand its research and development capabilities.

Westcomb Capital was the underwriter, issue and placement manager for the public offer. (Reporting by Charmian Kok; Edited by Saeed Azhar)

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