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Biodiesel

China Integrated to make public offering for biodiesel expansion


China Integrated expects sales of at least $265 million and net income of at least $35 million by the end of its fiscal year.

China Integrated Energy, a leading non-state-owned integrated energy company in China, announced yesterday its intent to offer 8 million shares of the company’s common stock.

China Integrated also granted its underwriter, Oppenheimer & Co, the option to purchase up to 1.2 million additional shares of common stock to cover overallotments, if any.

The company intends to use the net proceeds from the offering to expand its biodiesel production capacity, wholesale distribution and retail gas station businesses, and for working capital and general corporate purposes.

China Integrated is engaged in the wholesale distribution of finished oil and heavy oil products. It also operates a 100,000-ton biodiesel production plant and seven retail gas stations in China.

This week, the company also announced its selected unaudited financial results for the third quarter of 2009. The company reported estimated sales of at least $71 million and net income of at least $9.5 million, representing increases of 12.9 percent and 4.4 percent respectively compared with the third quarter of 2008.

China Integrated also increased its 2009 full year guidance, expecting sales of at least $265 million and net income of at least $35 million by the end of its fiscal year.




-   Karl Go




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