Eyes on China XLX performance on HK bourse

SINGAPORE and Hong Kong dual listed fertiliser maker China XLX Fertiliser Ltd's stock will cease trading on the Singapore bourse at the end of tomorrow's session. From Monday onwards, it will only be quoted on the Hong Kong Stock Exchange, where it has a primary listing.

Yet controlling shareholder Liu Xingxu, through his private vehicle Pioneer Top Holdings, has only managed to accumulate an additional 1.5 per cent of XLX shares from public shareholders. Pioneer Top and associated parties now own some 66.4 per cent of China XLX.

Pioneer offered 38.8 Singapore cents per share for the 35 per cent outstanding shareholdings. In Singapore, it closed at 42.5 Singapore cents yesterday.