“Billionaire-controlled Sateri shares flat on HK debut”

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Billionaire-controlled Sateri shares flat on HK debut Posted: 07 Dec 2010 09:17 PM PST HONG KONG, Dec 8 - Shares of Sateri Holdings Ltd <1768.HK>, a maker of specialty cellulose used in everything from sunglasses to ice cream, traded flat on the company's Hong Kong market debut on Wednesday, amid unsettled market sentiment in recent weeks. Sateri, controlled by Indonesian billionaire Sukanto Tanoto and his family, priced its stock at HK$6.60, the low end of the indicative range, selling 505 million shares to raise $430 million. By the midday trading break, the shares stood just below their IPO price at HK$6.58. Shanghai-based Sateri is one of the largest specialty cellulose producers in the world, producing dissolving wood pulp and viscose staple fibers at its mills in Brazil and China. The material is used in a broad range of consumer products. The IPO came at a time when uncertainty about the euro zone debt crisis, among other factors, had unsettled trade in the Hong Kong stock market. It is particularly shaky for IPOs, with equity capital markets bankers worried in recent weeks that clients and investors may be too cautious to back offerings. News reports about Sateri's original IPO plans put the offering at around $1 billion. Forbes lists Sukanto as one of Indonesia's richest people, worth $1.9 billion. Incorporated in the Cayman Islands, Sateri grows eucalyptus trees and produces specialty cellulose in Brazil and operates a cellulosic fiber mill in China's Jiangxi province. Credit Suisse Group AG <CSGN.VX> and Morgan Stanley <MS.N> were joint global coordinators and joint sponsors for the offering. Married with four children, Sukanto renamed his conglomerate RGE . The group, which has $10 billion in assets, owns papermaker April and palm oil producer Asian Agri, according to Forbes. Sukanto, the eldest of seven boys, dropped out of school at 17 to help support his family, Forbes says, adding that he taught himself English by translating Readers' Digest, Life magazine and Newsweek. Sateri describes itself as the largest supplier of dissolving wood pulp by volume to global demand leader China. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.

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